Srei Infra jumps in spite of drop in net

Srei Infrastructure Finance has surged this morning, in spite of a 52% decline in net profit.

The company reported a 52% drop in net profit to 19.40 crore for the quarter ended December 2011. The consolidated disbursement has grown by 22 % during the quarter ended December 31, 2011, to Rs 3,939 crore from Rs 3,216 crore during corresponding period last fiscal.

Total consolidated income for the quarter ended December 31, 2011 is Rs 692.96 crore as against Rs 327.64 crore during the corresponding period last fiscal, increasing by 112%. According to a press release sent by the company to the exchanges, profit for the quarter ended December 31, 2011 has been adversely impacted due to the sharp depreciation of Indian Rupee against US Dollar, resulting in a notional forex loss of Rs 71.06 crores.

The stock opened at Rs 33 and surged to a high of Rs 33.90 - up 5.3% from the previous close. It is now trading higher by 4.5% at Rs 33.65. Around 1,80,000 shares have changed hands as against a two week daily average of 3,42,000 shares on the BSE.