D&B's India's Top PSUs 2014

India’s Top PSUs

2014

Contentsexecutive summary ............................................................................. 4

Methodology ...................................................................................... 5

Financial Insights

Five year trend analysis ................................................................................. ….7

Quarterly Updates ...................................................................................... ….11

Primary Insights ................................................................................. 13

PsU Listings ....................................................................................... 14

4

executive summaryPublic sector Undertakings (PsUs) have always played a significant role in achieving overall socio-economic development of India. The gross turnover of Central Public sector enterprises (CPses) is equivalent to 20% of the country’s GDP, 8% of country’s total export earnings, and 5% towards employment in the organised sector. The past decades have seen the transformation of PsUs from catalysts of growth to national assets of strategic importance. The publication – ‘India’s Top PSUs 2014’ charts the financial performance of top PsUs during FY13 and attempts to highlight key opportunities and challenges for these companies.

The publication profiles 164 Central PsUs (Central Public Central enterprises and PsBs). These comprise 119 companies from the non-financial segment and 45 companies from financial services segment, which includes 26 public sector banks, 8 non-banking financial companies (NBFCs), 8 insurance companies, and 3 special institutions. The publication covers financial analysis of these companies during FY13 and quarterly performance of 71 PsUs during the first three quarters of FY14.

Key financial performance highlights of Top PSUs during FY13 and Apr-Dec 2013:• AggregatetotalincomeofthefeaturedPSUsstoodat` 27,940 bn in FY13 growing at a modest pace of

9% y-o-y.• Intermsoftotalincomegrowth,PSUsfromthefinancialsegmentoutperformedwithy-o-ygrowthof

15% compared to 6% growth of non-financial PsUs for the same period. Oil refining and marketing accounted for the largest share of 60% of the aggregate total income of the non-financial segment. This sector grew by 12% y-o-y in FY13, with factors such as decline in crude oil demand, high volatile oil prices, and decline in oil imports impacting growth.

• Total incomeforNavratnacompaniesgrewatthefastestpaceof13%inFY13,ascomparedto10%growth recorded by Maharatna companies and 8% de-growth of Miniratna companies.

• PSUsreported2%growthinaggregateprofitaftertax,whichtouched` 1,718 bn in FY13. Profits of PsUs from the non-financial segment showed de-growth of 7% for FY13 as compared to profit growth of 10% for financial services PsUs.

• Despitesubduedprofitgrowth,dividendpayoutsbyPSUsgrewby18%inFY13.Miningsectorrecordedthe highest growth of 53% in dividend payout.

• TheoverallaggregateincomeofthePSUsgrewby9%to 16,376bnduringthenine-monthperiodApr-Dec 2013as compared to the corresponding period of the prior last year. Total income of non-financial PsUs grew by 7% whereas total income of financial PsUs grew at almost twice the rate at 13%.

• Theoverallaggregateprofitsgrewby12%y-o-yduringthenine-monthperiodApr-Dec2013ascomparedto the corresponding period of the prior last year.

• Modestprofitgrowthtranslatedintoincreaseinmargins.NetprofitmarginofPSUsgrewfrom4.7%to6%betweenApril-Dec2013.

The macroeconomic environment in FY14 has been challenging in terms of slowing growth, high inflation, and depreciating rupee for corporate India including PsUs. However, there are indications of renewed consumer demand and moderation in inflation. We are confident that PsUs would continue to strengthen their institutional mechanisms and financial health in the coming years through various measures of product development, innovations, and collaborations, among others. D&B will continue to track the performance of Central PsUs and keep the reader updated on various developments through future editions of the ‘India’s Top PSUs’.

5

MethodologyThe seventh edition of ‘India’s Top PSUs’ publication features 164 public sector undertakings (PsUs). The publication comprises central public sector enterprises (CPses), which are part of the Department of Public enterprises (DPe) list and public sector scheduled commercial banks (sCBs) as defined by Reserve Bank of India (RBI), excluding regional rural banks (RRBs). Public sector sCBs include nationalised banks, state Bank of India and its associates. Further, the publication includes public sector insurance companies, other public sector NBFCs/financial institutions, and special government institutions incorporated under specific government act. Moreover, the publication includes a listing of state PsUs as provided by the Department of Public enterprises. The status of CPses is as enumerated by the DPe as on June 2014. Companies involved only in business for profit have been included in the publication and others that are involved in charity or other social causes have been excluded.

The initial selection of the PsU data was based on compilations from various sources such as DPe list, internal D&B database, listed PsUs, and government of India (GoI) directory, and data from various ministries. The shortlisted PsUs were sent a detailed questionnaire seeking operational and financial information. This publication has featured PsUs with a standalone total income equal to or above ` 1 bn during FY13 as a selection criterion.

