profit after tax ("PAT") of Rs 4.72 crore during the quarter ended September 30, 2020 as
compared to Rs 23.01 crore during the quarter ended June 30, 2020." />
Tuesday, Apr 23 2024 | Time 23:43 Hrs(IST)
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Business EconomyPosted at: Nov 9 2020 9:21PM


Srei reports consolidated PAT of Rs 4.72 crore in Q2 FY21

Kolkata, Nov 09 (UNI) Srei Infrastructure Finance Limited ("Srei") has reported a consolidated
profit after tax ("PAT") of Rs 4.72 crore during the quarter ended September 30, 2020 as
compared to Rs 23.01 crore during the quarter ended June 30, 2020.
Total consolidated income for the quarter ended September 30, 2020 was at Rs 1,182.21
crore as against Rs 1,214.45 crore recorded during the quarter ended June 30, 2020.
Consolidated assets under management ("AUM") stood at Rs 43,339 crore as on
September 30, 2020 as compared to Rs 44,213 crore as on June 20, 2020.
Commenting on the financial results, Hemant Kanoria, Chairman, Srei, said: "The first half
of this financial year has been very challenging for businesses and stability has been the
mantra in this period of pandemic. Srei has been resilient in this environment of uncertainty
and has been supporting its customers whose cash flows have been deeply affected following
the outbreak of COVID-19. Many sectors have already started doing well. But infrastructure is
a sector where projects have long gestation periods; so any fundamental disruption takes a
long time to bring business back on track."
"The immediate need of the hour is for state governments, the central government and all
public sector undertakings ("PSUs") to release the dues of the contractors/construction
companies, and the judiciary to issue appropriate orders that when an arbitration award is
against a government organisation or the government, it should not be "stayed". If cash flow
improves in the hands of contractors/infrastructure companies by realisation of
dues/arbitration award payments then the companies can revive and complete pending
contracts and/or undertake new ones."
"We believe that infrastructure is a sector where recovery is bound to happen eventually.
We have been focusing on the equipment finance business and it will continue to be our
area of focus going forward."
UNI SJC BM
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