Indian Railways Goods Earnings Remain Lower YoY, Passenger Earnings Improve

The Indian Railways continued to register a fall in freight revenues for another month over the same period last year.

With the exception of passenger fare collections and what seems like a temporary surge in sundry earnings, all other metrics continue to be in the red year on year for the first 9 months of the financial year.

Indian Railways Goods Earnings from April to December 2019

Indian Railways freight earnings remain negative by a huge 19% of targets for the year. Earnings continue in deficit against the previous year by as much as 3.6%.

SegmentGoodsTotal Earnings
(in Crores)
Actual Annual 2018-19127,433189,970
Target Annual 2019-20143,000216,575
Target April-Dec 2019101,910154,147
Actual April-Dec 201982,265130,195
Variation in Amount Against Target-19,646-23,952
Variation in %-19.28-15.54
Actuals April-Dec 201885,329129,904
Variation in Amount Against YoY Actuals-3,064292
Variation in %-3.590.22

East Coast Railway, South Western Railway and South Eastern Railway showed the highest growth in freight earnings compared to the same period previous year at 11.2%, 11% and 9.9%. Western Railway, South Central Railway and East Central Railway showed the highest decline YoY at 25.4%, 12.4% and 12.3% respectively.

All zones have missed their April-December 2019 targets by significant margins.

Indian Railways Passenger Fare Earnings from April to December 2019

Despite negative trends for all other revenue sources, Passenger Fare earnings have registered a growth of 3.5% year on year. However, the public transporter is unlikely to meet the steep growth targets set for 2019-20.

SegmentPassengerTotal Earnings
(In Crores)
Actual Annual 2018-1951,067189,970
Target Annual 2019-2056,000216,575
Target April-Dec 201941,829154,147
Actual April-Dec 201939,487130,195
 Variation in Amount Against Target-2,341-23,952
Variation in %-5.60-15.54
Actuals April-Dec 201838,158129,904
Variation in Amount Against Actuals1,329292
Variation in %3.480.22

Southern Railway, South Central Railway and South Western Railway showed the strongest growth at 8.3, 7.1 and 6.9 percent respectively

On the other hand, Northern Railway and West Central Railway showed the lowest growth at 0.1% and 0.7% respectively.

With just three months to the end of the financial year, it is unlikely that the trend will reverse into positive territory for earnings against last year. IR is set to miss annual freight earnings targets for 2019-20 by a wide margin.

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