Srei business steadily back to Q2 PAT of Rs. 26.58 crores

With the economy showing steady signs of growth, Srei business has picked up during the quarter ended September 2009. Srei business during the quarter ended September ‘09 has increased by 72% over the immediate previous quarter ended June 2009, almost reaching the level that was during Q2 of the last financial year, which was the peak of economic activity before the economic crisis started. At the end of Q2, 2009, the total consolidated asset under management increased to Rs 11,681 crore from Rs. 9,698 crore at the end of Q2 last financial year, growing by 20%.

The total consolidated income for the quarter ended September 30, 2009 was Rs 240.86 crore as compared to Rs. 247.24 crore in the corresponding period of the previous fiscal year. Srei consolidated disbursement during the quarter was Rs 2,635 crore as compared to Rs. 2,870 crore in the corresponding period last year. The consolidated net profit after tax stood at Rs 26.58 crore compared to Rs. 26.18 crore, during the same period last year. The consolidated operating profit during quarter ended September 2009 was Rs 57.68 crore compared to Rs. 56.11 crore during the same period last year.

Echoing the growth in the economy, Mr. Hemant Kanoria, Chairman and Managing Director, Srei Infrastructure Finance Limited, said, “Our disbursement in the second quarter of the financial year has been reasonable at Rs 2,635 crore while the profits have also been decent.

Economic growth that we saw during quarter 1 has further gained momentum. We are quite optimistic that our business in the next two quarters should reflect growth in tandem with the pick up in the infrastructure investments in the country.”

The Company has seamlessly progressed from financing infrastructure equipment to a Holistic Infrastructure Institution providing services in Infrastructure Equipment Leasing and Finance; Infrastructure Project Finance, Advisory and Development; Insurance Broking; Venture Capital; Capital Market and Sahaj e-Village.

The Infrastructure Project Finance division continues its business development efforts by trying to generate new businesses from existing clients with good track records, leverage existing Srei group relationships to identify opportunities in the project finance space, expand relationships with consultants who can provide leads to potential deals, and develop new products which offer innovative financing solutions to clients.

Srei Equipment Finance Private Limited, the 50:50 joint venture between Srei Infrastructure Finance Limited and BNP Paribas, has successfully expanded its product portfolio by adding Technology Solutions financing (financing of IT equipment, software and services) to its existing infrastructure equipment financing portfolio. Srei BNP Paribas has effectively partnered with leading global IT vendors for financing their customers and expects to ramp up this portfolio significantly in the coming months. Srei BNP Paribas continued rolling out its innovative marketing programme “Srei BNP Paribas Partnership Week” during the last quarter also. This programme brings all its decision makers to its branches and helps its customers with immediate decision on all issues.

Srei Sahaj e-Village Limited, on its journey of bridging the digital divide and creating the world’s largest network of entrepreneurs on an IT Kiosk Model continues to script new chapters of success with an amazing regularity. Chaakri.in, the employment portal of Sahaj, has started seeing significant results with many rural persons already having been placed in various jobs. Srei Sahaj is setting up 29,000 Common Service Centres (CSCs) up in the states of West Bengal, Bihar, Assam, Uttar Pradesh, Orissa, Tamil Nadu, and Jammu & Kashmir.

The Infrastructure Advisory Group of Srei has been engaged in providing integrated and comprehensive professional services for various project development activities and related components from project conceptualization to project implementation, with a focus on sectors viz. Railways, Urban Transport, Special Economic Zones, Municipal / Urban Infrastructure covering Water Supply / Sewerage / Solid Waste Management / Multilevel Car Parking projects, Energy, Tourism, Ports, Textiles, Health and Education.

About Srei Infrastructure Finance Limited
Srei is a Holistic Infrastructure Institution, constantly and consistently ideating to deliver innovative solutions in infrastructure space, thus playing a significant role in nation-building for over two decades, both in urban and rural India. Srei’s businesses include Infrastructure Equipment Leasing & Finance, Infrastructure Project Finance, Advisory & Development, Insurance Broking, Venture Capital, Capital Market and Sahaj e-Village. Srei has a pan-India presence with a network of 63 offices and has also replicated its business model overseas with three offices in Russia. Srei is the first Indian infrastructure financing institution to get listed on the London Stock Exchange. Srei Equipment Finance Pvt. Ltd., a joint venture between Srei Infrastructure and BNP Paribas Lease Group, a wholly owned subsidiary of BNP Paribas, is a Srei Group company engaged in Infrastructure Equipment Leasing and Financing Business.

For further information, please contact:
Vivek Kangath
PR Executive
Blue Lotus Communications Pvt. Ltd
No 117, 2nd Floor, 18th Main, HAL 2nd Stage, Indiranagar, Bangalore -560008,
Mob: 9986548890 (Blr) ,Mob: 9961171331 (Kerala)
Direct: +91-80-41254166, Board: +91-80-41263035, Fax: +91-80-41254166
Email: vivek@bluelotuspr.com / kangath@gmail.com
Web: www.bluelotuspr.com

• Airlines To Start Charging You Money Per Checked Bag. This should be interesting...I was just reading in a magazine that here in the U.S., Sprit Airlines is going to start charging its customers $10 per checked bag in addition to the ticket price. I would imagine that it is only a matter of time before the other airlines follow......
• Investors Still Betting On Hong Kong Casino Operators Most Hong Kong casino shares shone even against Friday's bright market performance, and some remain upbeat on the sector despite a recent slowdown in Macau's gambling revenue. Gross gambling revenue in June in the former Portuguese colony on China's southern coast fell 20% from May's record high, likely because the......
• Lender Taylor Bean & Whitaker Forced to Shut Down Excerpt taken from Taylor Bean & Whitaker Press Release: TAYLOR BEAN MUST CEASE ALL ORIGINATION OPERATIONS EFFECTIVE IMMEDIATELY "TAYLOR, BEAN & WHITIKER MORTGAGE CORP. ("TBW") RECEIVED NOTIFICATION ON AUGUST 4, 2009 FROM THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD), FREDDIE MAC AND GINNIE MAE (THE "AGENCIES") THAT IT......
• The FSA to keep the Royal Bank of Scotland on a short leash. The Financial Services Authority has banned Royal Bank of Scotland from making repayments on bonds worth £920 million pounds next month. They are doing so as a result of concerns that the partly nationalised bank is too reliant on billions of pounds of taxpayer's money to remain afloat. RBS......
• Parents Should Teach Kids Finances, Not Just Schools "A very rich person should leave his kids enough to do anything, but not enough to do nothing." - Warren Buffett Here lately, I have been thinking more and more about the need for financial education curriculum in public schools. I am constantly amazed by the number of young people......