Despite fewer profit-making PSUs, Kerala sees ₹942.42 crore increase in earnings

Thiruvananthapuram: The number of profit-making public sector undertakings (PSUs) in Kerala has declined, but their total profit has increased by ₹942.42 crore, according to the 2023-24 review report on state PSUs presented in the state assembly.

According to the report, 53 PSUs recorded a total profit of ₹1,912.97 crore, compared to 61 profit-making entities in the previous year, which had a total profit of ₹970.55 crore.

The report highlighted that 37 PSUs saw an increase in profits, while 65 remained in loss. Several entities that were loss-making last year, including Kerala Transport Development Finance Corporation (KTDFC), Kerala State Electricity Board (KSEB), Cochin Smart Mission, Kerala Infrastructure and Technology for Education (KITE), Overseas Keralites Investment and Holding, Foam Mattings, and Construction Corporation, turned profitable in FY 2023-24.

However, 12 PSUs, including Kochi Water Metro and K-FON, slipped into losses despite being profitable in the previous year. Other loss-making entities include Travancore Cochin Chemicals, Power and Infrastructure Finance Corporation, Norka Roots, Forest Industries, Coir Machinery Manufacturing Company, Police Housing and Construction Corporation, KINFRA International Apparel Park, Drugs and Pharmaceuticals, Malabar International Port and SEZ, and Coastal Area Development Corporation.

Meanwhile, the turnover of Kerala’s PSUs witnessed a 7.81% growth, increasing from ₹41,000.64 crore in FY 2022-23 to ₹44,203.25 crore in FY 2023-24. KSEB reported the highest turnover of ₹20,441.75 crore, followed by KSFE at ₹5,022.93 crore and Beverages Corporation at ₹3,623.92 crore.

KTDFC leads in profit 

Kerala Transport Development Finance Corporation (KTDFC) emerged as the most profitable PSU, posting a profit of ₹538.13 crore, a significant turnaround from its ₹87.85 crore loss in the previous year. The recovery was attributed to loan repayments, including those from Kerala State Road Transport Corporation (KSRTC).

Other major profit-making PSUs include KSFE with ₹404.10 crore, Beverages Corporation with ₹236.29 crore, KSEB with ₹218.51 crore, and Kerala Minerals and Metals Ltd with ₹99.79 crore.

On the loss-making side, Kerala Social Security Pension Limited recorded the highest loss at ₹3,321.07 crore, primarily due to pension disbursements. KSRTC reported a loss of ₹1,314.05 crore, while Supplyco posted a loss of ₹77.89 crore.