SREI Q1 net up 37% to Rs 15.02 crore

New Delhi, July 31 (UNI) SREI Infrastructure Finance today, posted a 37 per cent growth in its profit after tax at Rs 15.02 crore for the first quarter ended June 30, 2006, as against Rs 10.94 crore in the corresponding quarter last year.

The business during the quarter rose by Rs 102 per cent to, Rs 1037 crore against Rs 514 crore in the same period last year.

The operating profit during the quarter increased to Rs 27.58 crore from Rs 12.37 crore last year, registering a growth of 123 per cent.

''This quarter we have witnessed frequent interest hikes which has resulted in profits below our estimation. However, with the direction being relatively clear, we are hopeful to see some stability from next quarter onwards,'' SREI Vice Chairman and Managing Director said.

With the Government backing the viability gap funding for infrastructure projects on public-private partnerships (PPP), the company is focusing on undertaking various infrastructure projects in different sectors like roads, power and ports across the country though joint ventures.

SREI and its subsidiaries are also extending its services to other sectors like aviation, oil and gas, transport, tourism and SEZs.

SREI also intends to utilise its long-standing strategic relationships with the construction companies on a pan India basis, along with its financial resource to emerge as a major force in the infrastructure project finance sector, a company statement said.

The London Stock Exchange (LSE) listed company has recently bagged NHAI/Annuity Road Projects on build-operate-transfer (BOT) basis, worth over Rs 3,000 crore in consortium with other construction companies.

UNI CS RA BD1714