Information contained in this publication is procured from authentic sources available in the public domain through company annual reports, websites, DPe, and the registrar of companies. Further, companies that did not respond with critical data and/or whose information is not available in the public domain were not considered for this study to ensure that all information contained in this publication is verified and authenticated.

The financial figures such as total income and net profit for companies are according to standalone financials cited in annual reports/documents or annual financial statements for FY13. The various financial computations are as per D&B methodology and have been explained explicitly in the ‘Definitions and Calculations’ section. each company featured in the publication has been allotted a 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 2014’ will prove useful. Further, we would be pleased to receive your invaluable feedback and suggestions.

FInAncIAl InSIghTSFIve YeAr TrenD AnAlYSIS•

&FY13 hIghlIghTS

QUArTerlY UPDATeS•

7

FiveYearTrendAnalysisIn this study, Dun & Bradstreet India (D&B India) provides insights into the performance of the Indian public sector undertakings (PsUs) and highlights key trends. This research is based on thorough analysis of financial data on companies culled from annual reports, regulatory filings, government websites, and various secondary sources.

Top line grew at a healthy 13.3% cAgr during FY08-13; oil marketing sector outshone others in term of share in overall incomeTotalincomeoffeaturedPSUsgrewat13.3%CAGRduringFY08-FY13.Onay-o-ybasis,incomeoffeaturedcompanies recorded slower growth of 8.1% as against 22.8% in FY12. Further, in FY11, PsUs showed robust performance revived on the back of expansionary policy implemented during 2010. The income of PsUs stood at 18,518.9 bn in FY11 as against 15,685.5 bn in FY10, registering a y-o-y growth of 18.1% compared with a decelerated growth of merely 0.6% in FY10. The decelerated growth was due to the impact of economic slowdown caused by worsening of the global macroeconomic conditions, which posed challenges to the Indian economy. Rising commodity prices, high interest rate environment, depreciating rupee, delay in implementation of projects, and policy logjams added to the woes of businesses. Post 2010, income from featured PsUs saw a surge, though at a slower pace.

Trends analysis of Top PSUs companies

8.6

6.8

8.4 7.8

6.9 6.6

012345678910

0

5000

10000

15000

20000

25000

30000

FY08 FY09 FY10 FY11 FY12 FY13

% G

row

th

In R

s Bn

Total Income PAT NPM

Source: D&B Research, CMIE

Performance varied across different sectors. The top ten income contributing sectors accounted for more than 90% share of the overall income, of which combined income of oil refining and marketing companies, coal and coal products, and banks contributed around 72% during the year. sectors such as oil refining and marketing, coal, banks, financial services, and gas processing and transmission saw more than 12% growth in income while other sectors comprising oil exploration, financial services, and power generation and transmission companies grew less than 10% during the year.

Morethanfivesectorshaveregisteredabove17%CAGRintotalincomeandhavesuccessfullyoutperformedtheoverall13.3%five-yearCAGRofthefeaturedPSUscompanies.Overallnetprofitoffeaturedcompaniesgrewat7.4%CAGRduringFY08-13.Onay-o-ybasis,netprofitgrewmerely3.8%inFY13asagainst7.5%in FY12. sectors such as financial services, gas, coal, banks, power, and electrical and electronics saw growth in net profit during the five-year period.

8

Outperforming Sectors of PSUs companies

24%

21%

20%

18%

17%

13%

13%

7%

5%

2%

25%

9% 14

%

29%

15%

13%

-13%

7%

-28%

-21%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Fina

ncia

l Ser

vice

s

Gas

- pr

oces

sing,

tran

smiss

ion

and…

Bank

s

Coal

& c

oal

prod

ucts

Elec

tric

al &

Elec

tron

ics

Pow

er G

ener

atio

n&

Tra

nsm

issio

n

Oil

- Ref

inin

g &

Mar

ketin

g

Oil

Expl

orat

ion

Trad

ing

Ferr

ous &

Non

-Fe

rrou

s

CAGR

Total Income Net profit


Oil marketing companies account for more than two-thirds of PSUs exportsIn the last five years, India’s export growth has seen major variations, in 2009-10 as an aftershock of the 2008 crisis and in 2012-13 because of the eurozone crisis and global slowdown. Out of the 136 featured companies, PsUs showed a positive effort with exports contributing around 4.8% to India’s overall exports. exports of around 42% companies touched `1,173.3bn,mountingataCAGRof13.3%duringFY08-FY13and accounting for nearly 4.8% of the aggregate total income of featured companies in FY13. On a y-o-y basis, exports grew at a slower pace of 6.7% in FY13 compared with 36% in FY12.

export Performance of Top PSUs companies Top 5 sectors contributing to exports in FY13

10.1

5.0 5.3 4.7 5.1 4.8

0

2

4

6

8

10

12

0

200

400

600

800

1000

1200

1400

FY08 FY09 FY10 FY11 F12 FY13

%

In R

s Bn

Exports of featured companies % Share in India's exports

64%

13%

11% 2% 4%

Oil Refining Oil Exploration

Electricals & Electronics Engineering

Trading

Source: D&B Research, CMIE Source: D&B Research, CMIE

Oil refining and marketing, oil exploration, and electrical and electronics were the top sectors contributing to theexportsofTopPSUscompaniesduringFY13.Oilrefiningandmarketingcompaniesgrewat15.3%CAGR,contributing maximum share of around 66% to the overall exports during FY13. Percentage share of oil refining and marketing companies have been consistent during the period FY08-FY13 at more than 60%.

