a report on indian psus -2009

India’sTop PSUs

2009

ContentsPreface .............................................................................................. I

Foreword ........................................................................................ II

executive summary .....................................................................III

Methodology ................................................................................ IV

Insights ....................................................................................V-XIV

PsU Listings ......................................................................... L1-L16

I

PrefaceDun & Bradstreet India is pleased to release the second edition of its premium publication, ‘India’s Top PSUs 2009’. The public sector is an important constituent of the Indian economy, and has been a major instrument in driving industrial growth, economic development, employment generation and equitable distribution of wealth in post-independence India. Designed to reduce regional imbalances, low employment and inequalities of income, PsUs have played a significant role in country’s overall economic development.

During 1960-1990, public sector enterprises experienced robust growth, generated large scale employment and emerged as national assets. However, in the early 1990’s the economic liberalisation in India brought about certain fundamental changes in the way public sector enterprises were organised and conducted their business. Profitability and productivity emerged as significant aspects of performance along with equity and commitment to the society.

Contrary to initial expectations, reforms, and the resulting change and innovation have proved beneficial for public sector enterprises, aiding them in meeting and sometimes, staying ahead of the competition. Public sector enterprises have shown admirable resilience in absorbing the impact of economic reforms and are now better prepared to face challenges arising from a competitive environment.

As the Indian economy grows, PsUs will continue to play an important role in critical sectors like power, transportation and manufacturing to name a few. For instance, the total public sector outlay for infrastructure during the 11th Five Year Plan will be around Rs 36,447.2 bn, of which the share of central sector PsUs is expected to be around 59%. Further, during the 11th Five Year Plan, it is expected that total investment on infrastructure development by PsUs will reach Rs 14,365.6 bn which will provide a crucial impetus to the slowing economy in the present scenario of an economic slowdown.

‘India’s Top PSUs 2009’ is an endeavour to capture the essence of growth and performance of the public sector in India, and providing the leading players the unique advantage of D&B’s global footprint in disseminating vital and useful information about these companies to a wide audience.

We expect ‘India’s Top PSUs 2009’ to be a valuable publication for understanding public sector enterprises in India and we are sure that this publication will serve as an authoritative and useful ready reference tool for business leaders globally. I hope you enjoy reading this edition and I look forward to receiving your suggestions.

Dr Manoj VaishPresident & CeO - IndiaDun & Bradstreet

II

ForewordI am happy to launch the second edition of Dun & Bradstreet’s, ‘India’s Top PSUs 2009’. This publication will prove to be a valuable resource on the Indian public sector enterprises. Dun & Bradstreet’s global footprint and market reach will ensure that the publication is established globally as the premier information resource on Indian public sector enterprises. Over the years, especially after the early 1990’s, the Government of India has taken several initiatives to enable public sector enterprises to compete with rapidly growing private enterprises. The government has empowered public enterprises, especially the central government owned sector enterprises. By introducing the concept of Navratna and Miniratna the government has attempted to provide room to these undertakings to operate effectively and independently.

The several initiatives that the government has undertaken over the years have given PsUs the required impetus, to become market leaders and one of the biggest wealth creators in the economy. These enterprises have now started thinking beyond India, and some of them have established global business relationships and alliances through joint ventures or subsidiaries, and have also begun to access global financial markets for resource mobilisation.

Taking advantage of economic reforms and growing business opportunities that have emerged on the back of a robustly growing economy, these enterprises are making rapid advances on a wide range of performance parameters. It is evident the PsUs have adapted well to changing market dynamics and have taken advantage of business opportunities that have arisen out of liberal economic policies. We are sure that ‘India’s Top PSUs 2009’ will aid Indian public sector enterprises in promoting business further and developing useful relationships both overseas and in India.

At Dun & Bradstreet, we will continue to endeavor to meet your expectations from this publication. I look forward to receiving your feedback and suggestions.

David J. emery President International Partnerships & Asia – Pacific

III

executive summaryThe public sector has always been a strategic partner in the process of India’s economic growth and development. In an environment of economic reforms and liberalisation, the Indian public sector has proved competitive and has made rapid gains in profitability and productivity. Public sector enterprises have strong prospects for growth, through harnessing new business opportunities, while expanding the scope of current business. This publication, India’s Top PSUs 2009, is an effort to recognise the strategic importance of this sector.

The publication has profiled 121 leading central public sector undertakings (CPsUs), which are under the ambit of the Central Government and represent major industry groups. The aggregate Total Income of these 121 companies stood at Rs 14,675.41 bn, which represented a y-o-y growth of 16.8%, and is approximately 31.1% of the country’s Gross Domestic Product at current prices for FY08. The aggregate Net Profit reported by the profiled 121 CPSUs in FY08 sums up to Rs 1,221.36 bn. Further, the y-o-y growth in aggregate Net Profit (PAT) for all 121 companies stood at around 10%. Together, these companies reported an aggregate Net Worth of Rs 7,690.84 bn for FY08, a Net Profit Margin of 8.3% and a Return on Net Worth of 15.9%.

