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Business EconomyPosted at: Jul 23 2017 10:56PM


Srei posts consolidated profit of Rs 76.32 cr in Q1

New Delhi, Jul 23 (UNI) Holistic infrastructure firm Srei Infrastructure Finance Limited (Srei) today said it has reported a consolidated profit of Rs 76.32 crore in April-June quarter of 2017 against Rs 51.57 crore in the same quarter last year.
The standalone profit stood at Rs 28.59 crore during the first quarter as compared to Rs 26.09 crore in the corresponding quarter of last year, the company said in a statement.
Commenting on the results, Hemant Kanoria, Chairman and Managing Director, Srei said, "We have begun the new financial year with renewed optimism. It has been yet another quarter of all-round growth across our businesses.''
''The equipment finance business has witnessed good growth on the back of improved business confidence in sectors like road, irrigation and mining. Our asset quality continues to improve and reflects our deep relationships with customers, whom we have been supporting even during unfavourable macro-economic environment,'' Mr Kanoria said.
''We believe that road sector will be the primary growth engine for the infrastructure industry for a few more quarters. We will continue to leverage our leadership position, wide network and strong relationships to explore opportunities in the infrastructure space, which will be value accretive for all our stakeholders," he added.
Srei Equipment Finance Limited net profit increased by 53 per cent to Rs 49.05 crore in the quarter under review from Rs 32.03 crore in the corresponding period of last year.
Consolidated assets under management stood at Rs 39,296 crore as on June 30, 2017 compared to Rs 35,478 crore a year earlier.
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