ONGC tops PSU profit list; AI leads worst performers

ONGC has retained top position on the coveted list of 10 profit-making PSUs, while Air India was the biggest loss-making state firm on the list of worst performers during the 2009-10 fiscal,says a government survey.

ONGC, the country's largest oil and gas producer, earned a net profit of Rs 16,785 crore, while Air India's losses mounted to Rs 5,614.29 crore.

Indian Oil Corporation, helped by decline in expenditure, moved to the second rank among the top 10, pushing down power major NTPC to the third position, said the Public Enterprises Survey.

In the previous survey, IOC was ranked eighth.

"Although its total income declined to Rs 2.8 lakh crore in the last fiscal from 3.09 lakh crore in 2008-09, its net profit increased to Rs 10,220.5 crore from Rs 2,949.55 crore mainly due to reduction in its expenditure," it said.

Maharatna company SAIL was fourth on the list of best performing PSUs, while BHEL ranked fifth. Coal India came down to sixth position, from fifth in the earlier ranking.

NMDC and Gail took seventh and eighth positions, respectively.

The Power Finance Corporation, made entry into the coveted club at 10th position, while South Eastern Coalfields was pushed out of the list.

Among the loss making PSUs, Air India was at the top. Others firms making big losses included telecom majors MTNL and BSNL; Hindustan Photo Films Manufacturing, Fertiliser Corporation of India and Hindustan Cables.