Srei Infra Finance' Q1 net profit up

Srei Infrastructure Finance limited on Saturday posted a substantial increase of 73 percent in its net profit at Rs.23.32 crore during the quarter ended June 30 as against Rs.13.47 crore in the previousquarter ending March 31.

Its standalone profit after tax increased by 39 percent to Rs.22.91 crore during the current fiscal quarter as compared to Rs.16.45 crore during the previous one.

Total consolidated income for the quarter ended June 30 was Rs.798.51 crore as against Rs.761.22 crore during the previous quarter - an increase of nearly five percent.

"There are some improvements in the infrastructure sector. Few stuck projects have been de-bottlenecked. The successive interest rate reductions by the RBI has also facilitated in lowering interest costs marginally, which has improved our profit. Further interest reductions in this year will help the infrastructure companies to improve their profitability," said chairman and managing director Hemant Kanoria.