SREI Infrastructure Finance shares surge 10% on profit of Rs 23 crore in June quarter

Shares of SREI Infrastructure Finance surged almost 10 percent in morning trade on BSE on September 15, a day after the company released its June quarter scorecard which showed a significant rise in the company's profit on a quarter-on-quarter (QoQ) basis.

The company reported a consolidated profit after tax of Rs 23.01 crore during the quarter ended June 30, 2020, as compared to a loss of Rs 69.29 crore during the quarter ended March 31, 2020.

Total consolidated income for the June quarter was at Rs 1,214.45 crore against Rs 1,560.87 crore recorded during the March quarter.

Consolidated assets under management (AUM) stood at Rs 44,213 crore as on June 30, 2020, as compared to Rs 44,835 crore as on March 31, 2020.

Commenting on the financial results, Hemant Kanoria, Chairman, said: "The strategy of our company, at present, is to alleviate pains of our customers, manage liquidity and focus on the core business of equipment finance, while improving efficiency and rationalising cost."

"We have recently raised funds from KfW IPEX-Bank of Germany, demonstrating our ability to raise resources from reputed international investors and global development finance institutions. We will continue to explore opportunities that will help us sustain our business growth and create value for all our stakeholders."