Srei Infrastructure Finance Ltd reported net profit of Rs 11.09 crore for the second quarter ended on September 30, 2013 against Rs 49.19 crore in the corresponding quarter of the previous fiscal.
According to a company note, profit for the quarter was impacted due to an increase in borrowing cost without a corresponding increase in yield as Srei’s benchmark rate was increased by 50 basis point only towards the end of this quarter.
Commenting on the Q2 results, Hemant Kanoria, CMD of the NBFC, said: “The approach of Srei has been cautious this year, therefore, we have not been growing the disbursements, but focused on assets quality. We see that in the next one year there will continue to be uncertainties in the economy, and also in the infrastructure sector.”
He indicated that the company’s unlisted subsidiaries might be listed overseas.
“We are exploring some opportunities through this route, which can augment the resources in near future,” Kanoria added.
jayanta.mallick@thehindu.co.in