THIRUVANANTHAPURAM: Kerala’s state-level public enterprises (SLPEs) or Kerala PSUs, continued their losing streak in 2023–24, posting a net loss of Rs1,557.50 crore after offsetting gains from profit-making units.
While 53 Kerala SLPEs earned a combined net profit of Rs1,912.97 crore, net losses from 65 others added up to Rs3,470.46 crore – leaving the sector in the red for yet another year.
Though the net loss is lower than the Rs4,762.99 crore recorded in 2022–23, the financial burden remains significant – an elephant in the room that Kerala’s public sector has yet to move.
Accumulated losses across SLPEs also continued to mount, reaching Rs51,104.63 crore by March 2024, up from Rs49,131.63 crore a year earlier, and the largest contributors to this head continue to be KSRTC and KSEBL.
Bright spots
Yet, a few bright spots emerged. Combined operating profit surged 50.44 per cent to Rs8,750.60 crore from 64 enterprises in 2023–24, up from Rs5,816.67 crore generated by 70 enterprises the previous year – signalling improved operational efficiency in some units.
Other metrics showed modest growth. Net turnover rose 7.81 per cent to Rs44,203.25 crore, while total investment in SLPEs grew 6.91 per cent to Rs90,077 crore as of FY24.
Paid-up capital increased by 7.05 per cent to Rs27,905.56 crore. Still, the overall net worth remained negative and further eroded to Rs39,608.77 crore.
Big employer
The number of employees dipped slightly to 1,25,976 in 2023–24, down from 1,29,982 the previous year, though SLPEs remain a major source of employment in the state.
The review covered 131 active enterprises across key segments: 35 in manufacturing, 31 in development and infrastructure, 24 in services and consultancy, and 19 in traditional and welfare sectors.
Of these, 65 enterprises (49.62 per cent) are fully owned by the Government of Kerala, 23 are jointly owned with other entities, and 10 are co-owned with the Central Government.
Audit compliance remains a persistent concern, with 97 enterprises having pending audits for periods ranging from one to eight years.
Despite an encouraging rise in operating profits, Kerala’s SLPEs continue to grapple with deep-rooted financial challenges – leaving the state with a smaller, but still unshaken, elephant in the room.
