SREI Infra Sept quarter net rises 10%

SREI Infra Sept quarter net rises 10%

Kolkata: SREI Infrastructure Finance Ltd said on Monday its net profit rose by a tenth to Rs17.58 crore in the July-September quarter on improved disbursements.

Net sales in the quarter rose to Rs115 crore from Rs107 crore last year, said chairman and managing director Hemant Kanoria.

“Our disbursements stood at Rs2,600 crore in the second quarter compared to Rs2,800 crore last year. So, we are seeing disbursements are back to what they were last year," Kanoria told Reuters.

He sees disbursements growing at 15-20% in the next 6 months while net interest margin is seen around 3.5-4% as “the interest rate cycle is stable."

The company plans to raise Rs4,000-5000 crore in debt over the next 6 months to meet its business requirements.

Kanoria said the merger of Quippo Telecom Infrastructure, an unlisted firm in which India’s SREI Infrastructure and the Government of Singapore Investment Corp own stakes, with a tower unit of Tata Teleservices is likely by April, after which the new entity will be listed.

Quippo was to buy 49% in Tata Teleservices’ tower unit.

At 2.47 p.m., shares in the firm were down nearly 7% to Rs79.35 in a choppy Mumbai market.