7 SPSEs in pink, Gridco has highest unfavorable web value of Rs 4,135 cr

Express News Service

BHUBANESWAR: Even because the revenue earned by 24 State public sector enterprises (SPSEs) has elevated to Rs 1,686.08 crore in 2019-20 from Rs 1,174.30 crore by 22 authorities firms in 2018-19, web value of seven has been fully eroded. The unfavorable web value of Grid Corporation of Odisha Limited (Gridco), the majority energy provider to the State is the most important. With a unfavorable web value of Rs 4,134.8 crore, the corporate incurred a lack of Rs 281 crore in 2019-20.

The State authorities has paid up capital of Rs 576.71 crore to Gridco and the closing stability of assure by the tip of 2019-20 was Rs 4,913.5 crore.“Outstanding guarantee commitments of the State government increased by 17.38 per cent from Rs 4,186.00 crore in 2018-19 to Rs 4,913.50 crore in 2019-20 as Gridco sought additional guarantee commitment to avail loans from banks/financial institutions,” mentioned the efficiency audit report for the yr ending March 2020.

The report additional mentioned that Gridco had not paid a assure fee of Rs 32.16 crore to the federal government throughout 2019-20. Of the 33 SPSEs below audit, 11 had accrued losses of Rs 5,778.34 crore. Of the 11 firms, six incurred losses amounting to Rs 296.09 crore in 2019-20. Though 5 didn’t incur losses in the identical fiscal, they’d accrued lack of Rs 785.45 crore.

“Net worth of seven out of 11 SPSEs had been completely eroded by accumulated loss and their net worth was negative. The negative net worth of these seven SPSEs was Rs 4,301.47 crore against a total equity investment of Rs 1,216.11 crore on March 31, 2020,” the audit mentioned.

While the seven enterprises reported a complete lack of Rs 304.52 crore, a lack of Rs 281.05 crore was contributed by Gridco alone. The web value of Odisha State Road Transport Corporation (OSRTC) and Water Corporation of Odisha Limited was lower than half of their paid-up capital throughout the identical interval indicating their potential monetary illness.

The general, web value of all of the 33 authorities firms and companies below audit was Rs 9,621.32 crore in opposition to their complete paid-up capital of Rs 5,519.79 crore. The long-term mortgage excellent of 10 SPSEs was Rs 13,182.57 crore from all sources out of which mortgage from the State authorities was Rs  1,277.29 crore.

BHUBANESWAR: Even because the revenue earned by 24 State public sector enterprises (SPSEs) has elevated to Rs 1,686.08 crore in 2019-20 from Rs 1,174.30 crore by 22 authorities firms in 2018-19, web value of seven has been fully eroded. The unfavorable web value of Grid Corporation of Odisha Limited (Gridco), the majority energy provider to the State is the most important. With a unfavorable web value of Rs 4,134.8 crore, the corporate incurred a lack of Rs 281 crore in 2019-20.

The State authorities has paid up capital of Rs 576.71 crore to Gridco and the closing stability of assure by the tip of 2019-20 was Rs 4,913.5 crore.“Outstanding guarantee commitments of the State government increased by 17.38 per cent from Rs 4,186.00 crore in 2018-19 to Rs 4,913.50 crore in 2019-20 as Gridco sought additional guarantee commitment to avail loans from banks/financial institutions,” mentioned the efficiency audit report for the yr ending March 2020.

The report additional mentioned that Gridco had not paid a assure fee of Rs 32.16 crore to the federal government throughout 2019-20. Of the 33 SPSEs below audit, 11 had accrued losses of Rs 5,778.34 crore. Of the 11 firms, six incurred losses amounting to Rs 296.09 crore in 2019-20. Though 5 didn’t incur losses in the identical fiscal, they’d accrued lack of Rs 785.45 crore.

“Net worth of seven out of 11 SPSEs had been completely eroded by accumulated loss and their net worth was negative. The negative net worth of these seven SPSEs was Rs 4,301.47 crore against a total equity investment of Rs 1,216.11 crore on March 31, 2020,” the audit mentioned.

While the seven enterprises reported a complete lack of Rs 304.52 crore, a lack of Rs 281.05 crore was contributed by Gridco alone. The web value of Odisha State Road Transport Corporation (OSRTC) and Water Corporation of Odisha Limited was lower than half of their paid-up capital throughout the identical interval indicating their potential monetary illness.

The general, web value of all of the 33 authorities firms and companies below audit was Rs 9,621.32 crore in opposition to their complete paid-up capital of Rs 5,519.79 crore. The long-term mortgage excellent of 10 SPSEs was Rs 13,182.57 crore from all sources out of which mortgage from the State authorities was Rs  1,277.29 crore.