Srei reports consolidated PAT of Rs 23.01 crore in Q1 FY21

Kolkata. Srei Infrastructure Finance Limited (“Srei”) has reported a consolidated profit after tax (“PAT”) of Rs23.01crore during the quarter ended June 30, 2020 as compared to Rs(69.29)croreduring the quarter ended March 31, 2020.

Total consolidated income for the quarter ended June 30, 2020 was at Rs1,214.45crore as against Rs1,560.87crorerecorded during the quarter ended March 31, 2020.

Consolidated assets under management (“AUM”) stood at Rs44,213croreas on June 30, 2020 as compared to Rs44,835croreas on March 31, 2020.

Commenting on the financial results, Mr. Hemant Kanoria, Chairman, Srei, said: “The continuing spate of the pandemic has disrupted businesses and dislocated people. It was expected that the normalcy will resume by August, however, now it seems that this spell will go on till December, for sure.

It is an undeniable fact that the economy has been severely affected, specially the MSMEs and the infrastructure sector. The Reserve Bank of India (“RBI”) and the government have been working out many solutions, but it will definitely take time for any of them to have the desired effect.

It is, therefore, difficult to project any future plans with certainty. The strategy of our company, at present, is to alleviate pains of our customers, manage liquidity and focus on the core business of equipment finance, while improving efficiency and rationalising cost.

We have recently raised funds from KfW IPEX-Bank of Germany, demonstrating our ability to raise resources from reputed international investors and global development finance institutions. We will continue to explore opportunities that will help us sustain our business growth and create value for all our stakeholders.”