Srei Infra Jun-qtr net down 68% at Rs 17 cr

Srei Infrastructure Finance today posted 68% fall in net profit at Rs 17.42 crore for the June quarter and said it will infuse up to Rs 200 crore along with BNP Paribas into their equal joint venture Srei Equipment Finance (SEFPL).

The private sector finance company had posted a net profit of Rs 54.6 crore in the same quarter last year.

"We are upbeat in the infrastructure space, despite various economic challenges, as it requires a consistent approach.

"BNP Paribas also sees opportunity in this sector and therefore both the shareholders are committing further equity investment of up to Rs 200 crore in their joint venture, thereby increasing the net worth to Rs 1,667 crore," Srei Infra Finance Chairman and Managing Director Hemant Kanoria said.

Srei Infrastructure's total income for the quarter under consideration grew 49 percent at Rs 761.68 crore as against Rs 510.83 crore in the year-ago period.

During the quarter, the company suffered a notional forex loss of Rs 58.53 crore owing to the sharp depreciation of the rupee, the statement said.