19 loss-making CPSEs returned to profit in FY21
By MYBRANDBOOK
Data from the Public Sector Enterprises Survey 2020-21 showed that 19 central public sector enterprises (CPSEs) including Chennai Petroleum Corp (CPCL), Western Coalfields (WCL), and National Fertilizers (NFL), returned to profit in FY21 from loss.
However, despite reporting profit over Rs 200 crore each, CPCL, WCL, and NFL registered a fall in their revenue. The profit was mainly on account of reduced expenditure. CPCL reduced its total expenses by 21 percent, NFL by 10.45 percent, and WCL 5.84 percent.
The majority of CPSEs returning from loss to profit were from industrial and consumer goods sectors, such as Sambhar Salts, Hindustan Salts, Andrew Yule & Company, and Cement Corporation of India. Of the 255 operational CPSEs, as many as 177 recorded net profit and 77 recorded net loss.
Privatised CPSEs have performed better than their peers in terms of net worth, profit, return on equity, return on assets (RoA), and sales, among others. The RoA and net profit margin turned around from negative to positive surpassing that of the peer firms which indicates that privatised CPSEs have been able to generate more wealth from the same resources.
The salt manufacturing units of Sambhar Salts were able to leverage the favourable market conditions and accordingly the salt prices were increased, which, along with effective cost-cutting measures, contributed towards better performance.
The strong growth in cement consumption amid the pandemic is believed to have helped Cement Corporation of India make profit as labour availability in rural India aided growth in construction of rural infrastructure and low-cost housing. Andrew Yule & Company saw an increase in the net sales of tea and foreign earnings.
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