In this year’s edition, we have also conducted a comparable study of listed PsUs, excluding banks, vis-a-vis the listed private sector companies with total income in excess of Rs 10 bn. The comparison threw up some interesting findings: • The study revealed that total sales of 31 government owned companies is just a little below

the total sales of the 216 private sector companies. This suggests that in terms of revenues, the 31 PsUs are more or less equal to the 216 private sector companies put together.

• Even with gigantic business operations, PSUs have out-performed private companies in terms of growth in sales in the last four out of five years.

• The 31 PsUs contributed a substantially larger sum to the exchequer through direct taxes and dividends than the private sector companies. The effective tax rate for the PsUs has grown from 28.9% in 2004 to over 31.4% in 2008; while the effective tax rate has declined by over 350 basis points for private sector companies to 22.9% during the same period.

• In 2008, the public sector companies paid over 33.5% of their Net Profits as dividends, whereas their private sector counterparts paid 20.6% of their profits as dividends.

• The cash ratio for the listed public sector enterprises rose sharply from 24% in 2004 to around 42% in 2008, whereas for the private sector companies, the ratio improved from 19.18% in 2004 to 21% in the year 2008. However, 2008 marks a decline from the peak levels of around 30% seen in 2005, 2006 and 2007.

• The PSUs that are part of this comparison study are less leveraged than their private sector peers. With much less debt than their peers, their financial position is stronger.

The public sector in India has immense potential and prospects for growth and profitability in the future and will continue to play an important role in the economy. D&B will endeavor to keep track of various developments in the CPsUs and will develop database and information to make this publication emerge as an important and reliable source of reference.

Kaushal sampatChief Operating Officer Dun & Bradstreet India

IV

MethodologyThe foremost criterion for selection of Top PsUs is based on the condition that the PsU should necessarily be a Central Public sector Undertaking (CPsU). Only those CPsUs that are involved in carrying out business for profit have been included in this study; enterprises that are involved in charity or any other social cause have been excluded. subsidiaries and/or associate companies, in which CPsUs have a majority stake have been considered as separate entities and included in the publication. The initial selection of the PsU data set was based on the list compiled from various sources, including internal D&B database; Department of Public enterprises (DPe); listed PsUs; and Government of India (GoI) directory and various ministries. The shortlisted PsUs were then sent a detailed questionnaire seeking basic information on the company and its financials. As a selection criterion, PsUs with a total income equal to or above Rs 2 bn as on Mar 08 have been featured in this publication. Companies with negative net worth and those declared financially sick by the Board of Industrial & Financial Reconstruction (BIFR), as available on the BIFR website, have been eliminated. The information contained in this book is sourced and compiled from questionnaires circulated and administered by D&B India, telephonic interviews, mass media channels and authenticated information available in the public domain, like company annual reports, websites and the Registrar of Companies. In the eventuality that a company has not responded with critical data, and/or information which is not available in the public domain, such companies have not been included in this publication. This is to ensure that all information contained in this publication is verified and authenticated.

The Total Income, Net Profit and Net Worth figures for companies are as per standalone financials sourced from annual reports/documents from the Registrar of Companies or financial statements for the financial year 2007-08. Those companies whose schedules where not available has been marked by (*) in the listing pages. Total income is a sum of revenue and other income, where the revenue is net of excise duties, sales tax, inter-unit transfers and other government levies. Net profit refers to profit before considering the impact of prior period and extra-ordinary items. Net worth is the sum of share capital and reserves & surplus, deducting debit balances appearing in the profit and loss account, revaluation reserves, miscellaneous expenditure, and intangibles such as patents, goodwill, trademarks, copyrights, know-how, brands, licenses, rights, computer software and the likes. The consolidated revenue of the companies has been taken as provided in the annual report of the respective companies, wherever available. employee numbers have been taken from the respective annual reports of companies wherever available and/or from responses received by them. Formulae used are as under

Particulars Formulae Net Profit Margin (NPM) Profit after tax /Total Income * 100 Return on Net Worth PAT/ Tangible Net Worth *100 Return on Capital employed eBIT/ Capital employed *100

A standardised reporting format has been used for listing company management details in write-ups, incorporating key designations. Dun & Bradstreet has compiled the companies’ management details from their respective annual reports and updated these records wherever data were available. Each company featured in the publication has been allotted its unique identification number (D-U-N-S ® - Data Universal Numbering System). This will help readers locate and obtain full-fledged information reports on these companies from the Dun & Bradstreet database.

The editorial team is confident that ‘India’s Top PSUs 2009’ will prove useful and we would be pleased to receive your invaluable feedback and suggestions. Your satisfaction remains our goal in Dun & Bradstreet’s journey towards excellence.

V

InSIghTSOvervIew OF PrOFIled CPSU• s

COmParITIve STUdy•

VI

InsightsDun & Bradstreet (India) attempts to highlight key trends in the Indian public sector undertakings

(PsU) and provides insights into their performance in two sections through this study. In each

section, the study presents the insights derived from a detailed analysis of data gathered through

secondary sources. The first section is an analysis of the financial and operational performance

of the 121 central public sector undertakings forming part of the publication. The second section

presents a comparable matrix between the private companies and the government-owned

companies listed on the Nse.

