SREI Infrastucture, FY2010-11 net profit rose 20.50% to Rs 134.30 crore, driven by higher disbursement. On consolidated basis, the company recorded 15% rise at net level to Rs 179 crore.
"There has been a good growth in the disbursements in FY11," said Hemant Kanoria, CMD, Srei Infrastructure Finance in a release.
"The profit before tax has also been higher than the previous year. However, due to provisioning on standard standard assets as per recent guidelines of RBI and also higher tax incidence, the net profit has been 15%. The provisions have been carried out in the Q4 of the year."
The provision for standard assets stood at Rs 12 crore, an one-off item. RBI has mandated that NBFCs should make a general provision at 0.25% of the outstanding performing assets besides provisioning of non-performing assets.
The company disbursed Rs 14,400 crore during the year, a surge of 60% year-on-year. Its asset under managment (AUM) too rose 55% to Rs 20,505 crore.
Its consolidated net sales were up at Rs 1,609.4 crore versus Rs 925.2 crore.
Its consolidated net profit was up at Rs 179.2 crore versus Rs 155.9 crore.
The company has declared a dividend of 7.5% to the shareholder for the year ended March 31, 2011.
The amalgamation of Quippo Infrastructure Equipment Limited (Quippo) into SREI was consummated in March, 2011 upon receipt of requisite approvals. Consequently, the entire business of Quippo stands transferred to and vested in the company, as a going concern, with effect from the appointed date, i.e. April, 2010.
Source: www.moneycontrol.com
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