Srei Infra Finance Q1 net jumps 2-fold to Rs 140 cr

Srei Infrastructure Finance Ltd Wednesday reported an over two-fold rise in its consolidated net profit at Rs 139.55 crore for the quarter ended June.

The company's net profit in the corresponding April-June period of 2017-18 stood at Rs 65.15 crore.

The standalone profit after tax (PAT) was at Rs 30.18 crore during the first three months of this financial year as compared to Rs 21.05 crore in the corresponding period of last year.

The consolidated assets under management stood at Rs 49,390 crore as on June 30, 2018 as against Rs 39,766 crore a year earlier, a company statement said.

Consolidated disbursements during the quarter ended June 2018 was Rs 5,941 crore as compared to Rs 4,406 crore earlier.

Sameer Sawhney, chief executive officer, Srei has resigned from his position in order to devote time to his family based in Singapore, the company said.

The company also announced appointment of Balaji Viswanathan Swaminathan as additional director (non-executive and non-independent) on its board.

"Overall there has been improvement in the business as projected earlier. In the first quarter of the current financial year, there has been growth in disbursements and profit," said Hemant Kanoria, chairman and managing director, Srei.

There is a general feeling of shyness towards the infrastructure sector by banks and non-banking financial institutions, he added.

"But our focus has been on the infrastructure industry and we have retained our leadership position in the sector. We believe that we will be in a position to perform better during this financial year compared to the previous one," Kanoria said.

Stock of the company closed 3.31 per cent up at Rs 51.50 on the BSE.