Srei Infra Finance Q4 net jumps 424 percent to Rs.69.28 crore

Srei Infrastructure Finance, one of India's leading infrastructure financial institutions, Monday announced a 424.45 percent jump in its consolidated net profit to Rs.69.28 crore during the quarter ended March 31, 2013, from Rs.13.21 crore in the same period previous year.

Total income of the city-based firm for the fourth quarter last fiscal rose to Rs.779.99 crore from Rs.653.36 crore in the same period the previous fiscal, the company said in a filing to the BSE.

For the full year, the firm recorded a 27 percent growth in its consolidated total income at Rs.3,109.92 crore during the year ended March 31, 2013 as compared toRs.2,446.33 crore during the corresponding period a year ago.

Consolidated profit after tax increased by 136 percent at Rs.263.18 crore during the last fiscal as against Rs.111.81 crore in the corresponding period previous fiscal.

Commenting on the results, chairman and managing director Hemant Kanoria said: "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."

"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," Kanoria said in a statement.