Overall dividends paid by cPSUs in FY13 grow at a five-year cAgr of 13.5%NetprofitoffeaturedCPSUsinFY13grewatafive-yearCAGRof7.4%becauseofhighgrowthinexpensesofCPSUs,whichgrewataCAGRof13.8%.Despitesluggishgrowthinprofitduringtheperiod,dividendspaidbythetopCPSUsgrewataCAGRof13.5%.

Of all the sectors under which CPsUs operate, CPsUs operating under coal and coal products, engineering and construction, and banking sectors demonstrated maximum growth in dividends paid. In FY13, dividends paidbyCPSUsincoalandcoalproductssectorgrewatafive-yearCAGRof26.5%asagainstengineeringandconstructionsector,whichgrewatafive-yearCAGRof17.5%andthetoppublicsectorbanks(PSBs)thatgrewatafive-yearCAGRof16.7%duringtheperiod.

9

Top Dividend paying sectors

17.9 18.2

18.7

18.7 21.2

52.5 52.9 61.8 64.1

22.4 21.2

15.1

31.6 27.9 31.4 30.4 30.3

29.7 43.1 38.0 38.3 35.0 31.1 36.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

FY09 FY10 FY11 FY12 FY13%

Banking Coal and Coal Products

Engineering and Construction Oil - Refining and Marketing

Oil Exploration

Source: D&B Research

Of all the sectors, banking, coal and coal products, engineering and construction, oil refining and marketing, and oil exploration sectors emerged top sectors in terms of dividend payout ratio. CPsUs in coal and coal products sector for FY10-FY13 consistently paid out more than 50% of their net income as dividends. CPsUs in oil refining and marketing sector emerged second top payers of dividend after coal and coal products. In FY13, these companies paid 43.1% of their net income as dividends, followed by CPsUs in oil exploration, engineering and construction, and banking sectors, paying 36.6%, 27.9%, and 21.2% of their net income as dividends in FY13 respectively.

During FY13, cPSUs provide improved compensation and benefits to employees

compensation provided by cPSUs to their employees

0

1000

2000

3000

4000

5000

6000

FY08 FY09 FY10 FY11 FY12 FY13

Rs in

Bn

Compensation to Employees Salaries and Wages Income per '000 Employees

Source: D&B Research

Compensation provided by CPsUs to their employees grew by 12.5% in FY13 as compared to 6.3% growth inFY12.Five-yearCAGRofcompensationprovidedbyCPSUsinFY13registeredagrowthof14.1%.SalariesandwagesoftheCPSUemployeesontheotherhandgrewataCAGRof13.4%duringthesameperiod.Ony-o-y basis, salaries and wages of the CPsU employees grew 11.1% in FY13 as compared to 13.8% growth in FY12.

Fiver-yearCAGRof incomeper ’000employeesgrewathealthypaceof16.7%.However,withrespecttoy-o-y growth income per ’000 employees grew at a slower pace during FY13 as compared to FY12. Income per ’000 employees of CPsUs grew by 6.2% in FY13 as compared to a growth of 44% during FY12. One of the key reasons for the sudden dip in growth of income per ’000 employees is the aggressive hiring policy of CPsUs, especially public sector banks during FY13.

10

FY13 highlights

164 PsUs that are featured in the publication are considered for the purpose of FY13 analysis. These comprise of 119 companies from the non-financial segment and 45 companies from financial services segment which includes 26 public sector banks; 8 non-banking financial companies (NBFCs), 8 insurance companies and 3 special institutions.

In spite of challenging economic conditions, PSUs show resiliency by modest income growth• TheaggregatetotalincomeofthefeaturedPSUsstoodat 27,940 bn in FY13 growing at a modest pace

of 9% as compared to the prior year. • PSUsfromthenon-financialsegmentcontributednearlytwothirdsoftheaggregatetotalincomeofthe

PsUs. • Intermsoftotalincomegrowth,PSUsfromthefinancialsegmentoutperformedwithy-o-y15%growth

in FY13 as compared to 6% growth of non-financial PsUs for the same period.• Oilrefiningandmarketingaccountedforthelargestsharei.e60%oftheaggregatetotalincomeofthe

non-financial segment. This sector grew by 12% in FY13 y-o-y with factors such as decline in demand for crude oil, high volatile oil prices and decline in oil imports impacting its growth.

