SREI INFRASTRUCTURE FINANCE LIMITED

Corporate Profile
Safe Harbour
In this communication we have disclosed forward-looking information to enable investors to comprehend our
prospects and take informed investment decisions. This report and other statements – written and oral - that we
periodically make contain forward-looking statements that set out anticipated results based on the management’s
plans and assumptions.
assumptions We have tried wherever possible to identify such statements by using words such as
‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in
connection with any discussion of future performance.

We cannot guarantee that these forward-looking statements will be realised, although we believe we have been
prudent in assumptions.
assumptions The achievement of results is subject to risks, risks uncertainties and even inaccurate
assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove
inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear
this in mind.

We undertake
W d t k no obligation
bli ti t publicly
to bli l update
d t any forward-looking
f d l ki statement,
t t t whether
h th as a result
lt off new
information, future events or otherwise.

The information contained herein has been prepared solely for information purposes and is not an offer or
solicitation of an offer to buy/sell the securities/instruments mentioned or to participate in any trading strategy or an
official confirmation.

This is not a research but it may refer to a research analyst/research report. The Company does not represent that
the information contained herein is accurate or complete. Information is subject to change without notice and we
mayy not update
p this. Past p
performance is not indicative of future returns. This p
price information ((if any)
y) is p
provided
solely for informational purposes and may differ substantially from price information available from other sources or
an actionable price.
Exchange Rate : 1 USD = INR 46
 India: A Fast Emerging Economy…

Post 1991-92, the Indian economy has been one of the

fastest growing in the world
Indian GDP
Searing
g economic growth….
g
ƒ World’s No. 2 emerging market economy
by GDP after China
ƒ 9.4 percent in 2005
2005-06,
06,
ƒ 9.6 percent in 2006-07,
ƒ 9.0 percent in 2007-08 and
ƒ 6.7 p
percent in 2008-09 despite
p economic
slowdown
Source: Economist Intelligence Unit, November 2006
ƒ Estimated GDP growth of 7.2% in FY10
ƒ 8.5% & 9% growth estimated for FY11 and FY12 respectively

ƒ Approximately USD 276 billion of Forex Reserves as on May 2010*

ƒ India's FDI inflows touched USD 35 billion in 2008-09 whereas FDI inflows since
April’09
April 09 and up to Dec’09
Dec 09 amounted to USD 17 billion
Source :
• Reserve Bank of India

3
 Indian Infrastructure Market
During the Twelfth Five Year Plan, the total investment in India’s infrastructure
sector is estimated to be INR 40,992 billion (USD 1,025 billion)#

“The Eleventh
Ele enth Plan had estimated that we e would
o ld need to invest
in est over
o er Rs.
Rs 20 lakh crore in
infrastructure over the five year period. This was more than double the realised investment
during the Tenth Plan period. The Plan also recognised that such a large investment in
infrastructure could not be funded from public resources alone……The strategy for
infrastructure development
p therefore involved combination of p public investment
supplemented by private investments where feasible.”
Dr. Manmohan Singh, Hon'ble Prime Minister of India

The Eleventh Plan had estimated an investment of over INR 20,542 bn (USD 514 bn
bn))
for infrastructure development in India

Investment in Infrastructure based on sectoral analysis #

Gas Storage Airports Ports Water Supply & Irrigation Railways Telecom Roads Power
Sanitation

# Source: infrastructure.gov.in
4
Infrastructure thrust by the Government

Roads Power Ports Airport

ƒ Total estimated ƒ Total estimated ƒ Total estimated ƒ Total estimated
investment opportunity investment opportunity investment opportunity investment opportunity
of USD 78.54 bn of USD 166.63 bn of USD 22 bn of USD 7.74 bn
ƒ 6 laning 6,500 km of GQ ƒ GOI’s Vision “Power for ƒ Capacity addition of 485 ƒ Investment need of
and selected National y 2012”
All by j Ports
mn MT in Major about Rs 177 bn ((USD
Highways ƒ Hydel power potential of and, 345 mn MT in Minor 4.31bn) for
Ports envisaged modernisation and
ƒ 4 laning 6,736 km on N-S 150,000 MW remains
redevelopment of 4
& E-W corridors & untapped ƒ Formulated National
metro and 35 non metro
12,109 km of National ƒ Capacity
p y addition of Maritime Development
airports
Hi h
Highways about 78,577 MW and an P li att an estimated
Policy ti t d
investment of USD 76.34 investment of USD 11.33 ƒ 16 greenfield airports
ƒ Constructing
bn targeted during XIth bn approved
1,29,707km of new rural
roads, and renewing and Five Year Plan ƒ Under NMDP, 276 ƒ Rs 45 bn (USD 1.09bn)
upgrading existing ƒ As many as 13 Ultra projects identified for required for upgrading
1,77,726 km Mega Power Projects (of development of Major CNS-ATM and other
4000 MW generation Ports equipment
ƒ Launched the ambitious
National Highway capacity each) proposed
Development
Programme (NHDP)
involving a USD 54.1 bn
investment upto 2012

