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Indian PSUs earn combined profit of Rs 5 lakh crore in FY24


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According to data from ACE Equity, the profit after tax (PAT) of 56 PSUs surged by 48% to Rs 5.07 lakh crore in FY24 from Rs 3.43 lakh crore in FY23. These PSUs, which are part of the BSE PSU index, posted a record combined profit of over five lakh crore rupees in FY24.

Top 10 Most Profitable PSUs in India

Here is a list of India’s top 10 most profitable PSUs and how their profits grew in FY24:

  1. State Bank of India (SBI): SBI, India’s largest lender, is also the most profitable PSU. Its PAT surged 20% to Rs 68,138 crore in FY24 from Rs 56,558 crore in FY23. SBI paid Rs 23,102 crore as taxes to the government exchequer. The stock price of SBI has gained 42% in the past year.
  2. Oil & Natural Gas Corporation (ONGC): ONGC had the second-highest PAT at Rs 54,705 crore in FY24, with an annual profit growth of 61% compared to FY23. ONGC paid Rs 19,759 crore in taxes, and its revenues stood at Rs 6.43 lakh crore. The stock price of ONGC surged 73% in the past 12 months.
  3. Indian Oil Corporation (IOC): IOC, another oil sector company, recorded a profit of Rs 41,615 crore in FY24, placing it third on the list. Its PAT jumped 284% in a year from Rs 10,842 crore in the previous fiscal. IOC paid Rs 14,127 crore in taxes, and its stock price surged 80% in a year.
  4. Coal India: Coal India’s profit rose 16% to Rs 36,942 crore in FY24 from Rs 31,731 crore in the previous year. It paid Rs 11,443 crore in taxes. The stock price of Coal India has gained 101% in the past 12 months.
  5. Life Insurance Corporation of India (LIC): LIC, at number five, recorded a PAT of Rs 36,844 crore in FY24, with a profit growth of 16% compared to FY23. LIC paid Rs 6,098 crore in taxes, and its revenues stood at Rs 4.77 lakh crore. The stock price of LIC has gained 67% over the past year.
  6. Power Finance Corporation: Power Finance Corporation recorded a PAT of Rs 26,461 crore in FY24.
  7. Bharat Petroleum Corporation: Bharat Petroleum Corporation recorded a PAT of Rs 25,793 crore in FY24.
  8. NTPC: NTPC recorded a PAT of Rs 18,697 crore in FY24.
  9. Bank of Baroda: Bank of Baroda recorded a PAT of Rs 18,410 crore in FY24.
  10. Power Grid Corporation of India: Power Grid Corporation of India recorded a profit of Rs 16,164 crore in FY24.

Conclusion

In FY24, PSUs in India witnessed strong profit growth, with the combined profit of 56 listed PSUs reaching over five lakh crore rupees. The top 10 most profitable PSUs, including State Bank of India, Oil & Natural Gas Corporation, and Indian Oil Corporation, showed significant profit growth during the year. These PSUs contributed to the overall growth of the Indian stock market and the economy as a whole.

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