In an attempt to highlight the industry trend, information was gathered from annual reports,

regulatory filings, and data with industry association, regulatory bodies, government websites

and various other secondary sources. The information thus gathered for analysis was used to

understand changing dynamics of PsUs as compared to private companies.

Section aThis section comments on the performance of PsUs that have long formed the backbone of

the Indian economy. The publication features 121 PsUs that fall under the purview of the Central

government and are also known as Central Public sector Undertakings (CPsUs).

The PsUs that are featured in this publication have contributed largely to India’s growth story

in recent times. The key highlights of the performance of these CPSUs in FY08 are as follows:

• The total income of the profiled CPSUs was Rs 14,675.41 bn during FY08, which was equivalent

to 31.1% of India’s GDP at current market prices.

• The aggregate net profit margin (NPM) of the profiled PSUs was 8.3% in FY08. Within this,

the manufacturing PsUs and the service PsUs had an NPM of 9.1% and 7.8%, respectively.

• The manufacturing PSUs had the highest return on net worth (RONW) of 19.3% among all

profiled companies while those from the service sector had a RONW of 12.0%.

• PSUs from the Western region ranked the highest in terms of total income with a 57% share.

• In terms of net profit, the Northern region contributed almost 50% of the entire profits of 121

companies profiled in this publication. The Western region followed the Northern region

with a 27% share.

• The average total income per employee of the profiled companies was Rs 7.30 mn whereas

the net profit per employee was Rs 0.6 mn.

VII

review of the performance of 121 CPSUs

Oil and gas generation sector records highest total income share, albeit, with low margins

The oil and gas generation sector had the highest share in both total income (42.82%) and net

profit (28.94%) of the 121 CPSUs. There was a significant gap between the sector’s share in total

income and net profit on account of its very low NPM of 6%. The iron and steel sector had a

bigger share in the net profit pie (13.59%) than in the total income pie (4.98%) and enjoyed a

healthy NPM of 23%.

Sector-wisetotalincomecontribution Sector-wisenetprofitcontribution

Source: D&B Research Source: D&B Research

Sector-wisenetprofitmargin

Source: D&B Research

manufacturing PSUs register higher rOnw

The manufacturing PsUs recorded a higher RONW (19.3%) as compared with the services PsUs

(12.0%). The 121 profiled CPSUs collectively registered a RONW of 15.8%. The profiled PSUs

registered a combined net worth of Rs 7,690.82 bn.

VIII

Banking&financialservicessectorhashighestrepresentationbutlowershareintotalincome

The banking and financial services sector had the maximum representation of companies (31%).

In spite of this, the share of oil and gas generating companies in the total income of all the

121 companies was more than twice the share of banking and financial services companies.

Key Financials in Fy08: Industry aggregates

sector Total Income Profit After Tax Net Worth Net Profit Margin

Return on Net Worth

Rupees in Million In PercentBanking & Financial services 2,716,052.17 323,227.94 2,235,378.81 n.a. 14Oil & Gas Operations 6,284,717.78 353,468.98 1,710,946.38 6 21Iron steel & Metals 731,510.24 166,030.39 650,434.50 23 26Power 607,445.73 135,261.63 1,183,040.59 22 11Trading 592,847.19 8,451.72 39,832.41 1 21Coal 319,110.38 80,646.45 324,514.28 25 25Heavy engineering 272,922.09 33,540.10 142,776.3 12 23Insurance 2,285,139.27 39,550.45 183,890.07 2 22Telecommunication 437,982.07 32,062.74 997,048.53 7 3Transportation 90,636.25 16,306.46 90,885.06 18 18Others 337,042.96 32,812.01 132,100.18 10 25Total 14,675,406.13 1,221,358.87 7,690,847.11 8.32 16


(n.a.- Not Applicable)

Navratnas’ total income equal to 15% of gdP

The 18 Navratnas as identified by the Department of Public Enterprises had a total income of

Rs 6,871.62 bn in FY08, which is equivalent to 15% of India’s GDP at current market prices.

The share of these Navratnas in the combined total income of 121 CPsUs was an impressive 47%

during FY08. Their combined net worth was 41% of the total net worth of all profiled CPSUs.

IX

Performance of Navratnas

Company Total Income (rs mn)

Total Income y-o-y growth

(%)

NetProfit(rs mn)

NetProfity-o-y growth

(%)

net worth (rs mn)