5
Infrastructure thrust by the Government

Urban
Railways Telecom Mining
Infrastructure
ƒ Rs 300 bn (USD 7.3
7 3 bn) ƒ Subscriber base ƒ Under Jawaharlal Nehru ƒ Rs 145 bn (USD 3.53
3 53 bn)
needed for construction expected to reach 600 National Urban Renewal opportunity in mining
of Dedicated Freight mn with 200 mn rural Mission (JNNURM) 461 equipment during
Corridors including the telephone connections projects worth Rs 494.22 Eleventh Five year plan.
two projects between bn sanctioned
ƒ Projected
j growth
g 40% ƒ Coal reserves of 20 bn
M
Mumbai-Delhi
b i D lhi andd
p.a. in next few years ƒ MRTS for the 6 metros tonnes to be de-blocked
Ludhiana-Kolkata
and BRTS for 9 smaller for power projects
ƒ Total investment
ƒ Plan for 10,300 km of cities planned under
projected at Rs 3,141 bn ƒ 100% FDI allowed on
new railway lines and JNNURM
(USD 76.6 bn) of which automatic route for coal
gauge conversion of
67% expected
t d ffrom ƒ Total
T t l investment
i t t in
i & li
lignite
it mining
i i for
f
over 10,000 km
private sector Water Supply and captive consumption in
ƒ Overall Rs 476 bn (USD Sanitation projected to iron, steel & cement
ƒ Over 150% growth in
11.6bn) expected to be be Rs 2,342 bn (USD production
telecom services is
invested by private 57.14 bn)
projected in 5 years
sector
t outt off th
the total
t t l
requiring large
investment need of Rs
investments in network
3,035 bn (USD 74 bn)
infrastructure
including MRTS

6
Vision and Mission Statement

Vision

To be the most inspiring global holistic

infrastructure institution

Mission
To be an Indian multinational company
providing innovative integrated
infrastructure solutions

7
History

Started operations and identified infrastructure sector as the core

1989
business

1992 Initial Public Offering. Listed on all major Stock Exchanges

1997 IFC, FMO and DEG invested as strategic equity partners

2005 1st Indian NBFI to be listed on the London Stock Exchange

2008 JV with BNP Paribas Lease Group, 100% subsidiary of BNP Paribas

8
Board of Directors

NAME PREVIOUS EXPERIENCE

Salil Gupta, ƒ Chairman, West Bengal Industrial Development Corp.
Chief Mentor ƒ President,
President Institute of Chartered Accountants of India
Hemant Kanoria, ƒ President, Calcutta Chamber of Commerce
Chairman & Managing Director ƒ Chairman, CII (ER) Infrastructure
Sunil Kanoria,
ƒ Presently Vice Chairman & Managing Director of Quippo Infrastructure
Vice Chairman
Equipment Ltd.

Saud Siddique, ƒ Former IFC (World Bank, Washington) , Principal Investment Officer and
Jt. Managing Director East Asia head having vast experience in infrastructure sector
K. K
K K. Mohanty,
Mohanty ƒ A Professional Entrepreneur with Engineering & Management Education
Wholetime Director having more than 20 yrs experience in Infrastructure & Core sector
ƒ Chief Economist and Director, Asian Development Bank
Dr. S.C. Jha ƒ Economic Advisor to the United Nations
ƒ Member,, Prime Minister’s Council of Economic Advisors
ƒ Senior Executive Director, SEBI
V.H. Pandya
ƒ Director, GIC Asset Management and Reliance Capital
S. Rajagopal ƒ CMD, Bank of India & Indian Bank
ƒ Presently Chairman of Ingersoll Rand, India
D ljit Mirchandani
Daljit Mi h d i
ƒ Executive Director, Kirloskar Oil Engines
S. Chatterjee ƒ Executive Director, Axis Bank

