With revenue increase of 145%, Kochi Metro records profit for the first time

Kochi: Registering an impressive growth in six years, the Kochi Metro Rail Limited has recorded an operational income of over Rs 100 crore in the last fiscal. The profit in FY23 is Rs 5.32 crore.

The metro rail has recorded a significant increase in its operational income when compared with the figures of the previous years, Kerala Chief Minister Pinarayi Vijayan said on Friday.

Vijayan, in a Facebook post, said KMRL has achieved a 145 per cent increase in revenue in the financial year 2022-23 and has also made an operational profit.

"The operational income of Kochi Metro has increased from Rs 54.32 crore in 2020-21 to Rs 134.04 crore in FY 2022-23," Vijayan said.

He added that the metro service, a proud initiative of Kerala launched in 2017, has overcome various crises, including challenges posed by the COVID-19 pandemic.

He said the growth of the public transport sector fuels the development progress of the country and that the metro too would play a role in improving the state's prospects.

The Chief Minister emphasised that state-of-the-art infrastructure is essential for a developed society and that the Left government is moving ahead with various projects to mould Kerala into a knowledge society. "The government is also devising plans to provide efficient and developed public transport systems in the state," he said.

The metro rail had incurred a loss of Rs 56.56 crore in 2020-21 and Rs 34.94 cr in 2021-22.

"The metro was made profitable by cutting down on expenses and attracting more passengers," Loknath Behera, Managing Director of the Kochi Metro Rail Ltd said.

Though the KMRL has achieved an operational profit, it is yet to recover the initial costs incurred for construction. 

(With PTI inputs.)