Srei posts 71 per cent growth in profit

Kolkata, May 22 (UNI) India's leading infrastructure finance company Srei Infrastructure Finance Ltd today reported 71 per cent increase in its net profit for the fiscal ended March 31, 2006, at Rs 48.42 crore compared to Rs 28.30 crore in the corresponding period previous year.

Srei's net disbursement increased by 56.25 per cent to Rs 2500 crore from Rs 1600 crore last year.

The total asset under management of the company expanded to Rs 3393 crore.

'' We have declared a dividend of 16.5 per cent as against 15 per cent because of the dissatifactory results, '' Vice-Chairman and Managing Director Hemant Kanoria told reporters here after the Board meeting.

Srei's merchant banking arm Srei Capital Markets Ltd had signed an agreement with Centre for Asia Pacific Aviation (CAPA) Pty Ltd for extending advisory services to the Indian aviation sector.

Srei hoped to make use of the airport modernisation initiatives undertaken by the government, Kanoria said.

Srei's subsidiary Srei Venture Capital Limited would launch the Prithvi Fund to raise Rs 500 crore for funding infrastructure sector, he said.

Srei Venture Capital has already operationalised the Medium and Small Scale Infrastructure Fund and the Rs 1000 crore India Global Competitive Fund (IGCF) to fund infrastructure projects and growth of Indian corporates.

Srei was also participating in BOT road projects involving a cost of Rs 3,000 crore and financing captive and wind power projects of 100 MW, Kanoria said.

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