Moneycontrol Bureau
Non-banking finance company SREI Infrastructure Finance has reported a healthy four-fold increase in third quarter profit at Rs 67.2 crore compared with Rs 17.1 crore in same quarter last year despite demonetisation.
"Consistent quarterly improvement in profitability has been due to several reasons - reduction in non-performing assets, increase in disbursements, focus on margin and divestment of some strategic investments," Hemant Kanoria, CMD said.
Calculated net interest income during the quarter grew by 95.5 percent to Rs 419.5 crore and total income increased 43.5 percent to Rs 1,129 crore compared with year-ago quarter, with 41 percent growth in consolidated disbursements at Rs 4,812 crore YoY.
Consolidated assets under management stood at Rs 37,505 crore as of December 2016, higher by only 1.5 percent over Rs 36,949 crore in corresponding quarter of last fiscal.SREI Infrastructure Finance Business recorded a disbursement of Rs 1,990 crore during the quarter, up 157 percent over a year-ago period while SREI Equipment Finance has disbursed Rs 8,177 crore in Q3, registering a 24 percent growth over Rs 6,611 crore in same quarter last year.
SREI Infra said the board of directors today approved issue of non-convertible debentures up to Rs 2,500 crore for FY18.
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