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Srei approves Rs200 crore equity investment

Business

Srei Infrastructure and BNP Paribas have approved equity investment of up to Rs200 crore in their joint venture company – Srei Equipment Finance (P) Limited. The net worth will increase to Rs1,667 crore.

The consolidated asset under management stood at Rs33,309 crore at the end of Q1 this financial year as compared to Rs22,673 crore at the end of Q1 last fiscal, registering an increase of 47 per cent.

Srei Infrastructure Finance consolidated disbursement stood at Rs3,717 crore during quarter ended June 30, 2012 as compared to Rs3,919 crore disbursed during the corresponding quarter last fiscal.

The consolidated operating profit for the quarter ended June 30, 2012 stood at Rs117.26 crore as compared to Rs142.21 crore in the first quarter of the last fiscal. Consolidated total income was recorded at Rs761.68 crore as compared to Rs510.83 crore during the same quarter last fiscal, registering a growth of 49 per cent.

During quarter ended June 30, 2012, the consolidated profit before tax (PBT) before marked-to-market forex losses was Rs105.69 crore. There has been a notional forex loss of Rs58.53 crore during the quarter owing to the sharp depreciation of the Indian Rupee against US Dollar. During quarter ended June 30, 2012, the consolidated profit before tax (PBT) was Rs47.16 crore as compared to Rs89.64 crore in the corresponding quarter last fiscal whereas the consolidated profit after tax (PAT) stood at Rs17.42 crore as compared to Rs54.60 crore during the same quarter last fiscal.

Commenting on the Q1 results, Hemant Kanoria, CMD, Srei Infrastructure Finance, said, “We are upbeat in the infrastructure space, despite the various economic challenges, as it requires a consistent approach. BNP Paribas also sees opportunity in this sector and therefore both the shareholders are committing further equity investment of up to Rs200 crore in their joint venture, thereby increasing the net worth to Rs1,667 crore.”

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