9
Our Presence

St Petersburg

Moscow

Krasnoda
r

Head Office 1

Regional Offices 9
Branch & Field Offices 58

Mauritius Singapore

10
 Eq
quipment
Financing
F

Project
F
Financing
Business Verticals

Proje
ect Advisory
y

Investment Bankin
ng

of QIEL
Venture
e Capital / Fu
und
Maanagement

Telecom
m Infrastructture

Tran
nsportation
HOLISTIC INFRASTRUCTURE INSTITUTION

Power

Rural IT
T Infrastructure

Quip
ppo Rentals
Srei has added business lines such as Telecom Infrastructure and Quippo Rentals through the amalgamation

SEZ and Industrial P

Parks
Equipment Financing

Financing Insurance Broking

Construction, Mining, Oil & Gas, Life,

Power (conventional & renewable), Non Life,

Ports, Railways, Aviation, Telecom Reinsurance

Financial Snapshot as on 31st March 2010

Net Worth (Rs mn.) 9,660
Asset Under Management (Rs mn.) 85,650
NIM (%) 4.89 %
Net NPA 0.68%
CAR 17.97%

12
Project Financing

Business Overview
ƒ Financing through term loans & leasing:

ƒ Roads ƒ Aviation
ƒ Power ƒ Mining
ƒ Ports ƒ Telecommunication
ƒ Railways ƒ Oil & Gas

Financial Snapshot as on 31st March 2010

Net Worth (Rs mn.) 7,901
Asset Under Management (Rs mn.) 44,448
NIM (%) 4.70%
Net NPA -
CAR 21.98%

13
Advisory Services

ƒ Project Advisory
• Project conceptualization & Pre-feasibility studies
• Project Monitoring
ƒ Investment Banking
• Debt Syndication
• Equity Syndication
• IPOs
• Mergers, Acquisitions & Valuations
ƒ Fund Management (Venture Fund)
Financial Snapshot as on 31st March 2010
Fee Based Income (Rs mn.) 485
Funds Under Management (Rs mn.) 4,821

14
Infrastructure Investments

Overview
ƒ I
Involved
l d iin P
Project
j td development
l t since
i 2006 as co-sponsors

ƒ Development of BOT or Annuity based projects in the sectors like Roads, Power,
Ports Urban Infrastructure
Ports, Infrastructure, Airports
Airports, MRTS & SEZs

Investment Strategy
Support the
Identify viable Bid in partner in
projects under Creating
Consortium debt
BOT / Annuity
A i project based
partners for syndication &
model SPV
the projects project
financing

15
Infrastructure Investments

Fig in Rs Mn

SECTOR TOTAL

Transportation 2,430

Passive Infrastructure - Telecom 2,590

Port 19

Power 150

SEZ & Industrial Parks 40

Rural Infrastructure 5

Total* 5,234

* Investments held directly or through funds

16
Investments in Road Projects
Total Project Srei's
Project Information – Under Implementation/Operational JV Partner/ s
Cost (Rs. mn) Holding
Madhucon Projects
4/6 Laning of Bharatpur Mahua, NH-11, Rajasthan 2,979 15%
Limited
4/6 Laning of Thrissur – Angamali, NH47, Kerala 5,650 KMC 49%
Madhucon Projects
4 laning of Madurai Tuticorin, NH-45B, Tamil Nadu 9,200 Limited & Madhucon 26%
Granites Limited
4 laning of Lakhnadon, NH-7, -Madhya Pradesh /Maharashtra Border 4,891 Sadbhav Engineering 49%
PNC & Subhas
4 Laning of Jaora Nayagaon, Section SH-31, Madhya Pradesh 8,490 Projects & VIVA 28%
Infrastructure
4 laning of Indore – Ujjain Road, on SH-27 in Madhya Pradesh 3,417 Galfar and Varaha 48%
PNC & Galfar
G lf
4/6 Laning of Gaziabad-Aligarh Section of NH – 91 in Uttar Pradesh, 20,180 Engineering & 39%
Contracting SAOG

