The PSUs in India recorded an impressive profit upswing for the FY 2023-24 which indicates the robustness of these state-controlled companies. Data from ACE Equity reveals that the 56 listed PSUs part of the BSE PSU index are projecting a record combined net profit of over Rs 5 lakh crore for FY 24.
Surge in Profit After Tax (PAT)
The profit after tax (PAT) for these 56 PSUs surged by 48%, reaching Rs 5.07 lakh crore compared to Rs 3.43 lakh crore in FY23. This significant increase is attributed to strong operational performance and strategic initiatives across various sectors.
Revenue and Tax Contributions
Total revenues for the PSUs scaled up to Rs 53 lakh crore in FY24, with total tax contributions amounting to Rs 1.68 lakh crore. This substantial tax payment underscores the crucial role PSUs play in the country’s economy by contributing significantly to the government’s revenue.
Top 10 Most Profitable PSUs
1. State Bank of India (SBI)
– PAT: Rs 68,138 crore (up 20% from Rs 56,558 crore in FY23)
– Taxes Paid: Rs 23,102 crore
– Market Cap: Rs 7.37 lakh crore
– Stock Price Growth: 42% increase to Rs 826 as of May 30, 2024
2. Oil & Natural Gas Corporation (ONGC)
– PAT: Rs 54,705 crore (up 61% from Rs 34,012 crore in FY23)
– Taxes Paid: Rs 19,759 crore
– Revenue: Rs 6.43 lakh crore
– Market Cap: Rs 3.35 lakh crore
– Stock Price Growth: 73% over the past 12 months
3. Indian Oil Corporation (IOC)
– PAT: Rs 41,615 crore (up 284% from Rs 10,842 crore in FY23)
– Taxes Paid: Rs 14,127 crore
– Market Cap: Rs 2.29 lakh crore
– Stock Price Growth: 80% in the past year
4. Coal India
– PAT: Rs 36,942 crore (up 16% from Rs 31,731 crore in FY23)
– Taxes Paid: Rs 11,443 crore
– Market Cap: Rs 2.97 lakh crore
– Stock Price Growth: 101% to Rs 482 in 12 months
5. Life Insurance Corporation of India (LIC)
– PAT: Rs 36,844 crore (up 16% from Rs 31,812 crore in FY23)
– Taxes Paid: Rs 6,098 crore
– Revenue: Rs 4.77 lakh crore
– Market Cap: Rs 6.28 lakh crore
– Stock Price Growth: 67% over a year
Other Notable PSUs in the Top 10
– Power Finance Corporation: PAT of Rs 26,461 crore
– Bharat Petroleum Corporation: PAT of Rs 25,793 crore
– NTPC: PAT of Rs 18,697 crore
– Bank of Baroda: PAT of Rs 18,410 crore
– Power Grid Corporation of India: PAT of Rs 16,164 crore
The fiscal year 2023-24 has been a landmark year for India’s public sector undertakings, with significant profit growth and robust financial performance. The impressive gains in stock prices and market capitalizations reflect the strong investor confidence in these PSUs. As the government continues to push for enhanced efficiency and strategic growth in the public sector, the future looks promising for these vital pillars of the Indian economy.
