By Bizodisha Bureau, Bhubaneswar, March 29, 2018: As many as 15 public sector units run by the Odisha government have incurred a loss of Rs 507.36 crore as per their latest accounts finalised during October 2016 to September 2017, according to the latest report by Comptroller and Auditor General of India (CAG).

GRIDCO Ltd (Rs 406.66 crore), Odisha Rural Housing and Development Corporation Ltd (Rs 42.93 crore) and IDCOL Kalinga Iron Works Ltd (Rs 21.18 crore) are the most loss making PSU, the report added.

Of the total 56 working PSUs, 35 have earned profit of Rs 2028.23 crore and 15 PSUs incurred losses of Rs 507.36 crore. While five companies have not started their operations, the Odisha Civil supplies Corporation Ltd prepared its accounts on no profit no loss basis.

Odisha Mining Corporation Ltd (Rs 1320.51 crore), Odisha Power Generation Corporation Ltd (Rs178.16 crore) and Odisha Hydro Power Corporation Ltd (Rs 137.97 crore) are the leading profit making PSUs.

The report said the return on capital employed decreased to 15.15 per cent in 2016-17 against 18.79 per cent in 2015-16 due to incorporation of two companies – Bhubaneswar Smart City Ltd with capital employed of Rs 393.21 crore and Rourkela Smart City Limited with capital employed of Rs 154.54 crore.

The reduction in return on capital employed was also attributed to increase in loss of GRIDCO limited to Rs 406.66 crore during 2015-16. The company incurred a loss of Rs 99.53 crore during 2014-15.

It said out of 28 non-working PSUs as March 31, 2017 as many as 18 have commenced liquidation process. The CAG advised the government to either close down or revive the non-working PSUs as they have not been contributing to the state’s economy.

The CAG in its report observed that the investment in PSUs under the Steel and Mines department was only Rs 71.93 crore but the turnover was Rs 2331.43 crore with a good return on equity of 13.08 per cent and the investment in PSUs under the energy department was very high but had a negative return on equity of 11.42 per cent.