net worth y-o-y

growth (%)Bharat electronics Limited 41,376.91 1 7,450.94 4 31,463.75 23Bharat Heavy electricals Ltd 207,494.00 15 28,602.60 18 107,309.90 22Bharat Petroleum 1,119,421.76 14 14,551.87 (24) 116,278.21 14Coal India Ltd 34,774.45 (1) 24,538.58 (13) 124,234.21 4GAIL (India) Ltd 185,645.50 12 26,232.10 10 129,395.10 14Hindustan Aeronautics Ltd 103,379.61 16 16,318.80 42 29,984.40 59Hindustan Petroleum 1,059,017.30 18 11,565.30 (26) 105,116.00 10Indian Oil Corporation Ltd 2,309,539.60 13 70,015.00 25 407,484.00 18Mahanagar Telephone Nigam 53,299.33 (5) 2,293.38 49 112,989.94 4National Aluminium Company 55,435.70 (13) 16,569.10 (31) 88,741.40 15NMDC Ltd 63,818 .40 41 32,507.60 40 82,643.30 43NTPC Ltd 399,359.00 13 76,893.00 12 526,083.00 8Oil & Natural Gas Corporation 648,459.50 7 167,017.57 5 698,333.66 14Power Finance Corporation 50,400.40 28 12,015.50 22 93,298.00 9Power Grid Corporation 50,815.30 24 16,305.30 34 133,875.80 25Rural Electrification 35,376.61 24 8,607.13 31 53,676.92 34shipping Corporation 40,616.80 (3) 7,912.20 (20) 56,319.10 10steel Authority of India Ltd 413,394.80 17 75,354.90 21 227,794.80 34Total 6,871,624.97 13 614,750.86 9 3,125,021.49 11


X

Section B

This section presents a comparable matrix between the private companies and the government-

owned companies listed on the NSE (excluding financial companies). In this endeavour,

D&B India firstly selected the top 31 government-owned listed companies (29 central government

companies and 2 state government companies) in terms of total turnover. subsequently,

it identified private companies who had a total turnover of over Rs 10 bn. (The benchmark was

taken as Rs 10 bn to ensure fair assessment because out of the 31 PSUs identified for the study,

the 31st company had a total turnover of about Rs 10 bn).

The private companies thus selected were screened further and those companies whose

comparable 12 month data for any of the previous five years were not available were excluded.

The players in the IT and ITes industry were also excluded because PsUs have a negligible

presence in this industry. Finally, D&B India arrived at 216 private sector companies.

A comparison of PSUs vis-à-vis their private sector peers suggests that PSUs had a significant

role to play in India’s growth story in the last five years. They managed to achieve similar

growth rates as their private peers. It’s noteworthy that because of the government’s role,

PSUs have proved to be a little more risk averse and hence financially-sound. It is expected that

the measured approach that the public enterprises have taken over the last few years will hold

them in good stead in the current financial downturn.

The following study compares the financial parameters such as sales growth, tax payout ratio,

dividend payout ratio et al of PsUs and private companies.

Sales

The total sales of the 31 government-owned companies were just marginally lower than the

total sales of the 216 private sector companies. Though the private sector has grown at a slightly

faster rate than the PSUs, the businesses of PSUs have not lagged far behind in the last five

years. Another noteworthy observation is that in spite of a huge base in terms of turnover, sales

growth of PSUs has remained robust throughout the last five years.

XI

Sales growth

Source: D&B Research and CMIE

even though PsUs are losing their monopoly and India is taking further strides in liberalising

its economy, PsUs are managing to grow at a healthy pace. Infact it is evident in the study that

the sales growth of PSUs has outperformed the private sector in four out of the past five years.

On further scrutiny of the toplines of the selected companies, a few private sector companies

were found to have earned incomes from discontinued operations. However, no such income

was recorded by the PsUs. One reason for this could be the social commitments of PsUs, which

do not allow them to conduct unviable business units. Instead, the PsUs offset losses arising

from such units with profits earned from different business units.

Income from discontinued operations (dO) 2005 2006 2007 2008dO dO dO dO

Private sector 9.00 7.41 6.75 11.86Public sector 0 0 0 0

(Amount in Rs bn)Source: D&B Research and CMIE

PSUs bring home huge monetary gains despite the social obligations

Apart from fulfilling their social commitments, public sector enterprises are contributing a huge

sum to the exchequer through direct taxes1 and dividends. The effective tax rate for the PsUs

grew from 28.9% in 2004 to over 31.4% in 2008 while the effective tax rate declined by over

350 basis points for private sector companies to 22.9% for the same period.

1Provision for direct tax = Corporate tax + deferred tax – deferred tax assets / credit + other direct taxes like wealth tax, agricultural income tax, FBT, other miscellaneous taxes

XII

Comparision of effective tax rate


PsUs not only take the lead while contributing to the government’s kitty through direct taxes

but also lead when it comes to rewarding their shareholders with dividends. In 2008, the public

sector companies paid over 33.5% of their net profit as dividends to equity shareholders, whereas

their private sector peers paid only 20.6% of their profits as dividends. Over the last five years,

the dividend payout ratio has consistently declined for the private sector companies, whereas it

has remained more or less the same for the government-owned companies. As the government

owns a majority stake in the publicly-listed PsUs, a huge share of the dividends goes to the

government’s kitty. Thus, the PsUs make a much higher contribution to the exchequer through

both taxes and dividends.

Comparison of dividend Payout ratio


XIII

export to Sales

Predictably, the PsUs earn most of their revenues from the domestic market. exports constitute

a miniscule portion of total sales even though the ratio of exports to sales of PsUs has been

increasing slowly and steadily in the last three years.

