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Srei reports whopping loss of Rs 3,810 cr in Q3

KOLKATA: on Sunday mentioned it has posted a consolidated internet lack of Rs 3,810 crore through the third quarter of the present fiscal on account of upper and accelerated provisioning as a prudent measure.

The corporate had reported a internet revenue of Rs 60 crore within the year-ago interval.

Its income from operations for the October-December interval of the present fiscal stood at Rs 490 crore as towards Rs 1,450 crore within the corresponding quarter final yr.

The corporate mentioned its complete consolidated provisioning was at Rs 3,100 crore for the interval underneath evaluation and the online price stood at Rs 296 crore as of December quarter of FY21.

The Kolkata-based firm claimed that the Covid-19 pandemic had impacted its restoration, resulting in an asset- legal responsibility mismatch.

“The present monetary yr has been one of the vital difficult years in our historical past of greater than three many years.

“The COVID-19 induced stress on our asset high quality coupled with the credit score squeeze within the NBFC sector has created an unprecedented scenario. As a matter of prudence…we now have determined to extend our provisions considerably,” Srei chairman Hemant Kanoria mentioned.

The lender had in November 2020 mentioned a particular audit of the corporate and its subsidiary, Srei Tools Finance Ltd, was undertaken by an auditor appointed by the Reserve Financial institution of India.

A particular audit is usually undertaken if there’s a sharp deterioration within the high quality of a lender’s ebook.

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