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The sector, comprising of companies such as Coal India and National Mineral Development Corp, registered a jump of 29.45% in its net profit to Rs 61,610 crore during the year ended March 2012 from Rs 47,594.80 crore year ago.
While a shift to globally accepted Gross Calorific Value (GCV) system of pricing coupled with increased spot sales through e-auction helped jack up profitability of Coal India, NMDC increased prices in the domestic market quite frequently giving an upward push to its net profit.
The consolidated turnover of public sector companies in the mining sector increased 17.7% during 2011-12, from Rs 15,968.3 crore in the previous year.
Investments from industrial Central Public Sector Enterprises (CPSEs) to total investment in CPSEs, in terms of gross block, stood at 77.46% during fiscal 2011-12. Of this, while manufacturing contributed 28.31%, mining and electricity accounted for 23.53% and 25.62%, respectively.
According to the survey, the net profit of public sector companies in the electricity sector also rose by 13.4% to Rs 21,239.9 crore during 2011-12. Consolidated sales of such companies in the sector increased by 16.2% to Rs 97,623 crore during the year.
However, the net profit of CPSEs in the manufacturing sector declined 22.7% during 2011-12 to Rs 23,720.5 crore from Rs 30,668.2 crore in the previous year. This is despite 27.73% increase in their turnover, the survey said.
The survey also observed that during 2011-12, the government raised a total of Rs 40,000 crore through disinvestment of its shares in various state-owned companies including Oil and Natural Gas Corp (ONGC).
The government is confident the disinvestment mop-up in 2012-13 would stand at about Rs 27,000 crore , against the targeted Rs 30,000 crore. So far this financial year, it has garnered Rs 21,500 crore through disinvestment.
