The Hindu Business Line : SREI net up 37% at Rs 27 cr; to pay 15%

INFRASTRUCTURE equipment and project finance major SREI International Finance Ltd has registered a 36.56 per cent increase in net profit in 2003-04 over the previous year.

The net profit in 2003-04 stood at Rs 26.93 crore, up from Rs 19.72 crore in 2002-03. A dividend of 15 per cent has been proposed for the year. The dividend in 2002-03 was 10 per cent.

The audited results of the company for 2003-04 were approved by its board of directors and its audit committee at their respective meetings held here on Thursday.

During the year ended March 31, 2004, SREI reported a total income of Rs 115.70 crore, (Rs 118.91 crore in). The profit before tax was Rs 28.70 crore (Rs 21.40 crore). The net profit after deferred tax stood at Rs 20.44 crore, (Rs 14.61 crore).

According to Mr Hemant Kanoria, Vice-Chairman & Managing Director of the company, disbursements during the year under review stood at Rs 1,200 crore, (Rs 765 crore). Speaking to newspersons, Mr Kanoria said that during 2003-04, the company financed the Delhi-Gurgaon Expressway and several renewal energy systems for rural homes, among other projects. In the current fiscal, the company was "looking to the same kind of growth if not higher."

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