• Inthefinancialservicessegment,financialinstitutions&NBFCsshowedthehighestincomegrowthof25% in FY13.

Financial services PSUs score over their non-financial counterparts in terms of profit growth• Affectedbyhighinputcostandrisinginterestrates,PSUsreported2%growthinaggregateprofitaftertax(PAT)whichtouched1,718bninFY13.

• Non-financialPSUsscoredovertheirfinancialcounterpartsintermsofincome.Buttherewasareversalof roles in terms of the bottom line. Profits of PsUs from the non-financial segment showed de-growth of 7% for FY13 as compared to profit growth of 10% for financial services PsUs.

• In thenon-financial segment, thehighestPATgrowthof42%was recordedby theengineeringandconstruction PsUs.

• Inthefinancialservicessegment,banksrecordedmodestPATgrowthofjustover14%inFY13,impactedbythehighcostoffunds.FinancialInstitutionsandNBFCsrecordedanimpressivePATgrowthof25%.

In spite of subdued profit growth PSUs show healthy growth in dividend payout• Inspiteofsubduedprofitgrowth,dividendpayoutsbyPSUsgrewby18%inFY13.• Thehighestgrowthindividendpayoutswasrecordedbyminingandpowertransmissionsectorswith

53% and 30% growth respectively. • Sectorswhichshowedde-growthinprofitbutyetpaidoutdividendsincludedmining,oilrefining&

marketing and power generation. • In the financial servicesPSUsegment,dividendpayoutsofNBFCsandBanksgrewby22%and16%

respectively in FY13.

navratna cPSes outperform their counterparts in terms of income and profit growth• Fromthe featuredPSUs,79companiesbelongedto theMaharatna,NavratnaorMiniratna (Iand II)

categories. • ThesevenMaharatnacompaniesarethelargestCPSEsinthenon-financialsegmentintermsofincome,

contributing nearly 27% of the aggregate total income of all the featured PsUs. • TotalincomeofNavratnacompaniesgrewatthefastestpaceof13%inFY13,ascomparedto10%growth

recorded by Maharatnas and 8% de-growth of Miniratnas.• ProfitofNavratnacompaniesgrewatthefastestpaceof13%inFY13,ascomparedto4%de-growthof

Maharatna companies.

11

Quarterly UpdatesFor analysing the quarterly performance of Top PsUs companies featured in this edition, the numbers for the June, sept, and Dec quarters for FY13 and FY13 were collated to study the q-o-q and 9-month growth trends. Around71companieswhosequarterlyfinancialswereavailableweretakenintoconsiderationforanalysingthe quarterly performance. Out of this, 44 companies were from non- financial segments while remaining 27 were from banks and financial services segment.

Subdued overall income growth of 8.9% during 9m FY13; financial segment top line grew 12.6%TheaggregateincomeperformanceoftheTopPSUscompaniesgrew8.2%duringApr-Dec2013to 16,376 bn, which was in line with the economic growth trends. On a q-o-q basis, income growth remained low to reach 7.7% in Q3FY14 from 10.9% in Q1FY14. Net sales also saw growth of 7.9% during 9m period ending FY14. CollectivenetprofitsfromApr-Dec2013registeredhealthygrowthof12.4%aggregatingto` 867.2 bn.

Quarterly income growth

15035.2 16376.0

771.5 867.2

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

9m FY12 9m FY13

In R

s Bn

Total Income Net Profit


CPsUs from the non-financial segment (contributing almost 70% of total income) led the growth, growing 7.3% to ` 11, 419.2 bn during the period. On the other hand, banks saw an income growth of 12.6% aggregating to ` 4,956.8 bn during the period. The growth in income for the financial segment was largely on the back increase in interest income from advances.

Margins from non-financial services segment saw accelerated growth during the 9m period FY14OverallEBITDAmarginoftheTopPSUscompaniesimprovedandstoodat30.1%comparedwith29.5%inApr-Dec2012.Similarly,NPMalsosawmarginalgrowthof0.2%andstoodat5.3%duringthenine-monthperiodofFY13,comparedwith5.1%inApr-Dec2012duetogrowthof12.4%growthinprofits.

Margin trends of Top PSUs companies

2012 2013 9m comparison

June Sept Dec June Sept Dec 9m FY12 9m FY13

EBITDAMargin 23.8 34.6 30.0 29.5 30.3 30.4 29.5 30.1

PATMargin (1.6) 10.1 6.5 4.7 5.3 5.9 5.1 5.3


Profitabilityacrosscompaniesfromthenon-financialsegmentssawanuptrendduringtheApr-Sep2013,sinceprofit and earnings grew. On the other hand, profitability indicators for financial services saw a downtrend inbothNPMandEBITDAmarginsto5.8%and71.9%respectively(9.1%NPMand76%EBITDAmarginin9mFY12) indicating that overall margins might come under pressure during FY14.

