India’s Public Sector Giants Post Massive Profits, Push FY24 Exchequer Gains To New High
Last week, Union Finance Minister Nirmala Sitharaman received a dividend cheque of Rs 8,076.84 crore on behalf of the government from the State Bank of India (SBI) for the financial year 2024-25.
The Central Public Sector Enterprises (CPSEs) have contributed a record Rs 4.85 lakh crore to India’s financial resources in FY2023- 2024, a 120 per cent increase from Rs 2.20 lakh crore in FY 2013-2014, the Finance Ministry said on Monday.
The Central government's resource optimisation measures have borne fruit, according to a ministry post on social media platform X.
"In FY 2023-24, the total contribution by the Central Public Sector Enterprises (CPSEs) to the Central Exchequer was Rs 4.85 lakh crore, a phenomenal increase of 120 per cent from Rs 2.20 lakh crore in the FY 2013-14," said the ministry.
Last week, Union Finance Minister Nirmala Sitharaman received a dividend cheque of Rs 8,076.84 crore on behalf of the government from the State Bank of India (SBI) for the financial year 2024-25.
Leading public sector companies in the financial, power and energy sectors recorded a strong growth in profit in Q4 FY25. The country’s largest lender, SBI and insurance giant Life Insurance Corporation of India (LIC) led the charge with a net profit of Rs 18,643 crore and Rs 19,013 crore, respectively.
The SBI’s net profit for the financial year 2024-25 has now soared to Rs 70,901 crore, while the LIC has recorded an impressive net profit of Rs 48,151 crore for the year.
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Coal India earned a net profit of Rs 9,604 crore during the fourth quarter, while Indian Oil Corporation (IOC) registered a net profit of Rs 7,265 crore, with upstream oil exploration giant ONGC registering a net profit of Rs 6,448 crore during the quarter.
NTPC recorded a net profit of Rs 7,897 crore while Power Finance Corporation (PFC), which also comes under the Ministry of Power, earned a robust Rs 8,358 crore. Power Grid Corporation of India also registered a strong profit of Rs 4,143 crore during the January-March quarter.
The Prime Minister Narendra Modi-led government has strengthened India’s PSUs in the last 11 years, turning them into wealth creators and making them integral to the nation’s growth. With focused reforms, strategic autonomy, and capital support, PSU market cap surged across the energy, power, and infrastructure sectors.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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