HYDERABAD (Metro Rail News): In the fiscal year 2021–2022, L&T Metro Rail Hyderabad (L&TMRH) the private concessionaire that developed and runs the Hyderabad Metro Rail (HMR) services recorded a loss of 1,745.85 crore which is just slightly less than the loss of 1,766.75 crores the previous year.
Fare and non-fare revenue, operating revenue and other income for the fiscal year 2021–22 under consideration were 357.15 crores as compared to 227.95 crores the previous financial year. A total of 1,746.21 crores was lost before taxes.
According to the company’s annual report, revenue from the metro rail system and other sources was 319.62 crores for the fiscal year ending on March 31, 2022 including construction revenue of 118.23 crores and 155.76 crores respectively.
According to the report, the government-imposed restrictions because of the COVID-19 epidemic had an influence on all areas of the company’s activities. Due to the impact on metro train ridership and the low footfalls in the company’s retail malls, the company was forced to support shops by switching to a revenue-sharing model of lease rentals in place of fixed rentals.
In addition to making sure that it provides safe and punctual travel along with affordable last-mile connectivity, contactless travel aimed at reducing commuters’ pain points and pandemic-related apprehensions, it would continue to target higher ridership, according to the 12th annual general body meeting of L&TMRH held last month.
“All efforts are being put in to make Hyderabad Metro the safest and cleanest transportation mode keeping in view the current pandemic situation,” said the report. It was pointed out that the CMRS – Commissioner of Metro Rail Safety, had cleared the way for increasing the maximum speeds of the trains to be increased from 70 kmph to 80 kmph on all three corridors to reduce the travel time in March with software updates.
The company also disclosed that it had successfully refinanced all of the term loans it had obtained from banks raising 12,975 crores through non-convertible debentures (NCDs) and commercial papers (CPs) lowering the interest rate on these loans by more than 2.5% annually.
Net fixed assets which are made up of property, plant and equipment investment property and intangible assets were valued at 17,043.29 crores and the net fixed assets comprising of property, plant and equipment, investment property and intangible assets stood at 17,882.95 crores, respectively. A total of Rs435.95 crore was added to property, plant, equipment, investment property and intangible assets during the year.
Four malls and an office building totaling 1.28 million square feet each were completed as part of transit-oriented development (TOD) projects in Punjagutta, Errum Manzil, Hitec City and Moosarambagh while work on an office building in Raidurg with a 0.5 million square foot footprint is anticipated to be finished this year.
