Srei Infra Posts 32 Per Cent Fall in Q2 Profit

New Delhi: Srei Infrastructure Finance Ltd on Monday reported a 32 per cent fall in consolidated net profit at Rs 28.07 crore for the second quarter that ended on September 30, 2014.

The company had posted a net profit of Rs 41.24 crore for the corresponding period a year ago.

"Total income has increased from Rs 818.01 crore for the quarter ended September 30, 2013 to Rs 833.05 crore for the quarter ended September 30, 2014," the company said in a filing to the BSE.

Total consolidated asset under management increased to Rs 34,438 crore at the end of September 30, 2014, from Rs 34,349 crore at the end of September, 2013.

Consolidated disbursement during the quarter was Rs 3,377 crore as compared to Rs 2,401 crore in the corresponding period last fiscal year.

On standalone basis, the company registered a 91 per cent rise in net profit at Rs 21.21 crore for the second quarter of FY2014-15 against Rs 11.09 crore last year.

Standalone income increased from Rs 450.14 crore for the quarter ended September 30, 2013, to Rs 471.36 crore for the quarter ended September 30, 2014.

"The government has been initiating appropriate steps to bring the infrastructure sector on track. However, it will take some time before the momentum picks up. The infrastructure developers and construction companies have still not seen amelioration of cash flows."

"We are hopeful that by the last quarter of this financial year or beginning of next financial year, the sector will see the much needed growth," Srei Infrastructure Finance chairman and managing director Hemant Kanoria said in a release.

Shares in Srei Infra, on Monday, ended at Rs 47 apiece on the BSE, down 1.57 per cent from the previous close.