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39 CPSEs Rated ‘Excellent’ in DPE’s FY24 MoU Rankings; See Full PSU Ratings from ‘Excellent’ to ‘Very Good’

39 CPSEs earn 'Excellent' rating in DPE's FY24 MoU report, showcasing robust performance across India’s public sector.
Indian Masterminds Stories

The Department of Public Enterprises (DPE) has released the Memorandum of Understanding (MoU) performance ratings for Central Public Sector Enterprises (CPSEs) for the financial year 2023–24, revealing a strong performance across India’s public sector landscape. Notably, 39 CPSEs were awarded the prestigious ‘Excellent’ rating, a clear indication of their exceptional achievement on various performance parameters.

The MoU ratings assess CPSEs based on a framework of agreed-upon performance targets, including financial efficiency, productivity, project implementation, innovation, and policy compliance. The results signal a resilient and performance-driven public sector, despite a challenging macroeconomic environment.

Top ‘Excellent’-Rated CPSEs for FY 2023–24 Include

  • Airports Authority of India (AAI)
  • Bharat Electronics Limited (BEL)
  • Coal India Limited
  • GAIL (India) Limited
  • NTPC Limited
  • Indian Oil Corporation Limited (IOCL)
  • REC Limited
  • Power Finance Corporation Limited (PFC)
  • Indian Renewable Energy Development Agency Limited (IREDA)
  • Hindustan Aeronautics Limited (HAL)
  • Mazagon Dock Shipbuilders Limited
  • Solar Energy Corporation of India (SECI)
  • Cochin Shipyard Limited
  • Container Corporation of India Limited (CONCOR)
  • Power Grid Corporation of India Limited (PGCIL) among others, representing a diverse range of sectors from energy and manufacturing to infrastructure and logistics.

‘Very Good’ and ‘Good’ Performers Also Notable

In addition to the top-tier ratings, numerous CPSEs secured ‘Very Good’ and ‘Good’ ratings, underlining a broadly positive trend in performance. These include companies like:

  • Bharat Dynamics Limited (BDL)
  • Balmer Lawrie & Co. Ltd.
  • BSNL
  • Engineers India Limited (EIL)
  • NALCO
  • NHPC
  • NMDC
  • SAIL
  • SJVN
  • Oil and Natural Gas Corporation (ONGC)

Read Also: Nalco Q4FY25 Profit Doubles to ₹2,067 Crore; FY25 Profit Surges to ₹5,268 Crore on Strong Aluminium, Alumina Momentum – https://indianmasterminds.com

Areas for Improvement Remain

However, the report also flagged certain areas of concern. Some CPSEs received ‘Fair’ or ‘Poor’ ratings, pointing to operational, financial, or administrative challenges that need to be addressed. For instance:

Andrew Yule and Company Limited, HLL Lifecare Limited, and National Seeds Corporation Limited received ‘Fair’ ratings.

Indian Medicines and Pharmaceuticals Corporation Limited, Karnataka Antibiotics and Pharmaceuticals Limited, and WAPCOS Limited were rated ‘Poor’, highlighting the need for strategic course correction.

Read Also: NTPC Green Energy Q4FY25 Net Profit Triples to ₹233 Crore; Income Jumps to ₹751.50 Crore Amid Successful IPO – https://indianmasterminds.com

A Mixed Yet Promising Landscape

The FY24 DPE MoU ratings serve as a comprehensive snapshot of CPSE performance, reflecting both excellence and areas in need of reform. The dominance of ‘Excellent’ ratings among key CPSEs suggests a strong push toward accountability, efficiency, and strategic alignment with national priorities, including energy transition, infrastructure growth, and digital innovation.

As public sector enterprises continue to play a pivotal role in India’s economic development, these ratings offer critical insights into the strengths and gaps within the ecosystem-paving the way for policy refinement and targeted interventions


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