The Finance Department of the Government of Kerala today released the financial performance report for State Level Public Enterprises (SLPEs) for the 2023-24 financial year. The report shows a significant increase in profits, with 53 enterprises earning ₹1,912.97 crore, nearly double the ₹970.55 crore profit recorded by 61 enterprises in the previous year.
37 enterprises saw higher profits, while seven that had reported losses last year returned to profitability. Notably, the top 10 profit-making enterprises contributed 92.96% of the total profits earned by SLPEs in the state. Here’s a look at the public sector enterprises that led the way in profitability for FY24.
Established in 2007, Kerala Medical Services Corporation Limited (KMSCL) functions as the centralised procurement agency for the procurement and distribution of essential drugs and medical equipment to health institutions under the Department of Health & Family Welfare. In addition to supplying government hospitals, KMSCL also operates Karunya Community Pharmacies across the state, providing affordable medicines to the public.
In FY24, the corporation’s net profit grew by 10.93%, reaching ₹32.46 crore, compared to ₹29.26 crore in the previous year. However, the statutory audit of KMSCL accounts remains pending beyond 2017-18.
Founded in 1941 as Sree Kerala Varma Ayurveda Pharmacy in Kuttanellur, Thrissur, The Pharmaceutical Corporation (Indian Medicines) Kerala Limited, popularly known as Oushadhi, became a fully owned State Government PSU in 1975. The company is engaged in the production and marketing of Ayurvedic medicines, supplying them to government hospitals and dispensaries at subsidised rates as approved by the Kerala government.
In FY24, OUSHADHI’s net profit increased to ₹45.90 crore, up from ₹42.46 crore in the previous year.
Established in 1995, Kerala State Backward Classes Development Corporation Limited (KSBCDC) provides financial assistance through concessional loans to individuals from Other Backward Classes (OBC) and minority communities.
In FY24, KSBCDC reported a net profit of ₹57.31 crore, a 10.70% decline from the ₹64.18 crore profit recorded in the previous year.
Established in 1961, Kerala State Industrial Development Corporation Limited (KSIDC) is the nodal agency for industrial and investment promotion in Kerala. It plays a crucial role in facilitating, financing, and promoting large and medium-scale industries, while also driving the development of physical and social infrastructure required for industrial growth in the state. As the single-point contact for investors, KSIDC assists with clearances, approvals, and incentive schemes for new business ventures, supporting both domestic and foreign investments in Kerala.
In FY24, the corporation’s net profit increased by 10.97% to ₹71.83 crore, compared to ₹64.73 crore in the previous year.
Established in 1953, Kerala Financial Corporation (KFC) was initially founded as Travancore Cochin Financial Corporation before being renamed. It operates with the primary objective of driving rapid industrialisation in Kerala by providing financial assistance to Micro, Small, and Medium Enterprises (MSMEs) in the manufacturing and service sectors. KFC offers a range of financial solutions, including Term Loans, Working Capital Finance, Short-term Loans, and Special Schemes, supporting business growth and entrepreneurship in the state.
In FY24, the corporation’s net profit surged by 47.54%, reaching ₹74.04 crore, compared to ₹50.19 crore in the previous year.
Incorporated in 1972, The Kerala Minerals and Metals Limited (KMML) is a leading integrated titanium dioxide manufacturing Public Sector Undertaking (PSU) in Kerala. The company operates a Mineral Separation Unit, Titanium Dioxide Pigment Unit, and Titanium Sponge Unit, producing ilmenite, rutile, zircon, sillimanite, and titanium sponge.
In FY24, the company’s net profit increased to ₹99.79 crore, up from ₹85.03 crore in the previous year.
Established in 1932 as a government department, Kerala State Electricity Board Limited (KSEBL) was reconstituted in 1957 as a statutory public entity to oversee power generation, distribution, and transmission in Kerala. In 2011, it was reincorporated as a State Government Company.
In FY24, KSEBL made a financial turnaround, reporting a net profit of ₹218.51 crore, compared to ₹994.64 crore loss in the previous year. The company received ₹194.88 crore in subsidies and grants from both the Central and State Governments, aiding its improved financial performance.
Established in 1984, Kerala State Beverages (Manufacturing & Marketing) Corporation Limited (KSBC), popularly known as BEVCO, was set up to provide genuine quality liquor at reasonable prices and curb the distribution of spurious liquor through unauthorised shops. The corporation acts as the official channel for all kinds of alcoholic beverages in Kerala, procuring Indian Made Foreign Liquor (IMFL), beer, and wine from manufacturers across the country and distributing them through its warehouses and retail outlets.
In FY24, BEVCO recorded a 128.59% jump in net profit, reaching ₹236.29 crore, compared to ₹103.37 crore in the previous year.
Founded in 1969, The Kerala State Financial Enterprises Limited (KSFE) is a fully government-owned Miscellaneous Non-Banking Company (MNBC). The company’s core business revolves around chit funds. In addition to chitty schemes, KSFE provides a range of loan and advance schemes, including gold loans, vehicle loans, housing finance, educational loans, tax planning loans, and trade finance schemes. It also offers deposit schemes, such as fixed deposits, short-term deposits, and Sugama deposits.
In FY24, KSFE’s net profit rose to ₹404.10 crore, up from ₹335.40 crore in the previous year.
Established in 1991, Kerala Transport Development Finance Corporation Limited (KTDFC) was founded to provide loans to government and quasi-government institutions, as well as to individuals for purchasing new vehicles. The corporation is registered as a Non-Banking Financial Company (NBFC). Currently, the Corporation is engaged in acceptance of fixed deposits, financing for acquisition of transport vehicles and providing housing/construction loans.
In FY24, KTDFC posted a net profit of ₹538.12 crore, compared to a net loss of ₹87.85 crore in the previous year. This was primarily driven by increased revenue from the repayment of pending loans by KSRTC, along with a significant rise in other income.
