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Srei Infra Finance Q2 outcomes: Net revenue drops 91% to Rs 5 cr

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NEW DELHI: Srei Infrastructure Finance Ltd (Srei) on Monday reported a drop of 91.5 per cent in its consolidated web revenue at Rs 4.72 crore within the second quarter ended September 2020.

It had posted a web revenue of Rs 55.37 crore within the year-ago interval. Sequentially, the revenue was additionally down from Rs 23.01 crore posted within the June quarter of the present fiscal yr.

Total consolidated earnings of the financing firm fell to Rs 1,182.21 crore in the course of the July-September interval of 2020-21 as in opposition to Rs 1,424.18 crore in the identical interval of 2019-20, it stated in a regulatory submitting.

Consolidated belongings underneath administration stood at Rs 43,339 crore as on September 30, 2020 as in comparison with Rs 44,213 crore as on June 20, 2020, it stated in a launch.

Srei chairman Hemant Kanoria stated: “The first half of this monetary yr has been very difficult for companies and stability has been the mantra on this interval of pandemic.

Many sectors have already began doing effectively. But infrastructure is a sector the place tasks have lengthy gestation intervals; so any elementary disruption takes a very long time to convey enterprise again on monitor, he stated.

“The quick want of the hour is for state governments, the central authorities and all public sector undertakings to launch the dues of the contractors/development corporations, and the judiciary to difficulty acceptable orders that when an arbitration award is in opposition to a authorities organisation or the federal government, it shouldn’t be ‘stayed’.

“If cash flow improves in the hands of contractors/infrastructure companies by realisation of dues/arbitration award payments then the companies can revive and complete pending contracts and/or undertake new ones,” Kanoria stated.

Srei stated the corporate has been specializing in the tools finance enterprise and it’ll proceed to be its space of focus going ahead.

Stock of the corporate closed at Rs 6.85 apiece on BSE, up 7.37 per cent from earlier shut.

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