Srei Infrastructure Finance Limited (“Srei”), one of India’s largest holistic infrastructure institutions, has reported a consolidated profit after tax (“PAT”) of Rs 42.67 crore during the quarter ended June 30, 2019 as compared to Rs 139.55 crore during the corresponding quarter of last year.
Quarter Ended (in crore)
The standalone PAT was at Rs 2.86 crore during the first three months of this financial year as compared to Rs 30.18 crore in the corresponding period of last year.
Total consolidated income for the quarter ended June 30, 2019 was at Rs 1,582.58 crore as against Rs 1,548.93 crore recorded during the quarter ended June 30, 2018.
Consolidated assets under management (“AUM”) stood at Rs 47,327 crore as on June 30, 2019 as compared to Rs 49,426 crore a year earlier. The consolidated disbursements during the quarter ended June 30, 2019 was Rs 3,888 crore as compared to Rs 5,941 crore recorded in the corresponding quarter of last year.
Commenting on the results, Hemant Kanoria, Chairman, Srei, said “Our experience of three decades has taught us that challenges are nothing but opportunities in disguise. We have demonstrated in the past that we have the ability to weather challenging macro-economic environment and we remain confident that the ongoing liquidity conundrum for the entire NBFC sector is going to be momentary. We are hopeful that the government will give systemically important NBFCs the scope to spread their wings and serve the nation better.
Our focus during the quarter was to consolidate our businesses. We have announced that we will consolidate the lending business of Srei Infrastructure and Srei Equipment into one entity. The proposed step will facilitate the lending entity, Srei Equipment, to attract strategic investors. The revised corporate structure will enable the companies and their management to focus on specific areas of their expertise and result in value creation for all stakeholders.”