Comparison of export to sales


Cash ratio

The cash ratio (cash and bank balance/current liabilities) is an indicator of the extent to which

a company can pay its current liabilities with cash in hand without relying on the sale of

inventory and receipt of accounts receivables. The cash ratio for the listed public sector enterprises

rose sharply from 24% in 2004 to around 42% in 2008. Meanwhile, their private sector peers’

cash ratio initially improved from 19.18% in 2004 to 30.0% levels during 2005, 2006, and 2007,

and later on declined sharply to 21% in 2008. This measure of liquidity suggests that the public

sector enterprises are better off in tackling their current liabilities (42%) with the most liquid

asset — cash.

Comparison of cash ratio


XIV

India’s Top PsUs 2009 Alphabetical Listing L1A look at the table below shows that while the cash and bank balances for the listed PsUs have

consistently grown stronger and stronger on the one hand, on the other hand, private sector

peers’ cash balance declined by 7.5% in 2008 as compared with 2007. If the expression Cash is the

king holds true then the PSUs are definitely better prepared for tough times like these.

Cash and Bank Balance

2004 2005 2006 2007 2008Private Sector 189.87 390.82 468.60 598.48 556.53Public Sector 297.79 458.90 498.80 756.46 953.49

(Amount in Rs bn)Source: D&B Research and CMIE

debt equity ratio

The debt-equity ratio (debt/equity), which signifies a company’s financial leverage, has always

remained on the higher side for private sector companies. The public sector companies are lesser

leveraged than their private sector peers because their debt levels are lower; hence, the PsUs are

in a stronger financial position to weather the economic downturn.

Comparison of debt-equity ratio


Even though raising money in the present market conditions is becoming a difficult task, the

PsUs are enjoying a low debt and huge cash reserve position. In the past few years, many

private sector companies wanted growth at all costs, whereas PsUs used their strong earnings

to strengthen their balance sheets and make calculated expansions.

(For the analysis, the financial data of PSUs range from March 2004 to March 2008. Also, as different private companies follow different financial year ending, their financial data ranges from December 2003 to September 2008).

India’s Top PsUs 2009 Alphabetical Listing L1

Sr No Company Name Business Operations

1 Agriculture Insurance Company of India Limited Insurance

2 Allahabad Bank Banking

3 Andhra Bank Banking

4 Antrix Corporation Limited Aerospace Equipments

5 Balmer Lawrie and Company Limited Logistics & Industrial Packaging

6 Bank of Baroda Banking

7 Bank of India Banking

8 Bank of Maharashtra Banking

9 BEML Limited Heavy Engineering Products

10 Bharat Dynamics Limited Defence Equipments

11 Bharat Electronics Limited Electronics

12 Bharat Heavy Electricals Limited Heavy Engineering Products

13 BharatPetroleumCorporationLimited Oil-Refining&Marketing

14 Bharat Sanchar Nigam Limited Telecom

15 BongaigaonRefinery&PetrochemicalsLimited Oil-Refining&Marketing

16 Brahmaputra Valley Fertilizer Corporation Limited Fertilizer

17 Bridge & Roof Company (India) Limited Engineering & Construction

18 Canara Bank Banking

19 Central Bank of India Banking

20 CentralCoalfieldsLimited Coal&CoalProducts

21 Central Warehousing Corporation Warehousing Activities

22 ChennaiPetroleumCorporationLimited Oil-Refining&Marketing

23 Coal India Limited Coal & Coal Products

24 Cochin Shipyard Limited Manufactures & Maintenance of Vessels

25 Container Corporation of India Limited Logistics

26 Corporation Bank Banking

27 Cotton Corporation of India Limited, The Cotton Distribution

28 Dena Bank Banking

29 Dredging Corporation of India Limited Dredging

30 Electronics Corporation of India Limited Electronics

31 Engineering Projects (India) Limited Construction

India’s Top PsUs 2009

India’s Top PsUs 2009 Alphabetical Listing L2 India’s Top PsUs 2009 Alphabetical Listing L3

