The Andhra Pradesh State Road Transport Corporation (APSRTC) needs immediate financial assistance from the government to come out of losses. The accumulated losses of the corporation have been put at ₹6,445 crore.The earnings of the corporation was about ₹.5,995 crore and the expenditure during 2018-19 was around ₹7,025 crore.
APSRTC has been suffering huge losses due to hike in diesel prices, losses due to Telugu Velugu, taxes and no change in fares for the last three-and-a-half years, said corporation Vice-Chairman and Managing Director N.V. Surendra Babu. However, the MD refused to talk on the illegal stage carriers and other unauthorised operations in the State, which were one of the reasons for RTC losses.
Addressing a press conference on Friday, Mr. Babu said the corporation, which had spent about ₹1,426 crore on High Speed Diesel (HSD) during 2015-16, paid ₹2,074 crore during 2018-19. “The corporation is suffering huge losses due to Telugu Velugu buses, city buses, HSD prices and for not increasing the fares for the last few years,” he said.
APSRTC, which revised the fares in October, 2015, had not increased the fares though diesel prices were increased several times in the last four years.