Srei Q1 profit down 69 pc to Rs 42.67 cr

Srei Infrastructure Finance Limited on Wednesday reported a 69 per cent year-on-year decline in its consolidated net profit to Rs 42.67 crore during the first quarter of the current fiscal.

The company had reported Rs 139.55 crore of net profit in the corresponding quarter of 2018-19.

Total consolidated income for the quarter ended June 30, 2019 was up by over two per cent to Rs 1,582.58 crore, as against Rs 1,548.93 crore in the year-ago period.

The Kolkata-headquartered company said its disbursements during the quarter under review was at Rs 3,888 crore as compared to Rs 5,941 crore in the corresponding period of last fiscal.

Its assets under management slipped to Rs 47,327 crore during the quarter under review as compared to Rs 49,426 crore a year ago, the company said in a statement.

"We remain confident that the ongoing liquidity conundrum for the entire NBFC sector is going to be momentary. We are hopeful that the government will give systemically important NBFCs the scope to spread their wings and serve the nation better," Srei chairman Hemant Kanoria said.

He said the company was focusing on consolidating its lending businesses.