ST Corporation Achieves Profitability for the First Time in 9 Years

Mumbai : After years of financial struggle, the ST Corporation has finally turned a profit for the first time in 9 years. Once burdened by a financial crisis, the corporation has gained momentum, marking a significant turnaround. In August, 20 out of 31 segments reported profits, with the corporation recording a total profit of ₹16.86 crores. Vice President and Managing Director Dr. Madhav Kusekar has congratulated all officers and employees for this achievement and urged continued efforts to ensure sustained profitability in the future.

In the past two years, ST Corporation faced severe financial challenges due to the COVID-19 pandemic and a prolonged six-month employee strike. Services resumed in May 2022, but restoring ridership was a major challenge. To boost passenger numbers, the state government introduced two key initiatives: free travel for senior citizens above 75 years and a 50% discount on tickets for all women. These measures led to a significant rise in ridership, with an average of 5.4 million passengers using ST services daily.

In addition to these measures, ST implemented several innovative initiatives such as the ‘Hinduhridayamrat Balasaheb Thackeray Swachh, Sundar Bus Station Mission,’ direct passes for students, ‘Pravasi Raja Day,’ ‘Worker Parents Day,’ and ‘ST Sange Tirthatan’ during the month of Shravan. Guardian officers were appointed from the central office to guide historically loss-making departments. Locally, meetings were held with employees and officials to address issues. Loss-making routes were replaced with more profitable ones, and the rate of faulty buses was reduced from 12% to 6%—a 50% improvement over the previous year. Fuel efficiency also improved, with a 0.52 km increase in diesel consumption per bus, thanks to continuous training of drivers and mechanics.

As a result of these efforts, ST Corporation recorded a profit of ₹16.86 crores in August. Going forward, an action plan will be created to ensure continued profitability, focusing on the efficient use of newly acquired and leased buses. Dr. Kusekar is optimistic that these initiatives will help ST regain its former glory.