Aggregate sales of the 58 major PSUs increased to Rs 7.76 lakh crore in April-Dec10 from the level of Rs 6.44 lakh crore during April-Dec 09 and the operating profit climbed from Rs 1.01 lakh crore to Rs 1.12 lakh crore during the same period. Other income saw a marginal rise by 4.7% to Rs 15,837 crore from Rs 15,121 crore for the comparable periods.
Interest outgo rose by 18.9% to Rs 8,136 crore from the year-ago level of Rs 6,841 crore. On the profit front, the net profit increased by 8.1% to Rs 52,601 crore during April-Dec10 from Rs 48,653 crore in April-Dec09. The operating profit margin (OPM), however, decreased by 120 basis points to 14.48% during April-Dec10 from the level of 15.68% during April-Dec09.
In the refineries sector, IOCs topline performance has been impressive. Its sales jumped by 21.2% to Rs 2.29 lakh crore, but the operating profit rose only by 3.7% to Rs 10,049 crore. Similarly, BPCLs top line rose by 25.5% to Rs 1.06 lakh crore, but the operating profit was up by just 3.8%. The companys OPM fell by 58 basis points to 2.82% during April-Dec.10.
However, oil exploration company ONGC was in better health. While its sales increased 11.5%, operating profit jumped 17.5 %. OPM increased by 366 basis points to 69.44% during April-Dec10. ONGCs gross realisations were $83 per barrel, and net realisations were $58.72. The government has increased the price of administered pricing mechanism (APM) gas produced by ONGC, bringing it on a par with Reliance Industries KG-D6 gas price. This has contributed to the companys good performance.
In the power sector, NTPC improved upon its previous year performance. Its sales jumped by 15.9% to Rs 39,355 crore, and the operating profit marginally rose by 1.2% to Rs 12,199 crore. OPM decreased by 448 basis points to 31%. Power Grid posted a sharp 21.9% jump in operating profit to Rs 5,527 crore and a 21% increase in net sales to Rs 6,178 crore. In the trading sector, MMTCs performance was significantly better. Its sales jumped by 69.8% to Rs 47,351 crore, but the operating profit rose only by 4.2% to Rs 90 crore in April-Dec10. OPM decreased by 12 basis points to 0.19%.
Among the gas distribution companies, GAIL showed a significant growth in top line during first nine month of 2010-11. Its operating profit rose by 23.7% to Rs 4,633 crore during April-Dec10. Sales were up 27.6%. Among the 58 PSUs studied, 29 registered an increase in operating profit during April-Dec10. They include BHEL, NMDC, PTC India, Nalco, GSFC, SCI, FACT, Hind Copper and GMDC.