Telangana Hyderabad - Mahalakshmi scheme impacts Metro Ridership
According to P. Ramakrishnan, Head of Investor Relations at Larsen & Toubro Limited, the Mahalakshmi plan implemented by the State government has had a perceptible influence on hyderabad Metro ridership during the financial results for the quarter and nine months ending december 31, 2023.
Despite an overall increase in average metro ridership from 3.94 lakh passengers per day in the third quarter of the previous year to 4.44 lakh passengers per day in the third quarter of FY24, Ramakrishnan revealed that the average ridership in the previous quarter of this year was 4.62 lakh passengers per day.
This decline was ascribed to the third quarter's longer holidays and vacations, as well as the launch of the Mahalakshmi program, which provides free bus tickets to women beginning in December.
Ramakrishnan went on to say, "During the third quarter, the State government provided hyderabad Metro with Rs 150 crore in financial support. The total cash collected under this facility until december 2023 is Rs 900 crore.
To address financial issues, L&T intends to spend up to Rs 2,774 crore by subscribing to equity shares offered through a rights issue by L&T Metro rail Hyderabad.
According to the financial report, this investment will be made at face value, and because the offer is made to all shareholders on the same conditions, the transaction is considered "arm's length."
According to the financial report, L&T Metro rail hyderabad, which was established on august 24, 2010, to create the hyderabad Metro rail Project, earned a total of Rs 703.20 crore in fiscal year 2022-23, Rs 475.37 crore in fiscal year 2021-22, and Rs 386.02 crore in fiscal year 2020-21.
The planned Rs 2,774 crore equity investment intends to lower L&T Metro rail Hyderabad's debt and interest load, hence giving financial relief to the subsidiary.
Despite an overall increase in average metro ridership from 3.94 lakh passengers per day in the third quarter of the previous year to 4.44 lakh passengers per day in the third quarter of FY24, Ramakrishnan revealed that the average ridership in the previous quarter of this year was 4.62 lakh passengers per day.
This decline was ascribed to the third quarter's longer holidays and vacations, as well as the launch of the Mahalakshmi program, which provides free bus tickets to women beginning in December.
Ramakrishnan went on to say, "During the third quarter, the State government provided hyderabad Metro with Rs 150 crore in financial support. The total cash collected under this facility until december 2023 is Rs 900 crore.
To address financial issues, L&T intends to spend up to Rs 2,774 crore by subscribing to equity shares offered through a rights issue by L&T Metro rail Hyderabad.
According to the financial report, this investment will be made at face value, and because the offer is made to all shareholders on the same conditions, the transaction is considered "arm's length."
According to the financial report, L&T Metro rail hyderabad, which was established on august 24, 2010, to create the hyderabad Metro rail Project, earned a total of Rs 703.20 crore in fiscal year 2022-23, Rs 475.37 crore in fiscal year 2021-22, and Rs 386.02 crore in fiscal year 2020-21.
The planned Rs 2,774 crore equity investment intends to lower L&T Metro rail Hyderabad's debt and interest load, hence giving financial relief to the subsidiary.