Owing to a sharp rise in theinterest and finance charges, the net profit of Srei Infrastructure Finance declined 51.78 percent to Rs 19.40 crore during December, 2011 quarter.
The Kolkata-headquartered company had posted a Rs 40.24 crore net profit in the year-ago period. The company's outgo on interest and finance charges stood at Rs 501.85 crore in the period under review, as against Rs 195.69 crore in the corresponding period last fiscal.
The Reserve Bank of India raised interest rates 13 times between March, 2010, and October, 2011. Total income of the company rose to Rs 687.32 crore during the quarter from Rs 326.93 crore in the same period last fiscal, it added.