Business Daily from THE HINDU group of publications
Tuesday, Aug 01, 2006
Business Daily from THE HINDU group of publications Tuesday, Aug 01, 2006 |
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Money & Banking
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Financial Performance Corporate Results - Financial Institutions Srei Infrastructure PAT up 37 pc Our Bureau
Kolkata , July 31 Srei Infrastructure Finance Ltd (Srei) recorded a 37 per cent increase in profit after tax at Rs 15.02 crore for the quarter ended June 30, against Rs 10.94 crore in the corresponding quarter of 2004-05. The PBT for the period under review showed a 77 per cent growth at Rs 21 crore (Rs 11.85 crore). According to a press release here on Monday, the business done during the quarter was at Rs 1,037 crore (Rs 514 crore), recording a 102 per cent growth. Operating profit increased to Rs 27.58 crore (Rs 12.37 crore), registering a 123 per cent increase. The first quarter results were taken on record by the Srei board here on Monday.
Challenges FBT in HC
As per the notes issued along with the results, the company has challenged the constitutional validity of Fringe Benefits Tax (FBT) in the Calcutta High Court, which has granted an interim stay on levy of FBT on the company. Hence, the company has not provided for any liability against FBT. Srei, last month, incorporated `Srei Infrastructure Development Ltd', as a wholly owned subsidiary. According to Mr Hemant Kanoria, Managing Director, "this quarter, we have witnessed frequent interest rate hikes, which have resulted in profits below our estimation". He said with the direction now substantially clear, "we are hopeful of some stability from the next quarter onwards".
project finance
He said Srei intended to utilise its long-standing strategic relationships with the construction companies on a pan India basis, along with its financial resources, to emerge as a significant player in the infrastructure project finance space in the country. The company recently bagged NHAI/Annuity Road projects worth more than Rs 3,000 crore on BOT basis jointly with construction companies across the country.
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