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Srei Infrastructure Finance Ltd registered a 69 per cent drop in consolidated net profit at ₹43 crore for the quarter ended June 30, 2019, as against ₹140 crore in the same period last year.
Total consolidated income for the quarter under review grew by 2 per cent to ₹1,583 crore as against ₹1,549 crore same time last year.
Consolidated assets under management (AUM) dropped by 4 per cent to ₹47,327 crore as on June 30, 2019, as compared to ₹49,426 crore during the year ago period. The consolidated disbursements also dropped by nearly 35 per cent to ₹3,888 crore as compared to ₹5,941crore recorded in the corresponding quarter of last year.
The standalone net profit dropped by 90 per cent to ₹3 crore during the first three months of this financial year as compared to ₹30 crore in the corresponding quarter last year.
Liquidity issues
According to Hemant Kanoria, Chairman, Srei, the ongoing liquidity conundrum for the entire NBFC sector is going to be momentary.
The company had recently announced that it would consolidate the lending business of Srei Infrastructure and Srei Equipment into one entity.
The revised corporate structure will enable the companies and their management to focus on specific areas of their expertise and result in value creation for all stakeholders, said a press statement issued by Srei.
The company’s scrip closed at ₹11.13, down by 6.39 per cent on the BSE on Wednesday.
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