Srei records 56 per cent growth in profit this year

Kolkata, Oct 30 (UNI) SREI Infrastructure Finance Limited (SERI), India's leading infrastructure equipment finance and infrastructure project finance institution, has recorded a healthy 56 per cent growth in profits during the half year of the current fiscal.

SREI maintained its robust show during April to Spetember this year posting a rise in profit before tax to Rs.44.03 million from Rs.28.20 million in the corresponding period last year.

Net profit after tax zoomed to Rs.29.83 million, up from Rs.19.52 million in the same period last year, a rise of 53 per cent.

The operating profit increased to Rs.57.41 million in the first half year period of the current financial year from Rs.30.18 million in the corresponding period last year registering an increase of 90 per cent, while the total income increased to Rs 18.14 million in the first half of the current financial year from Rs.83.39 million in the corresponding period last year, registering an increase of 118 per cent.

The net profit after tax for this quarter touched Rs.14.81 million up from Rs 8.58 million in the second quarter of last fiscal, recording an increase of 73 per cent.

Announcing the results today SREI Vice-Chairman and Managing Director Hemant Kanoria claimed that they were on track where the target for business disbursements and profits were met. "This year we have expanded our funding in the railway sector and expect this business to grow manifold in future rapidly," he said.

He said the company's improved performance during the quarter had been the result of the growing opportunities in infrastructure sector adding that SREI through its resources had been able to position it on the top in Indian infrastructure development sector and capitalize on the huge business opportunities.

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