Kochi Metro witnesses 145 pc increase in revenue for first time
In comparison to prior years, Kochi Metro Rail Ltd. (KMRL) generated 145% greater revenue in the financial year 2022–23. The current year's operating profit is Rs 5.35 crore.
Kochi: The Kochi Metro has seen a significant increase in its operational income. In comparison to prior years, Kochi Metro Rail Ltd. (KMRL) generated 145% greater revenue in the financial year 2022–23. For the first time, it has been successful in achieving operating profit. From Rs 54.32 crore in 2020–21 to Rs 134.04 crore in 2022–23, KMRL's revenue has grown. The current year's operating profit is Rs 5.35 crore. It is determined by taking into account both the income collected and the costs related to everyday activities. The state government is responsible for paying the loans and additional taxes pertaining to KMRL's technical aspects and construction.
The increase in passengers enabled KMRL to achieve financial balance for the first time. Only 12,000 people per day were utilising the metro in the post-Covid period of July 2021. However, this climbed to 75,000 in September 2022 and 80,000 in January of this year. There are now reportedly more than a lakh users of the metro every day. The increase in passenger numbers also helped the farebox revenue rise. The farebox revenue increased from Rs 12.90 crore in 2020-21 to Rs 75.49 crore in 2022-23. This is an increase of 485 percent compared to the year 2020-21. Non-fare box office revenue also saw good growth.
Farebox Revenue means all revenues collected from fare-paying passengers either in the form of cash or pass sales revenue.
Non-fare box revenue increased from Rs 41.42 crore in FY 2020-21 to Rs 58.55 crore in FY 2022-23. This means that the operational revenue in FY 2020-21 has increased from Rs 54.32 crore to Rs 134.04 crore in FY 2022-23 when fare box and non-fare box revenues are added. This is a growth of 145 percent.
Through continuous efforts, Kochi Metro has been able to eliminate operational losses and achieve an operational profit of Rs 5.35 crore for the first time in the financial year 2022-23. It is a proud moment to have achieved operational profitability within a short span of time. The board members also congratulated KMRL for this achievement.