Srei Infra Finance Q3 net profit jumps three-fold to Rs 67 crore

Srei Infrastructure Finance on Friday said its consolidated net profit grew by over three-fold to Rs 67.21 crore for the third quarter ended December on account of higher income.

The company had posted a net profit of Rs 17.16 crore during the same quarter of the previous financial year.

"Total income from operations during the quarter under review was Rs 1,128.96 crore, up 43.44 per cent as against Rs 787.02 crore in the corresponding quarter of the previous year", it said in a BSE filing.

Company's consolidated asset under management stood at Rs 37,505 crore as on December 31, 2016 against Rs 36,949 crore a year earlier, it said.

Srei Infrastructure Finance disbursed Rs 4,812 crore during the third quarter of the current fiscal up from Rs 3,414 crore a year ago.

"Our consistent quarterly improvement in profitability has been due to several reasons - reduction in non-performing assets, increase in disbursement, focus on margins and divestment of some of our strategic investments," said Hemant Kanoria, Chairman and Managing Director, Srei Infrastructure Finance.

In a separate filing, the company said its board has approved public issue of secured redeemable Non-Convertible Debentures (NCDs) aggregating up to Rs 2,500 crore in one or more tranches during 2017-18.

The board has also approved "issue of secured and/or unsecured redeemable Non-Convertible Debentures (including bonds) aggregating up to Rs 10,000 crore...During 2017-18 on private-placement basis".

Besides, the board has approved issue of commercial papers aggregating up to Rs 5,000 crore outstanding at any point of time during the financial year 2017-18 on private placement basis.

Shares of the company were trading 5.47 per cent higher at Rs 97.30 apiece on BSE.