Srei Infra's Q4 net profit rises fivefold

Shareholding of Srei in Quippo has reduced 45.5% from 100%

Srei Infrastructure Finance today said its consolidated net profit for the quarter ended March 31, 2013 increased fivefold to Rs 69.3 crore from Rs 13.2 crore a year earlier.

The profit growth was aided by exceptional income of Rs 29.9 crore. This income was on account of cessation of Quippo Construction Equipment as a subsidiary.

The shareholding of Srei in Quippo has reduced to 45.5% from 100%. Quippo is now an "associate" and no longer a subsidiary of Srei.

The infrastructure finance company's profit after tax increased by 136% to Rs 263.2 crore during the year ended March 31, 2013. The consolidated total income expanded by 27% to Rs 3,109.9 crore during the year.

"The year under review has been one of the most challenging years for the infrastructure sector. This year would go down in the history of our country, where infrastructure development slowed down dramatically, due to government being in consternation as to the path ahead," Hemant Kanoria, chairman and managing director of Srei Infrastructure Finance, said in a statement.

"Our company had put in a strategy for the year to consolidate, assess and manage risks better and improve profitability. The results clearly reflect the manifestation of our strategy," he added.

Srei's consolidated asset under management was at Rs 33,330 crore at the end of March, 2013. The consolidated disbursement during the year was Rs 15,667 crore.