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Srei Infrastructure Finance today reported a drop of 49 per cent in net profit at Rs 23.59 crore for the third quarter ended December 2014.
Net profit stood at Rs 46.30 crore in the same quarter a year ago.
The company said disbursement was lower at Rs 2,863 crore during the quarter, down from Rs 3,541 crore registered during the same period last year.
“The stress in the infrastructure sector is still continuing. We have taken a very cautious approach in provisions, write offs and also in income recognition, which has resulted in lower profits,” Srei Chairman and Managing Director Hemant Kanoria said.
“We feel that, as soon as the infrastructure sector recovers, we will see much better results. We remain sanguine on the prospects in this sector and hope that the government takes immediate steps to put it back on track,” he said.
Meanwhile, Srei said it has re—appointed Hemant Kanoria as the CMD for a period of 5 years starting April 1, 2015.
“SREI Infrastructure Finance Ltd. has reappointed Hemant Kanoria as Chairman & Managing Director of the company for a further period of 5 years beginning from April 1, 2015 till March 31, 2020,” it said in a filing to BSE.
The Srei Infra scrip closed 0.47 per cent up at Rs 42.95 apiece on BSE.
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