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Srei Infrastructure Finance Ltd posted 52 per cent lower net profit in the quarter ended December 31, at Rs 19 crore against Rs 40 crore during the corresponding period last year. The decline in profits was on account of a notional foreign exchange loss of Rs 71 crore due to currency devaluation.
On a sequential basis, profits decreased by 24 per cent from Rs 25 crore during the second quarter ended September 30. Shares of Srei closed at Rs 32.20, up 2.22 per cent on the BSE Friday.
According to Mr Hemant Kanoria, Chairman and Managing Director, profits were down due to the “sudden and sharp” depreciation of the rupee against the dollar. “Our disbursements have grown substantially and we have been able to maintain our asset quality. Our profits are subdued due to mark-to-market provisions. However, we do not expect to see losses on the currency account,” Mr Kanoria said.
The company's operational income grew by 105 per cent to Rs 664 crore.
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