Published On: Tue, Nov 10th, 2020

Srei reports consolidated PAT of Rs 4.72 crore in Q2 FY21

MumbaiNovember 102020.

Srei Infrastructure Finance Limited (“Srei”) has reported a consolidated profit after tax (“PAT”) of Rs 4.72 crore during the quarter ended September 30, 2020 as compared to Rs 23.01 crore during the quarter ended June 30, 2020. 

Total consolidated income for the quarter ended September 30, 2020 was at Rs 1,182.21 crore as against Rs 1,214.45 crore recorded during the quarter ended June 30, 2020. 

Consolidated assets under management (“AUM”) stood at Rs 43,339 crore as on September 30, 2020 as compared to Rs 44,213 crore as on June 20, 2020.  

Commenting on the financial results, MrHemant KanoriaChairmanSrei, said: “The first half of this financial year has been very challenging for businesses and stability has been the mantra in this period of pandemic. Srei has been resilient in this environment of uncertainty and has been supporting its customers whose cash flows have been deeply affected following the outbreak of COVID-19. Many sectors have already started doing well. But infrastructure is a sector where projects have long gestation periods; so any fundamental disruption takes a long time to bring business back on track. The immediate need of the hour is for state governments, the central government and all public sector undertakings (“PSUs”) to release the dues of the contractors/construction companies, and the judiciary to issue appropriate orders that when an arbitration award is against a government organisation or the government, it should not be “stayed”. If cash flow improves in the hands of contractors/infrastructure companies by realisation of dues/arbitration award payments then the companies can revive and complete pending contracts and/or undertake new ones. 

We believe that infrastructure is a sector where recovery is bound to happen eventually. We have been focusing on the equipment finance business and it will continue to be our area of focus going forward.”

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