32 Engineers India Limited Engineering & Consultancy

33 Export Credit Guarantee Corporation of India Limited Insurance

34 Export-Import Bank of India Financial Services

35 Fertilisers and Chemicals Travancore Limited, The Chemicals & Fertilisers

36 GAIL (India) Limited Gas - Processing, Transmission And Marketing

37 Garden Reach Shipbuilders & Engineers Limited Manufactures & Maintenance of Vessels

38 General Insurance Corporation of India Insurance

39 Hindustan Aeronautics Limited Aerospace Equipments

40 Hindustan Copper Limited Copper Production

41 Hindustan Organic Chemicals Limited Organic chemicals

42 HindustanPetroleumCorporationLimited Oil-Refining&Marketing

43 HMT Limited Engineering Goods & Tractors

44 Housing & Urban Development Corporation Limited Financial Services

45 IDBI Bank Limited Banking

46 Indian Bank Banking

47 IndianOilCorporationLimited Oil-Refining&Marketing

48 Indian Overseas Bank Banking

49 Indian Railway Catering and Tourism Corporation Limited Travel & Tourism Services

50 Indian Railway Finance Corporation Limited Financial Services

51 Indian Renewable Energy Development Agency Limited Energy Project Finance

52 Indraprastha Gas Limited Gas Distribution

53 Kudremukh Iron Ore Company Limited Iron & Iron-Ore Products

54 LIC Housing Finance Limited Financial Services

55 Life Insurance Corporation of India Insurance

56 M S T C Limited Marketing of Steel Products

57 MahanadiCoalfieldsLimited Coal&CoalProducts

58 Mahanagar Telephone Nigam Limited Telecom

59 Maharashtra Elektrosmelt Limited Manufactures Ferro Manganese

60 MangaloreRefineryandPetrochemicalsLimited Oil-Refining&Marketing

61 Manganese Ore (India) Limited Exploration of Manganese Ore

62 Mazagon Dock Limited Manufactures & Maintenance of Vessels

63 MMTC Limited Trading

64 Narmada Hydroelectric Development Corporation Limited Power Generation

65 National Aluminium Company Limited Non-Ferrous Metals


India’s Top PsUs 2009 Alphabetical Listing L2 India’s Top PsUs 2009 Alphabetical Listing L3

66 National Bank for Agriculture and Rural Development Financial Services

67 National Buildings Construction Corporation Limited Construction

68 National Fertilizers Limited Fertilisers

69 National Small Industries Corporation Limited, The Financial Services

70 Neelachal Ispat Nigam Limited Iron & Metal Products

71 New India Assurance Company Limited, The Insurance

72 Neyveli Lignite Corporation Limited Lignite Mining

73 NHPC Limited Power Generation

74 NMDC Limited Mining

75 North Eastern Electric Power Corporation Limited Power Generation & Transmission

76 NorthernCoalfieldsLimited Coal&CoalProducts

77 NTPC Limited Power Generation & Distribution

78 NTPC Vidyut Vyapar Nigam Limited Power Distribution

79 Nuclear Power Corporation of India Limited Power Generation

80 NumaligarhRefineryLimited Oil-Refining&Marketing

81 Oil and Natural Gas Corporation Limited Oil Exploration & Production

82 Oil India Limited Oil Exploration & Production

83 ONGC Videsh Limited Oil Exploration & Production

84 Oriental Bank of Commerce Banking

85 Oriental Insurance Company Limited, The Insurance

86 Orissa Minerals Development Company Limited, The Iron & Manganese Ore Mining

87 PEC Limited Trading

88 PetronetLNGLimited LiquefiedNaturalGas

89 Power Finance Corporation Limited Financial Services

90 Power Grid Corporation of India Limited Power Generation & Distribution

91 PTC India Limited Power Trading

92 Punjab & Sind Bank Banking

93 Punjab National Bank Banking

94 Rashtriya Chemicals and Fertilizers Limited Fertilisers

95 Rashtriya Ispat Nigam Limited Steel Products

96 RITES Limited Consultancy

97 RuralElectrificationCorporationLimited FinancialServices

98 Satluj Jal Vidyut Nigam Limited Power Generation

99 SBI Capital Markets Limited Financial Services


India’s Top PsUs 2009 Alphabetical Listing L4 India’s Top PsUs 2009 Total Income Listing L5

100 Shipping Corporation of India Limited, The Bulk Carrier & Tanker Services

101 Small Industries Development Bank of India Financial Services

102 SouthEasternCoalfieldsLimited Coal&CoalProducts

103 South Malabar Gramin Bank Banking

104 State Bank of Bikaner & Jaipur Banking

105 State Bank of Hyderabad Banking

106 State Bank of India Banking

107 State Bank of Indore Banking

108 State Bank of Mysore Banking

109 State Bank of Patiala Banking

110 State Bank of Travancore Banking

111 State Trading Corporation of India Limited, The Trading

112 STCL Limited Trading

113 Steel Authority of India Limited Steel & Steel Products

114 Syndicate Bank Banking

115 Telecommunications Consultants India Limited Telecom Consultancy

116 UCO Bank Banking

117 Union Bank of India Banking

118 United Bank of India Banking

119 UTI Asset Management Company Limited Financial Services

120 Vijaya Bank Banking

121 WesternCoalfieldsLimited Coal&CoalProducts


India’s Top PsUs 2009 Alphabetical Listing L4 India’s Top PsUs 2009 Total Income Listing L5

Sr No Company Name Total Income (Rs Mn)

1 Indian Oil Corporation Limited 2,309,539.60

2 Life Insurance Corporation of India 2,063,785.05

3 Bharat Petroleum Corporation Limited 1,119,421.76

4 Hindustan Petroleum Corporation Limited 1,059,017.30

5 Oil and Natural Gas Corporation Limited 648,459.50

6 State Bank of India 576,452.36

7 Steel Authority of India Limited 413,394.80

8 NTPC Limited 399,359.00

9 Bharat Sanchar Nigam Limited 380,534.00

10 MangaloreRefineryandPetrochemicalsLimited 327,866.87

11 Chennai Petroleum Corporation Limited 281,470.69

12 MMTC Limited 267,655.61

13 Bharat Heavy Electricals Limited 207,494.00

14 GAIL (India) Limited 185,645.50

15 Canara Bank 164,136.09

16 Punjab National Bank 162,625.78

17 State Trading Corporation of India Limited, The 159,905.09

18 Bank of India 144,721.47

19 Bank of Baroda 138,645.13

20 Union Bank of India 105,342.71

21 Hindustan Aeronautics Limited 103,379.61

22 Rashtriya Ispat Nigam Limited 99,042.80

23 IDBI Bank Limited 96,563.08

24 General Insurance Corporation of India* 93,347.32

25 Syndicate Bank 87,963.65

26 Central Bank of India 87,866.09

27 Indian Overseas Bank 87,758.68

28 NumaligarhRefineryLimited 80,278.00

29 SouthEasternCoalfieldsLimited 79,926.16

30 Oriental Bank of Commerce 74,548.40

31 UCO Bank 72,806.85


India’s Top PsUs 2009 Total Income Listing L6 India’s Top PsUs 2009 Total Income Listing L7

