Thiruvananthapuram: Even though the number of profit-making public sector undertakings (PSUs) in Kerala has declined, their overall earnings have surged significantly. According to the 2023-24 review report on state PSUs presented in the Kerala Legislative Assembly, the total profit of these enterprises increased by ₹942.42 crore.
The report revealed that 53 PSUs collectively registered a profit of ₹1,912.97 crore in FY 2023-24. This is a substantial rise compared to the previous financial year, when 61 profit-making PSUs had generated a total profit of ₹970.55 crore. While the number of profit-generating entities has decreased, the sharp increase in earnings highlights improved financial performance in some key sectors.
A total of 37 PSUs saw growth in their profits, while 65 units remained in the red. Several previously loss-making entities, such as 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, managed to turn profitable during the 2023-24 fiscal year.
However, not all PSUs performed well. Twelve entities, including the Kochi Water Metro and K-FON, which were profitable in the previous year, recorded losses. Other struggling enterprises 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.
Despite these challenges, the overall turnover of Kerala’s PSUs experienced a growth of 7.81%, rising from ₹41,000.64 crore in FY 2022-23 to ₹44,203.25 crore in FY 2023-24. The Kerala State Electricity Board (KSEB) posted the highest turnover at ₹20,441.75 crore, followed by Kerala State Financial Enterprises (KSFE) with ₹5,022.93 crore and the Beverages Corporation with ₹3,623.92 crore.
KTDFC Leads in Profit Growth
Kerala Transport Development Finance Corporation (KTDFC) emerged as the top-performing PSU in terms of profit, registering ₹538.13 crore in earnings. This marks a remarkable turnaround from the previous year when it faced a loss of ₹87.85 crore. The financial recovery was largely driven by loan repayments, including those from the Kerala State Road Transport Corporation (KSRTC).
Other top profit-making PSUs include:
KSFE: ₹404.10 crore
Beverages Corporation: ₹236.29 crore
KSEB: ₹218.51 crore
Kerala Minerals and Metals Ltd: ₹99.79 crore
On the other hand, Kerala Social Security Pension Limited recorded the highest loss, amounting to ₹3,321.07 crore, mainly due to extensive pension disbursements. KSRTC also reported a substantial loss of ₹1,314.05 crore, while Supplyco ended the financial year with a deficit of ₹77.89 crore.
The PSU review highlights the mixed financial performance of Kerala’s state-owned enterprises, with some institutions achieving major recoveries while others continue to struggle with losses.