12

Major cost heads - employee and depreciation costs saw accelerated growth during 9m FY13Allthecompaniesfacedtheoverallimpactofexpensesonthebottomline.TotalexpensesofTopPSUcompaniesduringthe9mperiodApr-Dec2013saw8.1%growthto` 15,541.7 bn mainly due to increase in interest expenses, depreciation and employee cost.

expenditure across sectors increased sharply with overall expenditure of the non-bank segment increasing 4.8% to 10,872.3bnduringtheyear.Asharpincreaseof17.7%inemployeecostanddepreciationonassetsled to the overall rise in expenditure. Interest expense and raw material consumption were the other critical cost heads that increased by 3.2% and 12.2% respectively during the nine-month period.

segmental wise; financial segment saw a steeper growth in employee cost and depreciation by 25.1% and 34.9% during 9m period FY14 whereas non-financial segment witness a slower growth in these cost heads at 8.6% and 15.8% respectively.

cost structure of Top PSUs companies

2012 2013 9m comparison

Q1FY12 Q2FY12 Q3FY12 Q1FY13 Q2FY13 Q3FY13 9m FY12 9m FY13

Total expenses 4,810.1 4,643.0 4,922.4 4,969.5 5,228.3 5,343.9 14,375.6 15,541.7

Raw Material, stores & spares 2,808.4 2,681.1 2,856.8 2,726.3 2,867.0 3,022.9 8,346.2 8,616.3

salaries and Wages 265.0 270.5 275.5 315.4 316.7 322.0 811.0 954.2

Interest expense 989.5 1,011.7 1,033.6 1,089.1 1,139.6 1,176.2 3,034.8 3,404.9

Depreciation 83.7 82.3 91.8 96.8 101.6 100.3 257.9 298.7


DuringApr-Dec2013,risinginterestburdenwasanotherkeyconcernforbothfinancialandnon-financialPSUs.Fund requirements for PsUs during the period were largely through increased borrowings. Interest expenditure of CPsUs in the non-financial segment increased 6.4% during the nine-month period to ` 254.1 bn. On the other hand, the banking segment recorded 12.7% rise in interest expenses to ` 3,150 bn during the period due to growth in borrowings term, which saw an uptrend of 15.5% aggregating to ` 18,142.2 bn.

Asloweroperatingprofitcomparedwithfastergrowth in interestexpense ledtotherise in the interestcoverage from 0.38 during 9m period FY12 to 0.35 times during 9m period FY13.

13

Primary InsightsThe role of technology has greatly accentuated in the past couple of years. Today, it is all about leveraging the power of technology for greater efficiency and productivity. D&B tried to gain the perspective of public sector undertakings (PsUs) about the role of technology by conducting a study of the leading PsUs of the country. some of the key findings from the study include -

• Morethan90%ofthePSUsseeincreasedthrustontechnologyinthecomingyearswiththenew government in place. This is already underscored by the new government’s focus on greater need of technology in areas of agriculture, power, petroleum & natural gas and defence to name a few PsU dominated sectors.

• Acknowledgingthepivotalroleoftechnologynearly43%ofPSUshaveplanstoinvestaround10% of the revenue in technology in next two years. However, 16% of companies have no plans to invest in technology in the next two years.

• With over 900 projects in various stages of Public Private Partnership (PPP) development,collaborative efforts for technology sharing will be an area of focus in the coming days. Nearly 70% of PsUs feel that technology is an enabling factor for PsUs to form Public Private Partnerships (PPP).

• Inspiteofgreatstridesintermsofadvancedtechnology,40%ofPSUsfeelthatIndianPSUsdonot adopt advanced technology at the same pace.

• Morethan90%ofPSUsagreethattobecomemorecompetitive,isitnecessaryforthemtoembrace the mantra of ‘speed, scale and skills’. Further, an equal number of companies feel that technology will play a significant role for PsUs in adopting the mantra of ‘speed, scale and skills’.

