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Construction : Web Exclusive | September 2018 | Source : Equipment India

Srei reports steep profit growth in Q1

Srei Infrastructure Finance (Srei) has reported a consolidated profit after tax (PAT) of Rs 139.55 crore during the quarter ended June 30, 2018 as compared to Rs 65.15 crore during the corresponding quarter of 2017. The standalone PAT was at Rs 30.18 crore during the first three months of this financial year as compared to Rs 21.05 crore in the corresponding period of last year.

Consolidated assets under management (AUM) stood at Rs 49,390 crore as on June 30, 2018 compared to Rs 39,766 crore a year earlier. The consolidated disbursements during the quarter ended June 30, 2018 was Rs 5,941 crore as compared to Rs 4,406 crore recorded in the corresponding quarter of last year. Consolidated return on equity (ROE) for the quarter ended June 30, 2018 was at 13.7 per cent as compared to 7.1 per cent in the corresponding quarter of previous year.

Commenting on the results, Hemant Kanoria, Chairman and Managing Director, Srei, said, “Overall there has been improvement in the business as projected earlier. In the first quarter of the current financial year, there has been growth in disbursements and profit. There is a general feeling of shyness towards the infrastructure sector by banks and non-banking financial institutions. But our focus has been on the infrastructure industry and we have retained our leadership position in the sector. We believe that we will be in a position to perform better during this financial year compared to the previous one.”

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