32 New India Assurance Company Limited, The 71,786.37

33 Allahabad Bank 71,359.73

34 ONGC Videsh Limited 70,231.57

35 Oil India Limited 67,954.63

36 Petronet LNG Limited 66,088.93

37 NMDC Limited 63,818.40

38 Indian Bank 62,186.67

39 BongaigaonRefinery&PetrochemicalsLimited 61,145.68

40 PEC Limited* 57,281.12

41 National Aluminium Company Limited 55,435.70

42 National Bank for Agriculture and Rural Development 55,090.97

43 WesternCoalfieldsLimited 54,168.14

44 Mahanagar Telephone Nigam Limited 53,299.33

45 Rashtriya Chemicals and Fertilizers Limited 52,432.90

46 Corporation Bank 52,163.33

47 M S T C Limited* 51,976.50

48 NorthernCoalfieldsLimited 51,825.89

49 MahanadiCoalfieldsLimited 51,130.97

50 Power Grid Corporation of India Limited 50,815.30

51 State Bank of Hyderabad 50,802.96

52 Power Finance Corporation Limited 50,400.40

53 State Bank of Patiala* 49,059.40

54 Andhra Bank 48,712.16

55 CentralCoalfieldsLimited 47,284.78

56 Vijaya Bank 44,205.68

57 Nuclear Power Corporation of India Limited 42,663.59

58 National Fertilizers Limited 42,055.85

59 Bharat Electronics Limited 41,376.91

60 Shipping Corporation of India Limited, The 40,616.80

61 United Bank of India* 40,228.10

62 Oriental Insurance Company Limited, The 40,197.81

63 PTC India Limited 39,493.09

64 State Bank of Travancore 38,728.59

65 Bank of Maharashtra 38,207.58


India’s Top PsUs 2009 Total Income Listing L6 India’s Top PsUs 2009 Total Income Listing L7

66 Neyveli Lignite Corporation Limited 36,380.70

67 RuralElectrificationCorporationLimited 35,376.61

68 State Bank of Bikaner & Jaipur 35,236.83

69 Container Corporation of India Limited 35,117.70

70 Coal India Limited 34,774.45

71 NHPC Limited 31,555.00

72 Dena Bank 31,540.25

73 State Bank of Mysore 29,165.28

74 Export-Import Bank of India 28,151.32

75 Housing & Urban Development Corporation Limited 27,289.49

76 Indian Railway Finance Corporation Limited 26,247.85

77 Mazagon Dock Limited 26,098.10

78 Punjab & Sind Bank 25,369.29

79 State Bank of Indore* 25,361.70

80 STCL Limited 24,604.11

81 LIC Housing Finance Limited 21,847.68

82 BEML Limited 20,916.87

83 National Buildings Construction Corporation Limited 19,117.40

84 Hindustan Copper Limited 17,046.93

85 Small Industries Development Bank of India 16,381.68

86 Cotton Corporation of India Limited, The 16,368.31

87 Satluj Jal Vidyut Nigam Limited 15,822.10

88 Kudremukh Iron Ore Company Limited 15,653.57

89 Balmer Lawrie and Company Limited 14,901.75

90 Neelachal Ispat Nigam Limited 14,261.92

91 Manganese Ore (India) Limited 10,241.80

92 Cochin Shipyard Limited * 9,669.09

93 North Eastern Electric Power Corporation Limited* 9,626.76

94 Antrix Corporation Limited 9,402.63

95 Electronics Corporation of India Limited 9,378.29

96 Fertilisers and Chemicals Travancore Limited, The 8,920.13

97 Engineering Projects (India) Limited 8,723.60

98 Engineers India Limited 8,574.39

99 Export Credit Guarantee Corporation of India Limited 8,271.56


India’s Top PsUs 2009 Total Income Listing L8 India’s Top PsUs 2009 Net Profit Listing L9

