Central Public Sector Enterprises (CPSEs) posted a 15% year-on-year decline in their aggregate net profits to Rs 2.12 trillion in FY23, owing mainly to the decline in the earnings of oil-marketing and steel companies that are vulnerable to global commodity price cycles, and reduced profitability of steel firms.
But the CPSEs, which withstood the pandemic much better than the broader economy, largely held pace in the last financial year too. Of the Rs 38,000 crore annual decline in aggregate CPSE net profits, almost all was attributable to the inability of OMCs to pass on the higher cost of crude oil to the retail consumers of auto fuels.
