DTC running into huge losses
7 Jun 2012 1:03 AM GMT
Delhi Transport Corporation, which runs the world’s largest fleet of CNG buses, has incurred loss of a whopping Rs 2,042 crore in 2010-11, the CAG said in a report on Wednesday.DTC is among the four PSUs of Delhi Government which have recorded a total loss of Rs 2,072 crore.
The report by the Comptroller and the Auditor General which was tabled in the Delhi Assembly said out of the 13 PSUs, nine earned profit of Rs 310.80 crore.
The DTC incurred ‘heavy loss’ of Rs 2042.73 crore in 2010-11, the CAG said.The losses by the PSUs have been attributed to deficiencies in planning, monitoring implementation of projects and financial mismanagement.
The CAG said PSUs, which employed 48 lakh employees, have registered a total turnover of Rs 4678.90 crore for 2010-11 as per their latest finalised accounts as on 30 September 2011.It said the PSUs have accumulated losses to the tune of Rs 14,242.56 crore.
Among the profit making PSUs, Pragati Power Corporation Limited earned a maximum profit of Rs 127.21 crore followed by Delhi Transco Limited and Indraprastha Power Generation Company Ltd which made a profit of Rs 93.09 crore and Rs 23.18 crore respectively.
Noting that quality of accounts of PSUs needs improvement, the CAG said they have found instances of non-compliance with accounting standards by a number of PSUs.
It said a massive Rs 22,803 crore was invested in the 13 PSUs as on 31 March 2011 which included Capital and long term loans.
The Delhi Transport Corporation lost potential revenue of Rs 33.14 lakh due to delayed action in handing over the 157 Bus Queue Shelters to private concessionaire.
The report by the Comptroller and the Auditor General which was tabled in the Delhi Assembly said out of the 13 PSUs, nine earned profit of Rs 310.80 crore.
The DTC incurred ‘heavy loss’ of Rs 2042.73 crore in 2010-11, the CAG said.The losses by the PSUs have been attributed to deficiencies in planning, monitoring implementation of projects and financial mismanagement.
The CAG said PSUs, which employed 48 lakh employees, have registered a total turnover of Rs 4678.90 crore for 2010-11 as per their latest finalised accounts as on 30 September 2011.It said the PSUs have accumulated losses to the tune of Rs 14,242.56 crore.
Among the profit making PSUs, Pragati Power Corporation Limited earned a maximum profit of Rs 127.21 crore followed by Delhi Transco Limited and Indraprastha Power Generation Company Ltd which made a profit of Rs 93.09 crore and Rs 23.18 crore respectively.
Noting that quality of accounts of PSUs needs improvement, the CAG said they have found instances of non-compliance with accounting standards by a number of PSUs.
It said a massive Rs 22,803 crore was invested in the 13 PSUs as on 31 March 2011 which included Capital and long term loans.
The Delhi Transport Corporation lost potential revenue of Rs 33.14 lakh due to delayed action in handing over the 157 Bus Queue Shelters to private concessionaire.
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