Chandigarh, February 3, 2017: Srei Infrastructure Finance Limited ("Srei"), one of India's largest holistic infrastructure institutions, has reported a consolidated profit after tax ("PAT") of Rs. 180.65 crore during 9 month period ended December 31, 2016 as compared to Rs.51.98 crore in the corresponding period of previous year, a growth of over 245%. PAT for the quarter ended December 31, 2016 also grew to Rs 67.21 crore from Rs.17.16 crore in the corresponding quarter of previous year, a growth of over 290%.
Consolidated assets under management ("AUM") stood at Rs 37,505crore as on December 31, 2016 as compared to Rs 36,949 crore a year earlier.
Consolidated disbursements during the third quarter of 2016-17 was at R s 4,812crore as compared to Rs 3,414crore in the corresponding quarter of previous year.
Commenting on Q3FY17 results, Hemant Kanoria, Chairman and Managing Director, Srei, said: "Our consistent quarterly improvement in profitability has been due to several reasons – reduction in non-performing assets, increase in disbursement, focus on margins and divestments of some of our strategic investments. In spite of the slowdown due to sudden announcement of demonetisation, which took the entire country by surprise, we have not seen any major impact on our businesses.
Strategically, for the last few years, we have been continuously reviewing our businesses and we have created a time-tested robust business model both in equipment financing and infrastructure financing areas, which can withstand any sudden environmental changes. The government's move has created a reverberation for many in the financial sector but our business is well on track. We are quite hopeful that the future quarters will also unfold positively for the stakeholders."
Consolidated Financials At A Glance:
Quarter Ended
|
Nine Months Ended
| |||||
In Rscrore
|
In Rscrore
| |||||
Particulars
|
31.12.16
|
31.12.15
|
Growth
%
|
31.12.16
|
31.12.15
|
Growth
%
|
AUM
|
37,505
|
36,949
|
2
|
37,505
|
36,949
|
2
|
Disbursements
|
4,812
|
3,414
|
41
|
12,102
|
10,540
|
15
|
Total Income
|
1134.57
|
793.31
|
43
|
3,355.35
|
2443.30
|
37
|
PBT
|
98.62
|
27.59
|
257
|
261.24
|
80.99
|
223
|
PAT
|
67.21
|
17.16
|
292
|
180.65
|
51.98
|
248
|
Srei's Businesses:
Srei Infrastructure Finance Business recorded a disbursement of Rs 1,990 crore during the quarter ended December 31, 2016 as compared to Rs775 crore disbursed during the corresponding quarter of previous year. The portfolio size stood at Rs 12,861 crore as on December 31, 2016 as compared to Rs 12,920 crore a year earlier. The Infrastructure Finance Team made disbursements to a diverse set of infrastructure sectors while continuing to focus on infrastructure sub-sectors like renewable energy (wind and small hydro), road, port, thermal power, hospitality, SEZs and industrial parks etc.
Srei Infrastructure Project Development Business is a leading sponsor of Public Private Partnership Projects (PPP) Business in the infrastructure sector with presence across roads, ports, economic zones and water management.
Srei Equipment Finance Limited, industry leader in infrastructure and construction equipment financing, has disbursed Rs 8,177 crore during the period ended December 31, 2016 as compared to Rs 6,611 crore during the corresponding period of previous year; registering a growth of 24%. Profit before tax (PBT) grew by 25% to Rs 153.51 crore for the period ended December 31, 2016 as compared to Rs 122.59 crore for the period ended December 31, 2015; while PAT, grew by 24% to Rs 108.93 crore for the period ended December 31, 2016, compared to Rs 87.78 crore during the corresponding period of previous year. Gross NPA reduced to 2.64% as on December 31, 2016 from 3.70% a year earlier; while Net NPA reduced to 1.79% as on December 31, 2016 from 2.75% a year ago. Total AUM stood at Rs20,879 crore as on December 31, 2016 as compared to Rs19,753 crore a year earlier.
About Srei:
Srei is one of one of India's largest holistic infrastructure institutions, constantly and consistently delivering innovative solutions in the infrastructure sector. The company has been playing a significant role in nation-building for over two-and-a-half decades, both in urban and rural India. Srei's businesses include Infrastructure Finance, Advisory and Development, Infrastructure Equipment Finance, Alternative Investment Funds, Capital Markets and Insurance Broking. Srei is headquartered in Kolkata and has presence across India.