NOIDA: After reporting losses and reeling under huge debt for many years, the Yamuna Expressway Authority has been profitable for the last five years. Noida International Airport has proved to be a game changer for YEIDA.
Officials said that the Yamuna Expressway Industrial Development Authority (YEIDA) once reeled under huge debts and could not even pay salaries to its employees. But things started changing from 2017-18. From a profit of Rs 1.38 crore in the 2017-18 fiscal, it has reported over Rs 400 crore profit during 2021-22. During 2020-21, the profit was 154 crore.
YEIDA CEO Arun Vir Singh said, “For the fifth successive year we achieved the highest profit in the history of the Authority. When I took charge in 2016, the debt was in hundreds of crores and the staff was without salary for four months. All banks refused to sanction loans to the Authority. Now that is a thing of the past.” According to official data, the Authority reported a loss of over Rs 642 crore in 2015-16 while the loan amount was Rs 3,800 crore. The ty managed to restrict the loss to Rs 165 crore the next year, but the loan amount more than doubled and stood at Rs 7,500 crore.
It was in 2017-18 that the Authority reported a profit in a long time even as the figure was a meagre Rs 1.38 crore. The loan had reduced to Rs 4,113 crore during this time. Even as the talks of building a greenfield airport in Jewar was going on since 2015, the project gathered steam in 2018.
Singh said, “It is said that for a world-class city, you need to build a world-class airport. The airport was the triggering point for the Authority when investors started showing more interest in setting up their units there. We grabbed the opportunity and planned various industrial sectors here.”
Singh said, “It is said that for a world-class city, you need to build a world-class airport. The airport was the triggering point for the Authority when investors started showing more interest in setting up their units here. We grabbed the opportunity and planned various industrial sectors here.”
Even during the Covid-19 pandemic, the Yamuna Expressway Authority did not let the situation go out of hand and allotted lands to investors, the CEO said. During 2018-19, the profit was Rs 141 crore and the loan amount was Rs 4,673 crore. A marginal increase in profit was recorded during the next two years – Rs 142 crore in 2019-20 and Rs 154 crore in 2020-21. The loan amounts also decreased during this period, to Rs 3,489 in 2019-20 and Rs 2,225 crore in 2020-21.
Along with a net profit of Rs 404 crore in 2021-22, the loan amount decreased to Rs 1,887 crore. According to officials, the amount has further decreased to around Rs 1,414 crore. In 2022-23, the Authority took no loan and there is no plan to do so in the next fiscal year, officials added.
Talking about the factors, apart from the airport, that helped the Authority to turn the tide Singh said, “We have been keeping a grip on financial internal control and are also actively cutting down on unnecessary expenditure. Our land acquisition process is linked with schemes, implying that no unnecessary land plots are bought.”
Besides, the Yamuna Expressway Authority has been able to market itself better in front of investors, the CEO said on Tuesday. “Last but not least, a renewed focus on infrastructure building and multi-modal connectivity has helped a lot,” he added.
Yamuna Expressway has emerged as a prime destination for real estate investment, offering a perfect blend of commercial and residential properties. SKD PROPERTIES & CONSTRUCTIONS is one of the top property dealers in Yamuna expressway The area is well connected to major cities in the region through highways and expressways and is home to several infrastructure projects. The upcoming Jewar Airport is expected to be a game-changer for the region, further fueling the demand for properties in Yamuna Expressway.
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