KOCHI: In a historic first since the start of commercial operations in 2017, Kochi Metro Rail Ltd (KMRL) has posted a significant increase in operating income. KMRL, in its financial statement released on Friday, said it recorded an operating profit of Rs 5.35 crore in the 2022-23 financial year. Revenue soared 145% to Rs 134.04 crore from Rs 54.32 crore in 2020-21. The release did not provide year-on-year comparisons.
“This achievement is the result of the continuous efforts of KMRL. The state government is repaying the loans and other taxes. With the increase in fare-box and non-fare-box revenue, KMRL aims to generate more profit and help the government repay its loans. It is certain that there will be a significant improvement in fare-box and non-fare-box revenue when Tripunithura station becomes operational in December-January and Kochi Metro’s second phase is opened,” said Loknath Behera, managing director.
The move to attract more passengers through various offers proved a success, resulting in increased ridership. On average, total ridership stood at around 1 lakh in 2022-23. On Thursday alone, 1,27,828 people travelled by Kochi Metro, thanks to the ISL match involving Kerala Blasters at JLN Stadium, which is also a key station for KMRL.
“Fare-box revenue increased from Rs 12.90 crore in 2020-21 to Rs 75.49 crore in 2022-23, registering a 485% increase. Similarly, KMRL’s non-fare-box revenue grew from Rs 41.42 crore in 2020-21 to Rs 58.55 crore in 2022-23,” it said. In September and November of 2022, average ridership crossed 75,000, which increased to 80,000 in January 2023 before rising further to cross one lakh. On special days, including weekends, its reports over one-lakh ridership.
KMRL was able to reduce its operational loss to Rs 34.94 crore in 2021-22 from Rs 56.56 crore in 2020-21. “Continuous efforts helped achieve an operational profit of Rs 5.35 crore for the first time in 2022-23. It is a proud achievement to have reached operational profitability within a short period,” the release said.
Various schemes for students and regular commuters, the installation of self-ticketing machines, and social-media campaigns to attract commuters helped Kochi Metro attract passengers.