Srei Infrastructure Finance Ltd reports loss of Rs 3,810 crore

The company had reported a net profit of Rs 60 crore in the year-ago period.

Kolkata: Srei Infrastructure Finance Ltd on Sunday said it has posted a consolidated net loss of Rs 3,810 crore during the third quarter of the current fiscal on account of higher and accelerated provisioning as a prudent measure.

The company had reported a net profit of Rs 60 crore in the year-ago period.

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Its revenue from operations for the October-December period of the current fiscal stood at Rs 490 crore as against Rs 1,450 crore in the corresponding quarter last year.

The company said its total consolidated provisioning was at Rs 3,100 crore for the period under review and the net worth stood at Rs 296 crore as of December quarter of FY21.

It claimed that the pandemic had impacted its recovery, leading to an asset- liability mismatch.

“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 has created an unprecedented situation. As a matter of prudence…we have decided to increase our provisions significantly,” Srei chairman Hemant Kanoria said.