Bottomline of state-owned mining companies rose substantially in 2011-12 because of aggressive pricing by the firms, the Economic Survey 2012-13 shows.
State-run mining firms, including Coal India, National Mineral Development Corp, registered a jump of 29.45 percent in its net profit to Rs 61,610 crore during the year ended March 2012 from Rs 47,594.80 crore year ago.
During the financial year, the state-run mining firms witnessed 17.7 percent rise in the consolidated turnover from Rs 15,968.3 crore in the previous year.
Coal India is said to have benefitted from 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.
During fiscal 2011-12, investments from industrial Central Public Sector Enterprises (CPSEs) to total investment in CPSEs, in terms of gross block, stood at 77.46 percent. Of this, while manufacturing contributed 28.31 percent, mining and electricity accounted for 23.53 percent and 25.62 percent, respectively.
According to the survey, the net profit of public sector companies in the electricity sector also rose 13.4 percent to Rs 21,239.9 crore during 2011-12. Consolidated sales of such companies in the sector increased by 16.2 percent to Rs 97,623 crore during the year.
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