Srei Infrastructure Finance's Q2 profits jump to Rs 62 crore

Srei Infrastructure Finance has posted an over five-fold jump in consolidated net profit at Rs 61.87 crore during second quarter ended September 30.

The company had reported a net profit of Rs 11.50 crore in the same quarter in the last financial year.

During the quarter, its total income on consolidated basis increased to Rs 1,106.65 crore from Rs 851.48 crore in the year-ago period, the company said in a release.

On the standalone basis, the company reported a 182 percent rise in net profit at Rs 23.02 crore as against Rs 8.15 crore a year ago.

Its income, however, decreased to Rs 439.08 crore during the quarter as against Rs 505.96 crore a year earlier.

"The infrastructure equipment industry in India is on the road to recovery. The industry is expected to grow at 25-30 percent during the current financial year and reach $10 billion mark by 2020.

"Srei has been focusing on profitable growth despite a challenging market environment. This quarter's results clearly reflect the improving trend of the sector and the company's performance on a consolidated basis," said Hemant Kanoria, Chairman and Managing Director, Srei Infrastructure Finance.

He said company's initiatives towards unlocking value of strategic investment portfolio are on track, thereby maximising shareholders' value in the process.

Company's assets under management (AUM) stood at Rs 36,513 crore as on September 30, 2016 compared with Rs 36,246 crore a year earlier.

The Kolkata-based firm is into infrastructure finance, advisory and development, alternative investment fund, capital markets and insurance broking.