Srei reports consolidated total income of Rs 484.35 crore in Q3 FY21

Srei Infrastructure Finance Limited ("Srei") has reported a consolidated total income of Rs 484.35 crore during the quarter ended December 31, 2020.

The company reported a consolidated net loss of Rs 3,810.93 crore during the third quarter of the current financial year on account of higher and accelerated provisioning as a prudent measure.

Consolidated assets under management ("AUM") stood at Rs 41,298 crore as on December 31, 2020.

Commenting on the results, Mr. Hemant Kanoria, Chairman, Srei, said: "The current financial year has been one of the most challenging years in our history of more than three decades. The COVID-19 induced stress on our asset quality coupled with the credit squeeze in the NBFC sector have created an unprecedented situation, which none of us had anticipated. As a matter of prudence and taking into consideration the current operating environment, we have decided to increase our provisions significantly. We have moved the Hon'ble National Company Law Tribunal ("NCLT") to make payment to all creditors in an orderly fashion. We hope that with the support from creditors, rating agencies, regulators and other agencies of the government, the company can meet its repayment commitments and continue to serve the nation in the infrastructure space.

The focus during this quarter and in the next few ones will be to get the recoveries from clients so that the creditors can be paid as per the scheme. The company has had a track record of being punctual on its interest and principal payments for the last thirty one years. This is the first time in the history that such a situation has arisen due to the pandemic. We remain confident that the measures taken will help us emerge out of the current conundrum and we will continue to create value for all our stakeholders in the long-run."

Shares of SREI INFRASTRUCTURE FINANCE LTD. was last trading in BSE at Rs.7.31 as compared to the previous close of Rs. 7.42. The total number of shares traded during the day was 106749 in over 278 trades.

The stock hit an intraday high of Rs. 7.5 and intraday low of 7.25. The net turnover during the day was Rs. 789974.

Source : Equity Bulls

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