Aggregate losses soar, but close to 20 PSUs do better in FY11
The year 2010-11 was a mixed bag for Tamil Nadu’s public sector undertakings. While aggregate losses soared, performance of some enterprises was better. Some loss-making PSUs did bounce back, while a few reduced their losses.
The aggregate loss suffered by the state PSUs during 2010-11 almost quadrupled to Rs 1,093.47 crore from Rs 285.03 crore in 2009-10, and the overall decline in performance had been 2.83 times over the previous year. The higher figure is mainly due to the loss of Rs 1,531.35 crore suffered by the State Transport Corporation as against the loss of Rs 732.66 crore in the previous year.
Out of the 50 PSUs, 17 (about a third) suffered a net loss of 1,584.11 crore. However, the performance of several PSUs improved during 2010-11.
Out of the ten sectors, except passenger transport, construction and trading, all other sectors earned profits during 2010-11. Close to 20 PSUs reported improved profit numbers. Two PSUs had returned to nominal profits in 2010-11 from a combined loss Rs 49.83 crore during 2009-10. One PSU had reduced its loss from Rs 109.44 crore in 2009-10 to Rs 64.93 crore in 2010-11.
In a performance review of the state PSUs, the government said the combined turnover of its PSUs during 2010-11 increased to Rs 36,929.41 crore, up 14.79%.
The Tamil Nadu government, in a bid to infuse fresh life into state public sector undertakings, had invested Rs 6,264.50 crore in FY11 in the 50-odd PSUs as against Rs 4,974.44 crore a year earlier.