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Srei Infra Finance Q3 net falls 34 pc to Rs 60 cr

Srei Infra Finance Q3 net falls 34 pc to Rs 60 cr

Srei Infrastructure Finance on Friday reported a 34.4 per cent fall in consolidated net profit at Rs 60 crore for the third quarter of the current fiscal. The company had posted a net profit of Rs 91.41 crore during the corresponding October-December period of the previous fiscal.

Total consolidated income for the quarter ended December 2019 was down at Rs 1,402.81 crore as against Rs 1,722.52 crore in the same quarter of 2018-19, Srei said in a regulatory filing. The company's consolidated assets under management stood at Rs 45,157 crore as on December 31, 2019, as compared to Rs 49,912 crore a year earlier.

Hemant Kanoria, chairman, Srei, said: "For last few years, our focus has been to grow our equipment finance portfolio, where we are witnessing a silent recovery in demand. We are sanguine that the demand will pick up further with the awarding of new EPC contracts. We will continue to focus on improving our profitability and return on equity in coming quarters." Stock of the company closed 1.68 per cent down at Rs 8.77 on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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