Srei Infrastructure Finance Limited (Srei), one of Indiaʼs largest holistic infrastructure institutions, has reported a consolidated profit after tax (PAT) of `42.67 crore during the quarter ended
June 30, 2019. The standalone PAT stood at ` 2.86 crore during the first three months of this financial year as compared to ` 30.18 crore in the corresponding period of the last fiscal. Total consolidated income for the quarter ended June 30, 2019 was at `1,582.58 crore as against `1,548.93 crore recorded during the quarter ended June 30, 2018. Consolidated assets under management (AUM) stood at `47,327 crore as on June 30, 2019 as compared to `49,426 crore a year earlier. The consolidated disbursements during the quarter ended June 30, 2019 was `3,888 crore as compared to `5,941 crore recorded in the corresponding quarter of last year.
Hemant Kanoria, Chairman, Srei, said, “Our experience of three decades has taught us that challenges are nothing but opportunities in disguise. We have demonstrated in the past that we have the ability to weather challenging macro-economic environment and 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 important NBFCs the scope to spread their wings and serve the nation better. Our focus during the quarter was to consolidate our businesses. We have announced that we will consolidate the lending business of Srei Infrastructure and Srei Equipment into one entity. The proposed step will facilitate the lending entity, Srei Equipment, to attract strategic investors. The revised corporate structure will enable the companies and their management to focus on specific areas of their expertise and result in value creation for all stakeholders.”
Sunil Kanoria, Vice Chairman, Srei, said that the company is focusing on business development through co-lending partnerships with banks and exploring growth opportunities in equipment financing business. He remained confident of the company’s growth prospects.