CAG Report: Delhi govt PSUs incurred Rs 2,909 cr losses

The Delhi government's Public Sector Undertakings (PSUs) incurred losses of Rs 2,909.83 crore as on March 2018, a CAG report tabled in the Assembly said on Tuesday.

The Comptroller and Audition General (CAG) report of 2019 on revenue, social and economic sectors, pertaining to the Delhi government's PSUs was tabled in the House by Deputy Chief Minister Manish Sisoida.

By March 2018, there were 18 state PSUs which included 16 government companies and two statutory corporations.

These working PSUs registered an annual turnover of Rs 8,119.06 crore as per their latest finalised accounts as on September 30, 2018.

"The working PSUs incurred loss of Rs 2,909.83 crore as per their latest finalised accounts. As in March 2018, the state PSUs had employed 0.31 lakh employees," the report noted.

Further, the 13 PSUs, other than the power sector, incurred overall losses during the five year period from 2013-14 to 2017-18.

"Major losses were incurred by Delhi Transport Corporation (DTC), to the tune of Rs 3,843 crore as per the latest finalised accounts of the corporation," it said.

The total investment, equity and long-term loans, in five power sector undertakings, were Rs 12, 740.46 crores. The investment consisted of 58.92 per cent towards equity and 41.08 per cent in long-term loans, the report stated.

The profit earned by the power sector PSUs was Rs 879.63 crore in 2017-18 against Rs 758.96 crore in 2013-14.

"According to their latest finalised accounts, out of these five PSUs, four earned profit and one incurred marginal losses. The top profit-making companies were Delhi Transco Limited (Rs 627.18 crore) and Pragati Power Corporation Limited (Rs211.37 crore)."

During the last five years, the turnover of five power sector undertakings recorded compounded annual growth of 2.81 per cent. The compounded annual decline in debt was 6.97 per cent due to which the Debt-Turnover Ratio improved from 1.87 in 2013-14 to 1.25 in 2017-18, it added.