Investors offloaded more shares of Srei Infrastructure Finance on Tuesday after the non-banking finance company reported a 32 percent fall in consolidated net profit for the quarter ended September 2014 at Rs 28.07 crore (on year-on-year basis). The stock fell more than 5 percent intraday.
Total income increased from Rs 818.01 crore for the quarter ended September 30, 2013 to Rs 833.05 crore for the quarter ended September 30, 2014.
Speaking to CNBC-TV18, Hemant Kanoria, CMD, SREI Infrastructure, said the issue of taxation remains to be solved. He added although work towards environment clearances has started, it needs to pick momentum.
In the power sector, Kanoria feels allocation of coal blocks alone cannot solve the crisis and that there are other problems too which needs to be sorted.
The company in the first half of the fiscal did about Rs 6500-crore disbursements and it expects to maintain it. Kanoria hopes to see a pick up in demand from the fourth quarter onwards.
Total consolidated asset under management increased to Rs 34,438 crore at the end of September 30, 2014, from Rs 34,349 crore at the end of September, 2013.
Consolidated disbursement during the quarter was Rs 3,377 crore as compared to Rs 2,401 crore in the corresponding period last fiscal.
At 11:24 hours IST, the stock was quoting at Rs 44.65, down Rs 2.35, or 5 percent on the BSE.
(With inputs from agencies)
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