Free Press Journal

STEM registers a profit of 27 crore in 2015-16

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34 villages from Thane, Mira-Bhayander, Bhiwandi Municipalties and zilla parishads (District Council) gets water from Shahad Temghar Water Authority (STEM). STEM was originally build to distribute in this 34 villages.

In 2015-16 of its financial year, STEM has made a profit of Rs 27 crores. STEM that was in loss for past four years, has now got a big sigh of relief. The water leakage that use to happen has also been taken care by the company.

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STEM company was started in 2010, and, since the day company started, it has been suffering loses.

Year Total Loss
2014-15 13 crores
2013-14 Rs 29 lakhs
2012-13 Rs 3 crores
2011-12 Rs 14 crores
2010-11 Rs 1, 57,000 lakhs

Data was given STEM officials during administration meeting.

Thane Municipal Corporation (TMC) commissioner Sanjeev Jaiswal’s term, a profit of 27 crore been registered 2015-16 financial year. This is after the Municipalties and Zilla Parishad had been given a 20 per cent discount on water bills

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In STEM administration meeting on Thursday, which was chaired by STEM President and TMC commissioner Sanjeev Jaiswal stated that STEM in its first meeting in the beginning of the year reported a loss, the reason of the losses were rectified and they decided to increase the potential of the company. In the first few financial years electricity expenses were of Rs 2.5 crore, and, in last financial year  they successfully brought down to 1.5 crores.