Srei Infra Finance Q3 Net declines 27pc at Rs 17 crore

Srei Infrastructure Finance today said its consolidated net profit declined by 27.25 per cent to Rs 17.16 crore for the third quarter of 2015-16 fiscal.
The company had posted a net profit of Rs 23.59 crore during the same quarter of previous fiscal 2014-15.
"Total consolidated income during the quarter ended December 31, 2015 was Rs 793.31 crore as against Rs 828.83 crore in the corresponding quarter of previous year", it said in a statement on BSE.
Company's consolidated asset under management stood at Rs 36,949 crore as on December 31, 2015 against Rs 35,305 crore a year earlier, it said.

Srei Infrastructure Finance disbursed Rs 3,414 crore during the third quarter of the current fiscal up from Rs 2,863 crore a year earlier.
"In general, the performance of all banks and financial institutions in the third quarter of this financial year has been subdued, and Srei is no exception.

"However, as the economy, especially the companies in the infrastructure sector, recovers we can expect the results to improve in the next fiscal", said Hemant Kanoria, Chairman and Managing Director, Srei Infrastructure Finance.
He said the company's NPAs have shown a declining trend in the third quarter and in the next quarter Srei hopes to witness even better realisations.

"The money we hope to receive from the divestments announced in this quarter will not only reduce our interest costs in the next financial year but also improve our profits", he said.
Also, in its board meeting held today, the company approved to raise capital in various tranches.
The board approved issue of secured redeemable Non-Convertible Debentures (NCDs) aggregating up to Rs 2,500 crores in one or more tranches during 2016-17.
The board also approved "issue of secured and/or unsecured redeemable non-convertible debentures (including bonds) aggregating up to Rs 10,000 crore outstanding at any point of time during 2016-17 on private placement basis".

Besides, it said, the company has decided to "Issue of commercial papers aggregating up to Rs 5,000 crore outstanding at any point of time during the financial year 2016-17 on private placement basis."
Shares of the company closed at Rs 47.20 apiece on BSE today, down 9.06 per cent from previous level.