100 NTPC Vidyut Vyapar Nigam Limited 7,960.85

101 Central Warehousing Corporation 7,762.29

102 Agriculture Insurance Company of India Limited 7,751.17

103 Narmada Hydroelectric Development Corporation Limited 7,680.70

104 Dredging Corporation of India Limited 7,597.75

105 Indraprastha Gas Limited 7,294.16

106 Bridge & Roof Company (India) Limited* 7,147.91

107 RITES Limited 6,607.02

108 Garden Reach Shipbuilders & Engineers Limited 6,299.78

109 Bharat Dynamics Limited 6,130.21

110 Hindustan Organic Chemicals Limited 5,920.68

111 Indian Railway Catering and Tourism Corporation Limited 5,243.40

112 National Small Industries Corporation Limited, The 4,813.01

113 Telecommunications Consultants India Limited* 4,148.74

114 UTI Asset Management Company Limited 4,048.80

115 Maharashtra Elektrosmelt Limited 3,215.94

116 Orissa Minerals Development Company Limited, The 3,017.68

117 Brahmaputra Valley Fertilizer Corporation Limited 2,632.04

118 Indian Renewable Energy Development Agency Limited* 2,469.33

119 HMT Limited 2,444.25

120 South Malabar Gramin Bank 2,345.76

121 SBI Capital Markets Limited 2,300.77


India’s Top PsUs 2009 Total Income Listing L8 India’s Top PsUs 2009 Net Profit Listing L9

Sr No Company Name Net Profit (Rs Mn)




4 Indian Oil Corporation Limited 70,015.00
















20 Bharat Petroleum Corporation Limited 14,551.87











31 Hindustan Petroleum Corporation Limited 11,565.30


India’s Top PsUs 2009 Net Profit Listing L10 India’s Top PsUs 2009 Net Profit Listing L11











42 Life Insurance Corporation of India 8,446.26

















59 UCO Bank 4,121.56






65 Dena Bank 3,597.90


India’s Top PsUs 2009 Net Profit Listing L10 India’s Top PsUs 2009 Net Profit Listing L11

































98 Cochin Shipyard Limited* 964.04

99 M S T C Limited* 922.00


India’s Top PsUs 2009 Net Profit Listing L12 India’s Top PsUs 2009 Net Worth Listing L13

100 RITES Limited 919.83

101 Balmer Lawrie and Company Limited 870.16

102 Garden Reach Shipbuilders & Engineers Limited 773.02

103 PTC India Limited 487.60

104 Indian Renewable Energy Development Agency Limited* 483.47

105 Bharat Dynamics Limited 476.51

106 PEC Limited* 413.99

107 Maharashtra Elektrosmelt Limited 363.24

108 STCL Limited 288.39

109 South Malabar Gramin Bank 220.24

110 Cotton Corporation of India Limited, The 214.23

111 Indian Railway Catering and Tourism Corporation Limited 210.36

112 NTPC Vidyut Vyapar Nigam Limited 190.50

113 Engineering Projects (India) Limited 130.90

114 Oriental Insurance Company Limited, The 93.02

115 Bridge & Roof Company (India) Limited* 61.76

116 National Small Industries Corporation Limited, The 42.20

117 Telecommunications Consultants India Limited* 21.26

118 Hindustan Organic Chemicals Limited (200.12)

119 HMT Limited (573.14)

120 Brahmaputra Valley Fertilizer Corporation Limited (1,044.90)

121 Fertilisers and Chemicals Travancore Limited, The (1,910.20)


India’s Top PsUs 2009 Net Profit Listing L12 India’s Top PsUs 2009 Net Worth Listing L13

Sr No Company Name Net Worth (Rs Mn)





5 Indian Oil Corporation Limited 407,484.00








13 Bharat Petroleum Corporation Limited 116,278.21






19 Hindustan Petroleum Corporation Limited 105,116.00














India’s Top PsUs 2009 Net Worth Listing L14 India’s Top PsUs 2009 Net Worth Listing L15





























60 UCO Bank 24,668.67





65 Oriental Insurance Company Limited, The 20,215.86


India’s Top PsUs 2009 Net Worth Listing L14 India’s Top PsUs 2009 Net Worth Listing L15










75 Dena Bank 15,602.61


77 PTC India Limited 14,795.42










87 Indian Renewable Energy Development Agency Limited* 8,186.49









96 RITES Limited 5,372.68


98 Garden Reach Shipbuilders & Engineers Limited 4,855.42

99 Bharat Dynamics Limited 4,850.52


India’s Top PsUs 2009 Net Worth Listing L16


101 Cochin Shipyard Limited* 4,320.64

102 Telecommunications Consultants India Limited* 3,999.99

103 HMT Limited 3,759.66



106 Balmer Lawrie and Company Limited 3,246.06

107 Life Insurance Corporation of India 3,078.46

108 Cotton Corporation of India Limited, The 3,021.83

109 M S T C Limited* 2,706.50

110 Fertilisers and Chemicals Travancore Limited, The 2,492.60

111 National Small Industries Corporation Limited, The 2,438.10

112 South Malabar Gramin Bank 1,795.79

113 Hindustan Organic Chemicals Limited 1,369.51

114 PEC Limited* 1,260.69

115 Engineering Projects (India) Limited 1,009.71

116 Maharashtra Elektrosmelt Limited 952.29

117 Bridge & Roof Company (India) Limited* 820.82

118 Indian Railway Catering and Tourism Corporation Limited 788.49

119 STCL Limited 512.80

120 Brahmaputra Valley Fertilizer Corporation Limited 441.57

121 NTPC Vidyut Vyapar Nigam Limited 417.27


India’s Top PsUs 2009 Net Worth Listing L16 India’s Top PSUs 2009

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