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Equipment financing lifts Srei Infra Q2 net
Our Bureau
Kolkata, Oct. 30 Srei Infrastructure Finance Ltd (Srei) has recorded a 104 per cent increase in profit after tax at Rs 33.18 crore for the quarter ended September 30, 2007, as against Rs 16.28 crore for the corresponding quarter of previous financial year.
Turnover for the quarter under review has touched Rs 162.46 crore (Rs 100.04 crore). Total assets under management of the Group is placed at around Rs 6,200 crore.
Announcing the second quarter results after the board meeting at a news conference here today, Mr Hemant Kanoria, Vice-Chairman and Managing Director of Srei, attributed the improved performance to the company’s foray into evolving opportunities (mainly equipment financing) in the infrastructure sector.
Mr Kanoria also announced the induction of Mr Saud Siddique, former Principal Investment Officer of International Finance Corporation (IFC) in East Asia, into the company’s board.
Mr Siddique is currently the Group Executive V-P of the Singapore-based Hyflux Ltd, responsible for developing the Hyflux Group’s infrastructure and water businesses globally.
Srei’s equipment finance and insurance broking businesses will be transferred to the new joint venture with PNB Paribas Lease Group.
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