Alongside other state budget documents, the Finance Department of the Government of Kerala today released the financial performance report of State Level Public Enterprises (SLPEs) for the 2023-24 financial year. Of the 131 enterprises listed, 65 reported losses, amounting to a total of ₹5,383.44 crore. Notably, the top 10 loss-making enterprises accounted for 93.56% of the total losses incurred by SLPEs. Here’s a look at the top 10 enterprises that recorded the highest losses.
Autokast Limited was incorporated in 1984 to promote, undertake, finance, and develop ferrous and non-ferrous casting industries and units in the state of Kerala. The company currently manufactures grey iron (GI), spheroidal graphite iron (SGI) and steel castings. The company's loss in FY24 increased to ₹25.35 crore from ₹15.95 crore in the previous year.
Established in 1951, The Travancore-Cochin Chemicals Limited (TCCL) was set up to manufacture caustic soda, allied chemicals, and by-products. Today, the company produces caustic soda, chlorine products, and sodium chlorate. In FY24, TCCL posted a loss of ₹27.79 crore, a sharp downturn from its ₹67.91 crore profit in the previous year. The decline was largely attributed to adverse market conditions, which led to a 31% drop in the selling rate.
Founded in 1978, Malabar Cements Limited (MCL) was established to utilise the limestone deposits in the Pandarethu Valley of Walayar, Palakkad, for high-quality cement production. The company operates two units—an integrated cement plant in Walayar, Palakkad, and a clinker grinding unit in Cherthala, Alappuzha. MCL markets its products under the brand names Malabar Super, Malabar Classic, and Malabar Aiswarya. In FY24, the company’s losses widened to ₹28.43 crore, compared to ₹23.30 crore in the previous year.
Established in 1960, TRACO Cable Company Limited (TRACO) specializes in manufacturing electrical wires, cables, and conductors using copper and aluminum. TRACO operates three production units located in Irumbanam (Ernakulam), Thiruvalla (Pathanamthitta), and Thalassery (Kannur). In FY24, the company’s net loss widened to ₹34.05 crore, up from ₹30.05 crore in the previous year.
Incorporated in 1972, Kerala State Textile Corporation Limited (KSTCL) was established to revive and support struggling textile units in Kerala. The corporation manufactures and markets cotton and polyester-blended yarn through its seven textile units across the state. It also operates the Centre for Applied Research & Development in Textiles (CARDT), a textile testing lab in Thiruvananthapuram. In FY24, KSTCL’s net loss stood at ₹61.26 crore, marking a marginal decline of 8.69% from the previous year.
Established in 1969, the Kerala State Cashew Development Corporation Limited (KSCDC) was founded to provide employment opportunities to cashew workers, the majority of whom are underprivileged women from economically weaker backgrounds. The corporation processes raw cashew nuts (RCN) and markets cashew kernels both domestically and internationally. In FY24, KSCDC’s net loss reduced to ₹71.29 crore, an improvement from ₹94.30 crore in the previous year.
Incorporated in 1946, Travancore Titanium Products Limited (TTPL) was established to manufacture titanium dioxide pigment from ilmenite. In FY24, TTPL reported a net loss of ₹75.31 crore, a sharp decline from its ₹51.27 crore profit in the previous year. The downturn was primarily driven by intense competition from low-cost Chinese pigments, which pushed titanium dioxide prices below the breakeven point.
Established in 1974, the Kerala State Civil Supplies Corporation Limited (Supplyco) serves as the nodal agency for market intervention in Kerala, aiming to stabilise the prices of essential commodities. The corporation is primarily engaged in the distribution and sale of food grains, pulses, and other necessities. It operates a vast retail network, including Supplyco supermarkets, Maveli Stores, Peoples Bazaars, Hyper Markets, Sub-urban Malls, Medical Stores, Petrol Bunks, LPG Outlets, and Kerosene Depots. Additionally, Supplyco functions as the nodal agency for paddy procurement and rice milling through its empaneled mills.
In FY24, the corporation posted a net loss of ₹77.89 crore, a notable improvement from the ₹190.00 crore loss recorded in the previous year.
Originally functioning as the Transport Department, the Kerala State Road Transport Corporation (KSRTC) became a Statutory Public Corporation in 1965. The corporation is responsible for providing road transport system across Kerala.
In FY24, KSRTC reported a net loss of ₹1,314.04 crore, reflecting an 11.85% reduction from the previous year’s loss. The corporation’s accumulated deficit as of March 31, 2024, stood at ₹19,369.59 crore.
Incorporated in 2018, Kerala State Social Security Pension Limited (KSSSPL) was established as a Special Purpose Vehicle (SPV) under the Finance Department to facilitate the distribution of social security and welfare board pensions on behalf of the Government of Kerala.
In FY24, the company’s sole revenue source was a ₹6,100 crore grant from the government, marking a 26.80% decline from the previous year. However, total expenses surged to ₹9,421.06 crore, exceeding revenue by 54.44%, resulting in a substantial loss for the company.
