Tuesday, Jul 23 2024 | Time 23:12 Hrs(IST)
Business Economy

SIDCO achieves Rs 200 cr turnover, Rs 1.4 cr operating profit

Thiruvananthapuram, June 11 (UNI) The Kerala Small Industries Development Corporation (SIDCO), a key public sector organisation under the state industries department, has once again achieved remarkable financial success.
SIDCO, which played a pivotal role in manufacturing equipment for Chandrayaan III, India's flagship space project, reported a turnover of Rs 202 crore and an operating profit of Rs 1.41 crore for the last financial year.
This marks the second consecutive year that SIDCO has surpassed the 200-crore turnover mark, underscoring its robust performance and strategic growth.
Minister of Industry P. Rajeev highlighted the significance of this achievement, stating, "The sustained success of SIDCO will significantly fuel growth and innovation within the small business sector, driving economic development in the state."
In the financial year 2022–23, SIDCO recorded its first profit in 15 years, achieving a turnover of Rs 229 crore and an operating profit of Rs 48 lakh. Over the past 32 months, since the current management took charge, SIDCO has realised a cumulative turnover of Rs 632 crore.
Looking ahead, the corporation is targeting a turnover of Rs 264 crore and an operating profit of Rs 3.42 crore for the current financial year, according to Chairman C.P. Murali.
SIDCO has been proactive in reclaiming various vacant and non-functioning plots and sheds across its estates. These reclaimed assets are being reallocated through the District Land Allotment Committee to eligible entrepreneurs, fostering new ventures.
Last year alone, SIDCO lawfully reclaimed 114 cents of land and approximately 10 sheds, projecting an income of around Rs 5 crore for the current financial year through these efforts, stated Managing Director Santhosh Koshi Thomas.
Notably, SIDCO’s Tool Room and Training Centre (TRTC) units manufactured tools and accessories worth Rs 1.5 crore for Chandrayaan III. Additionally, SIDCO continues to supply equipment for various projects of the Vikram Sarabhai Space Centre (VSSC) and the Indian Space Research Organisation (ISRO).
With Rs 14.89 crore sanctioned by the government, SIDCO units are undergoing significant upgrades, enhancing their manufacturing capabilities.
Auditing up to the financial year 2020–21 has been completed, and pending benefits for retired employees have been fully disbursed, ensuring compliance and employee satisfaction.
Beyond large organisations like VSSC and ISRO, SIDCO supplies raw materials, including iron and steel materials, cement, bitumen, paints, roofing sheets, and lubricants, to local self-government bodies, public sector organisations, and various government departments through a network of micro- and small-scale industrial units.
SIDCO’s continued growth and strategic initiatives reaffirm its commitment to fostering industrial development and innovation in Kerala.
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