Comments
Srei Infrastructure Finance Ltd has posted over 50 per cent drop in net profit to ₹8.6 crore in the January-March 2014 quarter against the same period last year. The company posted over ₹17 crore net in the October-December 2013 quarter.
The lower profit was due to over 8 per cent growth in income from operations, indicating a squeeze in profitability.
The board has recommended a dividend of 50 paise a share of ₹10 face value each. The company’s stock closed 6.46 per cent lower at ₹43 on the BSE on Friday.
“The last two years has been a nightmare for the infrastructure sector leading to industry-wide erosion in profits. As an infrastructure finance company, we are also equally affected,” Chairman and Managing Director Hemant Kanoria told Business Line .
Talking about the last quarter, he said the profits were affected by higher provisions for NPA (non-performing asset).
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.