Hyderabad Metro ridership on the rise
The daily ridership in Hyderabad Metro reached an all-time high of 5.47 lakh passengers on September 23.
Hyderabad: Hyderabad Metro has witnessed a substantial surge in ridership, as announced during the Q2FY’24 Earnings call of infrastructure major Larsen & Toubro Limited.
P. Ramakrishnan, Head Investor Relations at L&T, had shared the statistics that have been shaping the landscape of the city’s public transportation. In the second quarter of the fiscal year 2023, an average of 3.55 lakh passengers utilized the metro service daily. Fast forward to the second quarter of the fiscal year 2024 (July 1, 2023, to September, 30, 2023), and this number has surged to an impressive 4.62 lakh passengers per day.
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The daily ridership in Hyderabad Metro reached an all-time high of 5.47 lakh passengers on September 23. In October, the average weekday ridership has consistently hovered around 5 lakh passengers, while on weekends and holidays, it remains robust at approximately 4 lakh passengers.
As stated by L&T during the earnings call, this substantial growth in ridership has significantly contributed to revenue enhancement in the Hyderabad Metro.
In addition to the increased ridership, L&T reported robust financial figures for the quarter. They achieved an exceptional 19 per cent year-on-year growth in revenue and a staggering 45 per cent year-on-year growth in profit after tax. These results were attributed to improved project execution in the Projects and Manufacturing segment and the profits gained from the sale of commercial property within the Hyderabad Metro project.
During the earnings call, L&T emphasized that the remarkable growth in profit after tax reflects higher volumes, gains from Transit-Oriented Development (TOD) monetization in Hyderabad Metro, and enhanced treasury operations.
The Earnings call also shed light on the financial support received from the Telangana government. Cumulatively, according to L&T, the firm has received Rs 900 crore as of October. “The steady momentum of support is anticipated to continue throughout the fiscal year,” said Ramakrishnan.