listings of central PSUs

India’s Top PsUs 2014 Alphabetical Listing L15

India’s Top PsUs 2014

Sr no company name Segment

1 AgricultureInsuranceCompanyofIndiaLimited Insurance

2 AirportsAuthorityofIndia Non - Financial segment

3 AllahabadBank Banks

4 AndhraBank Banks

5 AndrewYule&CompanyLimited Non - Financial segment

6 ArtificialLimbsManufacturingCorporationofIndia Non - Financial segment

7 Balmer Lawrie & Company Limited Non - Financial segment

8 Bank of Baroda Banks

9 Bank of India Banks

10 Bank of Maharashtra Banks

11 BeML Limited Non - Financial segment

12 Bharat Coking Coal Limited Non - Financial segment

13 Bharat Dynamics Limited Non - Financial segment

14 Bharat electronics Limited Non - Financial segment

15 Bharat Heavy electricals Limited Non - Financial segment

16 Bharat Immunologicals and Biologicals Corporation Limited Non - Financial segment

17 Bharat Petroleum Corporation Limited Non - Financial segment

18 Bharat sanchar Nigam Limited Non - Financial segment

19 Brahmaputra Valley Fertilizer Corporation Limited Non - Financial segment

20 Braithwaite & Company Limited Non - Financial segment

21 Braithwaite Burn and Jessop Construction Company Limited, The Non - Financial segment

22 Bridge and Roof Company (India) Limited Non - Financial segment

23 Burn standard Company Limited Non - Financial segment

24 Canara Bank Banks

25 Cement Corporation of India Limited Non - Financial segment

26 Central Bank of India Banks

27 Central Coalfields Limited Non - Financial segment

28 Central electronics Limited Non - Financial segment

29 Central Mine Planning and Design Institute Limited Non - Financial segment

30 Central Warehousing Corporation Non - Financial segment

31 Chennai Petroleum Corporation Limited Non - Financial segment

32 Coal India Limited Non - Financial segment

33 Cochin shipyard Limited Non - Financial segment

34 Container Corporation of India Limited Non - Financial segment

35 Corporation Bank Banks

36 Cotton Corporation of India Limited, The Non - Financial segment

37 Dena Bank Banks

38 Dredging Corporation of India Limited Non - Financial segment

39 eastern Coalfields Limited Non - Financial segment

40 electronics Corporation of India Limited Non - Financial segment



41 engineering Projects (India) Limited Non - Financial segment

42 engineers India Limited Non - Financial segment

43 export Credit Guarantee Corporation of India Limited Insurance

44 export-Import Bank of India special Institution

45 Ferro scrap Nigam Limited Non - Financial segment

46 Fertilisers and Chemicals Travancore Limited, The Non - Financial segment

47 GAIL(India)Limited Non - Financial segment

48 GAILGasLimited Non - Financial segment

49 Garden Reach shipbuilders & engineers Limited Non - Financial segment

50 General Insurance Corporation of India Insurance

51 Goa shipyard Limited Non - Financial segment

52 Handicrafts & Handlooms exports Corporation of India Limited, The Non - Financial segment

53 Heavy engineering Corporation Limited Non - Financial segment

54 HindustanAeronauticsLimited Non - Financial segment

55 Hindustan Copper Limited Non - Financial segment

56 Hindustan Insecticides Limited Non - Financial segment

57 Hindustan Newsprint Limited Non - Financial segment

58 Hindustan Organic Chemicals Limited Non - Financial segment

59 Hindustan Petroleum Corporation Limited Non - Financial segment

60 Hindustan Prefab Limited Non - Financial segment

61 Hindustan shipyard Limited Non - Financial segment

62 Hindustan steelworks Construction Limited Non - Financial segment

63 HLL Lifecare Limited Non - Financial segment

64 HMT Limited Non - Financial segment

65 HMT Machine Tools Limited Non - Financial segment

66 Housing and Urban Development Corporation Limited FIs/NBFCs

67 IDBI Bank Limited Banks

68 IFCI Limited FIs/NBFCs

69 India Infrastructure Finance Company Limited FIs/NBFCs

70 India Tourism Development Corporation Limited Non - Financial segment

71 India Trade Promotion Organisation Non - Financial segment

72 Indian Bank Banks

73 Indian Oil Corporation Limited Non - Financial segment

74 Indian Overseas Bank Banks

75 Indian Railway Catering and Tourism Corporation Limited Non - Financial segment

76 Indian Railway Finance Corporation Limited FIs/NBFCs

77 Indian Rare earths Limited Non - Financial segment

78 IndianRenewableEnergyDevelopmentAgencyLimited FIs/NBFCs

79 Instrumentation Limited Non - Financial segment

80 Ircon International Limited Non - Financial segment

81 ITI Limited Non - Financial segment

82 Jute Corporation of India Limited, The Non - Financial segment

83 Kamarajar Port Limited Non - Financial segment

84 KarnatakaAntibiotics&PharmaceuticalsLimited Non - Financial segment

85 KIOCL Limited Non - Financial segment

86 Konkan Railway Corporation Limited Non - Financial segment

87 Life Insurance Corporation of India Insurance



88 Madras Fertilizers Limited Non - Financial segment

89 Mahanadi Coalfields Limited Non - Financial segment

