Telecom giant Bharat Sanchar Nigam (BSNL) has lost its place in the coveted list of top-10 profit-making central PSUs which is topped once again by Oil and Natural Gas Corporation (ONGC).
Power producer NTPC moved up to the second place, pushing down steel counterpart SAIL to third slot, according to the Department of Public Enterprises Survey for 2008-09.
In the 2007-08 survey, BSNL was ranked 6th. However, a steady fall in net profit and revenues in the face of delayed expansion plans and fierce competition have brought its profit to Rs 574 crore in 2008-09, moving it out of the coveted list.
In 2007-08, BSNL had posted a net profit of Rs 3,009 crore. The unlisted PSU suffered hugely due to its dwindling landline connections.
Mineral major NMDC is fourth in the list, while Coal India is ranked 5th. BHEL and GAIL are ranked 6th and 7th respectively. IOC slipped to eighth position from its earlier ranking of four as it is forced to sell fuel at below cost to keep inflation under check.
Oil India (with profit of Rs 2,166 crore) and South Eastern Coalfields (profit Rs 2,014 crore) have taken the 9th and 10th ranks, respectively.
Rashtriya Ispat Nigam too does not find a mention in the list. The other top ten loss making firms include NACIL, Eastern Coalfields, Hindustan Photo Films Manufacturing Co and Fertilizer Corp of India.