Bhubaneswar: As many as 22 State Public Sector Enterprises (SPSEs) earned a total profit of Rs 3289.58 crore during the financial year 2021-22, the Comptroller and Auditor General of India (CAG) said in a latest report.
In its audit report on State Finances, the CAG said as on 31 March 2022, there were 82 SPSEs including 64 Government Companies, 3 Statutory Corporations and 15 Government controlled Other Companies.
Out of the 64 Government Companies, 8 were power sector companies and 56 were non-power sector companies. Out of 56 non-power sector companies, 26 were non-functional. Of these, summary of financial performance of 43 SPSEs (30 Government Companies, 02 Corporations and 11 Government controlled other Companies) is covered under the audit report.
Out of the 32 Government Companies and Corporations covered in this report, 22 SPSEs earned profit of Rs 3,289.58 crore during 2021-22, as against profit of Rs 1,937.72 crore earned by 23 SPSEs in 2020-21.
The Return on Equity (ROE) of the 22 SPSEs was 22.92 per cent in 2021-22 as compared to 20.04 per cent in 21 SPSEs in 2020-21.
Odisha Mining Corporation Ltd (OMC) earned highest net profit of Rs 2731.72 crore while Odisha Hydro Power Corporation (OHPC) earned Rs 180.64 crore, Odisha Power Transmission Corporation Ltd (OPTCL) earned Rs 61.67 crore and Rs 158.27 crore earned by Odisha Coal and Power Ltd during the financial year.
There were 10 Government companies that incurred losses during the year 2021-22. In these SPSEs loss had reduced to Rs 2,423.10 crore in 2021-22 as compared to loss of Rs 3,414.88 crore incurred during 2020-21, the report said.
Out of total loss of Rs 2,423.10 crore incurred by the 10 SPSEs, loss of Rs 2,361.39 crote was contributed by three SPSEs (GRIDCO, Odisha Power Generation Corporation and Odisha Mineral Bearing Area Development Corporation Limited) which function under Energy and Steel & Mines Departments respectively.
GRIDCO Limited incurred a loss of Rs 440.18 crore during 2021-22 was mainly due to the high cost of purchase of power and expenditure towards finance costs, it said.
Similarly, Odisha Power Generation Corporation Limited (OPGC) incurred a loss of Rs 102.83 crore during 2021-22 was mainly due to expenditure towards cost of material consumed and finance cost.
OMBADC registered a loss of Rs 1,818.38 crore during the year mainly due to expenditure towards Project expenses.
As on March 31, 2022, there were 11 Government companies and corporations with accumulated losses of Rs 9,020.65 crore. Of the 11 SPSEs, six SPSEs incurred losses in the year 2021-22, amounting to Rs 497.70 crore, five SPSEs had not incurred loss in the year 2021-22, even though they had accumulated losses of Rs 240.31 crore.
Net worth of eight out of 11 SPSEs had been completely eroded by accumulated loss and was negative. The net worth of these eight SPSEs was Rs 5,770.91 crore as on 31 March 2022.