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Srei Infrastructure Finance reported a near 300 per cent increase in consolidated net profit at Rs 67 crore for the quarter ending December 31, 2016.
Net profit in the year-ago period stood at Rs 17 crore.
During the quarter under review, total income from operations saw a near 44 per cent rise to Rs 1,129 crore (Rs 787 crore).
Profit from operations increased 35 per cent on a year-on-year basis to Rs 802 crore for the quarter as against Rs 594 crore in the year-ago period.
Its consolidated assets under management stood at Rs 37,505 crore, while disbursements during the third quarter of this fiscal rose to Rs 4,812 crore (Rs 3,414 crore).
According to Hemant Kanoria, Chairman and Managing Director, Srei, the improvement in profitability has been due to several reasons, including non-performing assets, increase in disbursements, focus on margins and divestments in some “strategic investments”.
“In spite of a slowdown due to the sudden announcement of demonetisation, we have not seen any major impact on our businesses,” he said according to a release issued by the company.
Shares of Srei hit a 52-week high of Rs 99.40 during the day.
The stock was trading at Rs 96.55, up by 4.66 per cent at the BSE around 1.45 PM.
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