SCCL tops list of 12 profit-making PSUs in state
Deccan Chronicle.| dc correspondent
Of the 82 PSUs, eight PSUs relate to the power sector and 74 relate to other sectors
Only one company, SCCL declared a dividend of Rs 173.32 crore.(DC)
HYDERABAD: Out of 30 public sector undertakings (PSUs) in Telangana which had furnished their accounts and information, 12 PSUs earned profits of Rs 728.63 crore, 16 PSUs incurred losses of Rs 10,295 crore and two PSUs reported neither profit nor loss, according to CAG report for 2020-21.
Major profit-making PSUs are Singareni Collieries Company Ltd (SCCL) (Rs 272.64 crore), TS Power Generation Corporation Ltd (Rs 168.80 crore), Transmission Corporation of Telangana Ltd (Rs 206.77 crore) and TS Forest Development Corporation Ltd (Rs 51.83 crore). Only one company SCCL declared a dividend of Rs 173.32 crore. However, the profits of 12 PSUs were offset by the losses incurred by TSSPDCL (Rs 4,622.60 crore), TSNPDCL (Rs 2,440.36 crore), TSRTC (Rs 2,329.23 crore) and TS Housing Corporation Ltd (Rs 733.15 crore).
The total accumulated losses of 19 PSUs were Rs 67,580.38 crore and after setting off accumulated profit of nine PSUs Rs 7,723.78 crore, the net accumulated losses were at Rs 59,856.60 crore. As a result of losses, the combined net worth of 30 PSUs was completely eroded and it stood at negative Rs 38,741.14 crore.
As on March 31,2021, 82 state PSUs in Telangana including 79 government companies and three statutory corporations were under the audit jurisdiction of CAG. Of the 82 PSUs, eight PSUs relate to the power sector and 74 relate to other sectors. Out of these PSUs, 16 companies were inactive and under either liquidation or were defunct.
As per their latest accounts and information furnished, the PSUs registered an annual turnover of Rs 66,316.99 crore, which is equal to 6.76 per cent of the GSDP.
Out of 66 working PSUs, financial statements for 2020-21 were received only from seven PSUs in time. 59 PSUs defaulted in timely submission of accounts. Of these, 36 PSUs accounts were due for more than three years and 16 PSUs have not even submitted their first accounts since their inception.