Srei reports consolidated PAT of Rs 88.75 crore in FY20
Kolkata/IBNS: Srei Infrastructure Finance Limited has reported a consolidated profit after tax (PAT) of Rs 88.75 crore during the financial year ended March 31, 2020 as compared to Rs 486.78 crore in the previous year.
Total consolidated income for the year ended March 31, 2020 was at Rs5,974.44 crore as against Rs6,516.87 crore in the previous year. Total consolidated income for the quarter ended March 31, 2020 was at Rs1,560.87 crore as compared to Rs1,766.77 core in the corresponding quarter of pervious year.
Consolidated assets under management ("AUM") stood at Rs 44,835 crore at the end of March 31, 2020 as compared to Rs47,016 crore as on March 31, 2019.
The entire lending business of Srei Infrastructure Finance Limited has been transferred to Srei Equipment Finance Limited within this financial year and Srei Infrastructure Finance Limited will focus primarily on fee-based and investment businesses. This has been reflected in the financial results accordingly.
Commenting on the results, Hemant Kanoria, Chairman, Srei, said: "This has been one of the toughest years in the last three decades of our existence. The headwinds, which started with the debacle of IL&FS beginning from October 2018 causing limitations in raising resources for NBFCs, have got compounded with the massive natural calamity and pandemic COVID-19 and cyclone Amphan. Especially for companies who have been extending loans to borrowers in the MSME segment and in infrastructure areas, the cash flows of their clients have been severely constricted. We have also made substantial provisions in view of the market conditions.
We have been able to manage our liquidity judiciously and we are hopeful that with the evolving guidelines of the government towards addressing the borrowers' problems we would continue to manage our liabilities accordingly. The ensuing year willbe interesting and we hope to manage the turbulence in the present environment with resilience and flexibility."
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