At least 30 PSUs will be working to post profits during the ongoing financial year
As many as 41 public sector undertakings (PSUs) functioning under the Kerala government are expected to post a combined turnover to the tune of Rs 5570.55 crore during 2022-23. Operating profit expected during the period is to the tune of Rs 503.57 crore.
The forecast rides on the budget of year 2022-23 for the 41 PSUs under the State Department of Industry which has been finalised. The formulation of the budget was overseen by the Public Sector Restructuring and Internal Audit Board (also known as RIAB). All the PSUs in the state have prepared their budgets, with a priority towards formulation and timely implementation of development-oriented and innovative schemes for the industrial development of the State through expansion and diversification.
Kerala’s Minister for Industries P Rajeev, who reviewed the budget formulation, sad that at least 30 PSUs will be working hard to post profits during the ongoing financial year. In addition to significantly increasing the operating profit margins of the 21 firms that made a profit in the 2021-22 financial year, RIAB’s necessary adjustments have been made to enable nine firms that are expected to post profits this year to achieve their targets through special monitoring, intervention and incentives.
41 Kerala PSUs post combined turnover of Rs 4053.80 cr in 21-22
For the financial year 2021-22, the turnover of the above 41 PSUs under the Department of Industries had stood at Rs 4053.80 crore and the operating profit was to the tune of Rs 391.66 crore. Compared with that of the financial year 2020-21, turnover increased by Rs 732.43 crore and the operating profit rose by Rs 280.36 crore. Companies like Kerala Minerals and Metals Ltd., Keltron and Keltron Component Complex Ltd. achieved record turnover and operating profit. Travancore Cochin Chemicals Ltd and Travancore Titanium Products Ltd had the best turnover ever.
After the Left Democratic Front (LDF) government came to power, it was decided to prepare a master plan for public sector undertakings. Based on this, the PSUs under the Department of Industries had been divided into seven categories, namely Chemical, Electrical, Engineering, Electronics, Ceramics, Textile and Traditional Wood and Infrastructure.
Master plan for PSUs drawn up
According to the master plan, as many as 175 short-term projects worth Rs 2659.30 crore, 131 medium-term projects worth Rs 2833.32 crore and 99 long-term projects worth Rs 3974.73 crore were prepared for all PSUs. That meant a total of 405 projects worth Rs 9467.35 crore have been included in the master plan.
Besides, initiatives are underway to establish a Project Management Unit (PMU) in Kochi under RIAB. As part of this, 18 Sectoral Experts (Consultant-Project Executive-7, Consultant-Technical-7 and Consultant-Finance-4) will be recruited soon.