SREI Infra - Net Jumps 98%

SREI Net Up 98% As Core Sector Booms

SREI Infrastructure Finance Ltd has posted a 98 per cent growth in net profit for the quarter ended March 31, 2007 at Rs 31.5 crore as compared to Rs 15.9 crore in the corresponding quarter previous year.

Hemant Kanoria, vice-chairman and managing director, SREI said higher business growth led to larger disbursements. "We are now in a position to increase our presence in the infrastructure sector exponentially through our recent association with BNP Paribas Leasing Group, the worldwide leasing financing arm of BNP Paribas," Kanoria said.

With the new venture the company will be able to increase assets under management to Rs 15000 crore, Kanoria said. The new venture will formed in another 90 to 120 days time. The association with BNP Paribas will help SREI Infrastructure to bid for more road, power and port projects.

The company is also thinking of increasing its portfolio into the medical equipment arena, where BNP has years of expertise. The total income for the quarter grew by 62 per cent to Rs 124.71 crore as against Rs 77.15 crore in the same period last year. For the financial year ended March 31, 2007, the company reported 64 per cent growth in the net profit at Rs 79.2 crore as compared to Rs 48.4 crore in the corresponding period previous year.

The total income grew by 76 per cent to Rs 400 crore for FY 2007 from Rs 227.2 crore for the year ended March 2006. Assets under management went up to Rs 5083 crore, crossing the one billion dollar mark, from the level of Rs 3393 crore achieved in the earlier year.

Net worth grew by 19 per cent to Rs 471 crore for the year ended March 31, 2007 from Rs 405 crore in the previous year.

Source : Business Standard