Soaring CIAL breaches L1,000-crore revenue mark in silver jubilee year
KOCHI: The Cochin International Airport Limited (CIAL) has reported an impressive 31.6% rise in its total income for the fiscal year ended March 31, 2024, at Rs 1,014.21 crore, an all-time high for the airport company. The total income stood at Rs 770.91 crore for the previous year ended March 31, 2023.
Profit before tax also hit a new record at Rs 552.37 crore from Rs 357.30 crore, reflecting a significant increase of 54.6%. Additionally, the net profit after tax reached Rs 412.58 crore, a 54.4% increase from Rs 267.17 crore in the previous year. CIAL, in a release, said it has charted out plans for future development, including expanding the international terminal at an estimated cost of Rs 560 crore, constructing a commercial zone at a cost of Rs 162 crore, and extending the domestic terminal.
Sources attributed the substantial increase in revenue to the impressive growth of non-aero income, and the collection of User Development Fee (UDF).
CIAL, which is celebrating its silver jubilee year, has been making strong strides in the last 2-3 years after the pandemic hit its operations very badly, especially in 2020-21 after the travel industry came to a near-standstill in the aftermath of Covid. The airport company reported a loss of Rs 85.10 crore for the fiscal 2020-21.
However, after that the CIAL made a strong comeback from the eventualities of the pandemic registering a profit of Rs 22.45 crore in 2021-22. The airport company also activated new revenue streams and major financial restructuring was introduced.
The company did not provide the break-up of the revenues – aero and non-aero. However, the figures of 2022-23 indicate the increasing share of the non-aero business of the airport.
During 2022-23 crore, the non-aero contributed 37% of the total revenue of Rs 759.36 crore. Non-aero grew by 55.5% from Rs 180 crore in 2021-22 to Rs 281.47 crore. However, the non-aero’s share was higher in the total turnover at 44.79% in 2021-22.
Among the non-aero, a big contributor is the CIAL Duty Free and Retail Services Limited (CDRSL). During 2022-23, it contributed Rs 113.83 crore to the total turnover. The figures for 2023-24 are not available. The CIAL annual general meeting, scheduled for September 26, is expected to reveal the numbers in detail.