Srei business grows by 60 p c to Rs 4656.22 crore

Kolkata, Oct 30 (UNI) Defying global financial crisis, Srei Infrastructure Finance Ltd has posted a growth of 61 per cent during first six months of 2008-09 with total consolidated income of Rs 469.16 crore from Rs 291.83 crore in the corresponding period of the previous fiscal.

Srei Chairman and Managing Director Heman Kanoria said " Our disbursement in the first half of the financail year has been quite good at Rs 4656.22 crore recording a growth of 60 per cent and the profits have also been decent." "However, the global financial crisis will definitely expose all companies to new set of challenges in next few months. We at Srei, had capitalised ourselves well in the beginning of this fiscal and hence are prepared for the testing times ahead," Mr Kanoria said.

He said the government would have to take proactive steps for releasing substantial funds into the infrastructure sector. " The government will have to increase it's spending in the infrastructure sector and rely on greater private sector partnership to pull back the economy from an impending gloom", Mr Kanoria said.

Srei's total consolodited asset had increased to Rs 9697.67 crore from Rs 6202.27 crore during the same period last year registering a growth of 56 per cent.

The company maintained robust growth in the half year under review, registering an increase in consolidated profit before tax to Rs 106.07 crore from Rs 63.60 crroe in the corresponding period last year. The profit after tax has gone upto Rs 69.38 crore from Rs 56.50 crore, during the same period last year, witnessing a rise of 23 per cent. The consolidated operating profit increased to Rs 122.56 crore in the first six months from Rs 87.34 crore in the same period last year, up by 40 per cent.

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