90 Mahanagar Telephone Nigam Limited Non - Financial segment

91 Mangalore Refinery and Petrochemicals Limited Non - Financial segment

92 Mazagon Dock Limited Non - Financial segment

93 MeCON Limited Non - Financial segment

94 Mineral exploration Corporation Limited Non - Financial segment

95 Mishra Dhatu Nigam Limited Non - Financial segment

96 MMTC Limited Non - Financial segment

97 MOIL Limited Non - Financial segment

98 MsTC LIMITeD Non - Financial segment

99 NationalAluminiumCompanyLimited Non - Financial segment

100 NationalBankforAgricultureandRuralDevelopment special Institution

101 National Buildings Construction Corporation Limited Non - Financial segment

102 National Fertilizers Limited Non - Financial segment

103 National Film Development Corporation Limited Non - Financial segment

104 National Handloom Development Corporation Limited Non - Financial segment

105 National Insurance Company Limited Insurance

106 National Projects Construction Corporation Limited Non - Financial segment

107 National seeds Corporation Limited Non - Financial segment

108 National small Industries Corporation Limited, The FIs/NBFCs

109 NEPALimited Non - Financial segment

110 NewIndiaAssuranceCompanyLimited,The Insurance

111 Neyveli Lignite Corporation Limited Non - Financial segment

112 NHPC Limited Non - Financial segment

113 NMDC Limited Non - Financial segment

114 North eastern electric Power Corporation Limited Non - Financial segment

115 Northern Coalfields Limited Non - Financial segment

116 NTPC Limited Non - Financial segment

117 NTPC Vidyut Vyapar Nigam Limited Non - Financial segment

118 Nuclear Power Corporation of India Limited Non - Financial segment

119 Numaligarh Refinery Limited Non - Financial segment

120 Oil and Natural Gas Corporation Limited Non - Financial segment

121 Oil India Limited Non - Financial segment

122 ONGC Videsh Limited Non - Financial segment

123 Oriental Bank of Commerce Banks

124 Oriental Insurance Company Limited, The Insurance

125 PeC Limited Non - Financial segment

126 PNB Housing Finance Limited FIs/NBFCs

127 Power Finance Corporation Limited FIs/NBFCs

128 Power Grid Corporation of India Limited Non - Financial segment

129 Power system Operation Corporation Limited Non - Financial segment

130 Punjab & sind Bank Banks

131 Punjab National Bank Banks

132 Rail Vikas Nigam Limited Non - Financial segment

133 RailTel Corporation of India Limited Non - Financial segment

134 Rajasthan electronics & Instruments Limited Non - Financial segment



135 Rashtriya Chemicals and Fertilizers Limited Non - Financial segment

136 Rashtriya Ispat Nigam Limited Non - Financial segment

137 RITes Limited Non - Financial segment

138 Rural electrification Corporation Limited FIs/NBFCs

139 scooters India Limited Non - Financial segment

140 security Printing and Minting Corporation of India Limited Non - Financial segment

141 shipping Corporation of India Limited, The Non - Financial segment

142 sJVN Limited Non - Financial segment

143 small Industries Development Bank of India special Institution

144 south eastern Coalfields Limited Non - Financial segment

145 state Bank of Bikaner & Jaipur Banks

146 state Bank of Hyderabad Banks

147 state Bank of India Banks

148 state Bank of Mysore Banks

149 state Bank of Patiala Banks

150 state Bank of Travancore Banks

151 state Farms Corporation of India Limited Non - Financial segment

152 state Trading Corporation of India Limited, The Non - Financial segment

153 SteelAuthorityofIndiaLimited Non - Financial segment

154 syndicate Bank Banks

155 Telecommunications Consultants India Limited Non - Financial segment

156 THDC India Limited Non - Financial segment

157 UCO Bank Banks

158 Union Bank of India Banks

159 United Bank of India Banks

160 United India Insurance Company Limited Insurance

161 Uranium Corporation of India Limited Non - Financial segment

162 Vijaya Bank Banks

163 WAPCOSLimited Non - Financial segment

164 Western Coalfields Limited Non - Financial segment

India’s Top PsUs 2014 Total Income Listing L19


Income-wise Top 20 PSUs

Sr no company name Total Income (` mn)

1 Indian Oil Corporation Limited 4,501,716.8

2 Life Insurance Corporation of India 3,263,467.3

3 Bharat Petroleum Corporation Limited 2,419,295.8

4 Hindustan Petroleum Corporation Limited 2,078,336.2

5 state Bank of India 1,356,919.4

6 Oil and Natural Gas Corporation Limited 873,574.4

7 NTPC Limited 687,755.1

8 Mangalore Refinery and Petrochemicals Limited 657,919.1

9 Bharat Heavy electricals Limited 495,463.6

10 GAIL(India)Limited 481,555.4

11 Punjab National Bank 461,092.5

12 SteelAuthorityofIndiaLimited 455,320.0

13 Chennai Petroleum Corporation Limited 429,070.4

14 Bank of Baroda 388,272.8

15 Canara Bank 372,309.4

16 Bank of India 356,749.7

17 MMTC Limited 289,249.9

18 IDBI Bank Limited 282,838.1

19 Union Bank of India 276,767.3

20 Bharat sanchar Nigam Limited 264,659.6

India’s Top PsUs 2014 Net Profit Listing L20


Sr no company name net Profit (` mn)

