SREI posts 98 percent growth in net profit


Kolkata : SREI Infrastructure Finance Ltd has posted a 98 percent growth in net profit for the quarter ended March 31, 2007 at Rs.310.5 million as compared to Rs.150.9 million in the corresponding quarter previous year.

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The total income for the quarter grew by 62 percent to Rs.1.24 billion as against Rs.770.15 million in the same period last year.

For the financial year ended March 31, 2007, the company reported 64 percent growth in net profit at Rs.790.2 million as compared to Rs.480.4 million previous year.

The total income for the year grew by 76 percent to Rs.4 billion from Rs.2.27 billion for the year ended March 2006.

Assets under management went up to Rs.50.83 billion, crossing the $1 billion mark in dollar terms, from Rs.33.93 billion achieved last year.

Net worth grew by 19 percent to Rs.4.71 billion for 2006-07 from Rs.4.05 billion in the 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 Tuesday.

With the new venture the company will be able to increase assets under management to Rs.150 billion, Kanoria said.

The new venture will be formed in 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 considering increasing its portfolio into the medical equipment arena, where BNP has years of expertise.