INSUBCONTINENT EXCLUSIVE:
Srei Infrastructure Finance Limited (Srei) along with its wholly-owned subsidiary Srei Equipment Finance Ltd reported a 29% jump in its
consolidated profit after tax at Rs 110.97 crore for the quarter ended September 30, 2018, compared to Rs 86.03 crore profit posted in the
corresponding period previous fiscal.
The growth in net profit follows a 26 % rise in total consolidated income at Rs 1,666.14 crore in the
said period as against Rs 1,324.03 crore earned in the corresponding previous quarter
Profit before tax in the quarter under review stood at Rs 179.44 crore, up by 31% from Rs 137.07 crore in the corresponding previous
period.
Consolidated disbursements during the quarter under review was marginally lower at Rs 5,822 crore compared to Rs 6,010 crore
recorded in the corresponding quarter last year, the company release stated
Consolidated assets under management stood at Rs 50,893 crore as on September 30, 2018 compared to Rs 44,540 crore a year
earlier.
Commenting on the results, Srei chairman managing director Hemant Kanoria said: "Srei has maintained steady growth in business and
profits, due to its fundamentally strong principles of conducting financial services business
In the last three decades, Srei has seen through many ups and downs in the NBFC sector and also the financial sector in general."
"At Srei,
we have been able to stick to our core business model and risk principles
Therefore, we have always been able to manage our liquidity in a well-structured manner over decades," he added.
The company's board of
directors approved the appointment of Rakesh Kumar Bhutoria as chief executive officer
Prior to joining Srei, he was head of commercial banking and strategic initiatives and member of the steering committee at IDFC Bank
He has also worked in senior leadership roles in Standard Chartered Bank, GE Capital and Crisil, the release pointed out.