1 Oil and Natural Gas Corporation Limited 209,256.9

2 state Bank of India 141,049.8

3 NTPC Limited 109,055.6

4 Coal India Limited 97,943.2

5 Bharat Heavy electricals Limited 66,151.7

6 NMDC Limited 63,423.7

7 Indian Oil Corporation Limited 49,988.7

8 Punjab National Bank 47,476.7

9 Bank of Baroda 44,807.2

10 Power Finance Corporation Limited 44,196.0

11 south eastern Coalfields Limited 42,982.8

12 Power Grid Corporation of India Limited 42,098.0

13 Mahanadi Coalfields Limited 42,050.4

14 GAIL(India)Limited 40,222.0

15 Rural electrification Corporation Limited 38,176.2

16 HindustanAeronauticsLimited 36,478.6

17 Oil India Limited 35,893.4

18 Canara Bank 28,721.0

19 Bank of India 27,493.5

20 Northern Coalfields Limited 26,759.3

Profit-wise Top 20 PSUs

India’s Top PSUs 2014Published in India by Dun & Bradstreet Information Services India Pvt ltd. (D&B)

registered OfficeICC Chambers, saki Vihar Road,Powai, Mumbai - 400072.CIN: U74140MH1997PTC107813Tel: +91 22 6676 5555, 2857 4190 / 92 / 94Fax: +91 22 2857 2060email: [email protected]: www.dnb.co.in

new Delhi Office1stFloor,AdministrativeBuilding,Block ‘e’, NsIC - Technical services Center,Okhla Industrial estate Phase - III,New Delhi - 110020.Tel: +91 11 41497900/01Fax: +91 11 41497902

Kolkata Office166B, s. P. Mukherjee Road,Merlin Links, Unit 3e, 3rd Floor,Kolkata - 700026.Tel: +91 33 24650204Fax: +91 33 24650205

chennai OfficeNew No: 28, Old No: 195,1st Floor, North Usman Road,T. Nagar, Chennai - 600017.Tel: 91 44 28142265/75, 42897602Fax: +91 44 28142285

Ahmedabad Office001, samruddhi, Opp. Old High Court,Near Income Tax Office,AshramRoad,Ahmedabad–380014.Tel: +91 79 27540558/59, 27541131Fax: +91 79 27540560

Bengaluru OfficeNo. 7/2 Gajanana Towers,1stFloor,AnnaswamyMudaliarStreet,Opp. Ulsoor Lake,Bengaluru - 560042.Tel: +91 80 42503500Fax: +91 80 43503540

hyderabad Office504, 5th Floor,Babukhan’s Millennium Centre,6-3-1099/1100, somajiguda,Hyderabad - 500082.Tel: +91 40 66624102, 66514102Fax: +91 40 66619358

editor Pawan Bindal

Sub-editor Yogesh Jambhale, Rohit singh

editorial Team KarishmaDesai,OmeshKandalkar,MihirShah,AnkitKemmu,ChristopherD’souza, SnehaTalreja,PrashantMirgule,RohitPawar,AkshatLigga,SuvidhShah

Sales head Jayesh Bahadur

Sales Team NittinMaheshwari,ApoorbaKumarPatranabish,PankajSharma,AvishekTiwari, NupurKhanna,AnanditaPongurlekar,ViniBatheja,AnubhaGarg,MayankBhanu, shubhra Upadhyay, Tanya Bedi, sunena Jain, Kalyan Basu, Neetu Dhamija, RomitaDeyTalukdar,NitinChaudhary,AmanpreetBindra,RupitKar,VaibhavDhote, SujataBhakat,SaritaSharma,AnupamDass,RajChoudhury,RakeshGoyal,AishaRashyani, Vishwa Desai, shipra Thakur, Yashaswini Chandrashekar, sindhu Ravi

Operations Team NadeemKazi,AnkurSingh,SumitSakhrani,RajeshGupta,ShankarIyer,ParmeshwarMore

Design Team MohanChilvery,AdityaSalvi

All rights reservedThispublicationiscopyrightandallrightsarereserved.Apartfromanyfairdealingforthepurposeofprivatestudy,research,criticismorreviewaspermittedundertheCopyrightAct,nopartmaybereproducedbyanyprocesswithoutwrittenpermission.enquiries should be addressed to the publishers.

Althougheveryefforthasbeenmadeincompilingandcheckingtheinformationgiveninthispublicationtoensurethatitisaccurate, the authors, the publishers and their servants or agents shall not be held responsible for the continued accuracy of the information or for any errors, negligence or otherwise howsoever or for any consequence arising therefrom.

India’s Top PSUs 20147th editionIsBN 978-93-82060-40-6

Economy & Finance

D&B's India's Top PSUs 2014