Srei Reports Consolidated PAT of Rs180.65 crore

KOLKATA:
Srei Infrastructure Finance Limited, one of India’s largest holistic infrastructure institutions, has reported a
consolidated profit after tax of Rs. 180.65 crore during 9 month period ended December 31, 2016 as compared to Rs.51.98 crore in the corresponding period of previous year, a growth of over 245%. PAT for the quarter ended December 31, 2016 also grew to Rs 67.21 crore from Rs.17.16 crore in the corresponding quarter of previous year, a growth of over 290%.
Consolidated assets under management (AUM) stood at Rs37,505crore as on December 31, 2016 as compared to Rs36,949crore a year earlier. Consolidated disbursements during the third quarter of 2016-17 was at Rs4,812crore as compared to Rs3,414crore in the corresponding quarter of previous year.
Commenting on Q3FY17 results, Hemant Kanoria, Chairman and Managing Director, Srei, said: "Our consistent quarterly improvement in profitability has been due to several reasons – reduction in non-performing assets, increase in disbursement, focus on margins and divestments of some of our strategic investments. In spite of the slowdowndue to sudden announcement of demonetisation, which took the entire country by surprise, we have not seen any major impact on our businesses.
Strategically, for the last few years, we have been continuously reviewing our businesses and we have created a time-tested robust business model both in equipment financing and infrastructure financing areas, which can withstand any sudden environmental changes. The government’s move has created a reverberation for many in the financial sector but our business is well on track. We are quite hopeful that the future quarters will also unfold positively for the stakeholders.

Srei Infrastructure Finance Business recorded a disbursement of Rs1,990crore during the quarter ended December 31, 2016 as compared to Rs775crore disbursed during the corresponding quarter of previous year. The portfolio size stood at Rs12,861crore as on December 31, 2016 as compared to Rs12,920crore a
year earlier. The Infrastructure Finance Team made disbursements to a diverse set of infrastructure sectors while continuing to focus on infrastructure sub-sectors like renewable energy (wind and small hydro), road, port, thermal power, hospitality, SEZs and industrial parks etc.