Kochi Metro financials: ₹433.49 crore loss outpaces ₹246.61 crore income

Kochi: Kochi Metro incurred a loss of ₹433.49 crore in the financial year 2023-24, an increase from the previous year’s loss of ₹335.71 crore. The loss has grown by about ₹100 crore. However, the annual report released by Kochi Metro Rail Limited (KMRL) reveals that the metro's income saw an increase in the same period.

Operating income for Kochi Metro was ₹151.30 crore, while other income amounted to ₹95.11 crore. This brought the total income to ₹246.61 crore, up from ₹200.99 crore the previous year. Alongside the increase in income, expenses also grew. The total expenses in the last financial year were ₹205.60 crore, compared to ₹128.89 crore in the previous year.

Kochi Metro also faces significant outstanding loan repayments. The French agency AFD provided a loan of ₹1,019.79 crore, while Canara Bank extended a loan of ₹1,386.97 crore for the construction of the metro's first phase. Canara Bank holds an additional loan of ₹672.18 crore through a consortium from the Union Bank. Furthermore, loans have been obtained from Kerala State Co-operative Bank (₹141 crore) and Housing and Urban Development Corporation (HUDCO) (₹577.61 crore).

An additional loan of ₹26.32 crore has been taken from Canara Bank to meet working capital requirements. However, following a default in loan repayment, India Ratings & Research Private Limited has downgraded Kochi Metro’s rating.

The total project cost for the Water Metro stands at ₹1,064.83 crore. Of this, ₹156.07 crore will be provided by the state government, with the remainder financed through a loan from the German agency KfW (Kreditanstalt für Wiederaufbau). The report also highlights that 3,23,23,249 passengers travelled on the Kochi Metro during the last financial year.