56 listed PSUs made a combined profit of Rs 5 lakh crore in FY24. Here are India’s 10 most profitable PSUs

Stocks in public sector undertakings (PSUs) witnessed strong profit growth in FY24. There are the 56 listed PSUs that are part of the BSE PSU index. Data available from the ACE Equity showed that these PSUs have posted a record combined profit of over five lakh crore rupees in FY24.

The profit after tax (PAT) of 56 PSUs has surged 48% to Rs 5.07 lakh crore from Rs 3.43 lakh crore in FY23. While total revenues scaled at Rs 53 lakh crore and PSUs paid total taxes of Rs 1.68 lakh crore in FY24. There are as many as 14 PSUs that have posted profits of over ten thousand crore. Here is the list of India’s top 10 most profitable PSUs and how their profits grew last year.

State Bank of India: India’s largest lender SBI is also India’s most profitable PSU. Its PAT surged 20% to Rs 68,138 crore in FY24 from Rs 56,558 crore in FY23. It paid Rs 23,102 crore as taxes to the government exchequer. SBI has a current market capitalisation of Rs 7.37 lakh crore and this stock has gained 42% to Rs 826 as of May 30, 2024, from Rs 580 a year ago.

Oil & Natural Gas Corporation: It had the second highest PAT at Rs 54,705 crore in FY24. It registered an annual profit growth of 61% against Rs 34,012 crore profit in FY23. ONGC paid Rs 19,759 crore as taxes while its revenues stood at Rs 6.43 lakh crore. It has an m-cap of Rs 3.35 lakh crore and the stock price surged 73% in the past 12 months.
Indian Oil Corporation: Another oil sector company IOC with a profit of Rs 41,615 crore was placed third. Its PAT jumped 284% in a year from Rs 10,842 crore in the previous fiscal. It paid Rs 14,127 crore in taxes and its stock surged 80% in a year. Its current m-cap is Rs 2.29 lakh crore.

Coal India: Its profit rose 16% to Rs 36,942 crore in FY24 from Rs 31,731 crore in the previous year. It spent Rs 11,443 crore on taxes. Coal India has a current market capitalisation of Rs 2.97 lakh crore and its stock has gained 101% in 12 months to Rs 482.

Life Insurance Corporation of India: At number five is LIC, with a PAT of Rs 36,844 crore in FY24. It registered profit growth of 16% against Rs 31,812 crore in FY23. LIC paid Rs 6,098 crore as taxes, while its revenues stood at Rs 4.77 lakh crore. Its current m-cap is Rs 6.28 lakh crore and the stock has gained 67% over a year.
Power Finance Corporation with PAT of Rs 26,461 crore, Bharat Petroleum Corporation (Rs 25,793 crore), NTPC (Rs 18,697 crore), Bank of Baroda (Rs 18,410 crore) and Power Grid Corporation of India with a profit of Rs 16,164 crore were the others in the Top 10.