4 Laning of Rohtak-Bawal section of NH-71 in Haryana 10,500 JMC 49%

TOTAL 65,307
Total Project Srei's
Project Information – Recently Awarded (LOA Received) JV Partner/ s
Cost (Rs. mn) Holding
2/4 Laning of Rimuli-Roxy-Rajamunda Section of NH 215 in Orissa 9,000 MBL Infra 50%
4 Laning
L i off Udhampur
Udh R b section
Ramban ti off NH-1A
NH 1A iin JJammu & K
Kashmir
h i 15 000
15,000 G lf & Ritwik
Galfar Rit ik 37%
6 Laning of Chandikhole Bhubaneswar Section of NH-5 in Orissa 18,270 Galfar & Simplex 48%
TOTAL 42,270
17
Rural IT Infrastructure
Srei Sahaj e-Village Limited
ƒ A Public Private Partnership to bridge the urban-rural digital divide in India
ƒ Setting
g up
p Common Service Centres ((CSCs)) to offer the following
g services:
ƒ e-governance : Land Records, Registration & Revenue Collection, Electoral Services,
Employment Exchange, Passport, Ration Card, IT Return and other
Government Services
ƒ e-commerce : B2B and B2C Services (including financial services)
ƒ e-learning : Computer Training, Distance English Education, Tuitions / Vocational courses
and other related courses

ƒ About 28,000 CSCs in six states:

ƒ W t Bengal,
West B l Uttar
Utt Pradesh,
P d h Bihar,
Bih Assam,
A T il Nadu
Tamil N d and
d Orissa
Oi
ƒ Creating about 28,000 Village Level Entrepreneurs (VLEs)
ƒ Direct employment of ~ 84,000 persons (Average of three persons per centre)

ƒ Population coverage:
ƒ 300 mn (37% of India’s rural population, 29% of India’s population)*

ƒ Technology
gy p
partners:
ƒ Wipro, Oracle, Intel, RedHat and Hughes

*Source: based on Press Information Bureau, Report on Rural Development

18
Telecom Infrastructure Business
ƒ Quippo Telecom Infrastructure Limited (QTIL) owns and operates the telecom tower business of
the Group

ƒ In January
y 2009,, QTIL
Q and Tata Group
p announced an amalgamation
g and partnership,
p p, under which:

ƒ QTIL and its shareholders would purchase stake in Tata Group company Wireless TT
Infoservices Limited WTTIL) from existing shareholders : This was completed in August 2009

ƒ Subsequently, the tower assets of QTIL would be demerged,

Subsequently demerged and merged with WTTIL
WTTIL, and
shares in WTTIL would be issued to shareholders of QTIL as consideration

ƒ The scheme on the merger has been filed with respective high court(s) and pending
necessary approvals. The Appointed Date for the merger is 1st April 2009

ƒ As of 31st March 2010, the two companies are expected to have a combined portfolio of
~37000 towers with tenancies of more than 2.0x

ƒ Quippo s effective economic interest in WTTIL (directly and indirectly) after the demerger
Quippo’s demerger, would
be approx 9%, and which, combined with Srei’s holding in WTTIL, would amount to approx 11.50%
stake in WTTIL. Total asset size as on March 2010 is estimated to be Rs 92,300 mn

ƒ Estimated term loans and borrowings is Rs 55,810 mn as on March 2010

ƒ As on 31st March 2010 total revenues estimated to be Rs 17,000 mn and projected EBITDA is Rs
9000 mn
19
Construction Equipment Rental Business

ƒ Provides construction equipment rental services, along with trained and qualified operating
personnel to customers
ƒ Also has a subsidiary NAC Infrastructure Equipment Limited (NACIEL) in a joint venture with
L&T Finance Limited, which also operates in a similar field in four southern states i.e. Tamil
Nadu, Andhra Pradesh, Karnataka and Kerala.
ƒ Has a fleet size of ~700 equipment across 7 locations in India, including earthmoving and
general construction equipment, soil improvement equipment, road construction equipment,
concrete equipment, transport equipment and lifting equipment
ƒ The business is in a consolidation phase – changing its focus from low value retail assets to
high
g value
a ue assets, which
c iss e
expected
pected to d
drive
e revenue
e e ue aandd EBITDA margin
ag g growth
o t gogoingg
forward.
Financial Snapshot of FY 10*
Details In Rs Mn
Revenue 398
EBITDA 74
Asset Base 2,897
Debt 1,792
,
* Provisional

20
Energy Rental Business

ƒ The business relates to renting of power generation equipment and heat recovery add-on
equipment to SME customers.

ƒ Value proposition driven by alternative to "buy" in the area of gas based power generation
to users by putting together containerized equipment to generate power, heat and cooling
solutions driving reliability and innovation on a 24/7 basis

ƒ In addition to equipment, QEPL also provides access to know-how and support through it
on-ground personnel who operate the equipment.

Financial Snapshot of FY 10*

Details In Rs mn
Revenue 317
EBITDA 194
Asset Base 1058
Debt 642
* Provisional

21
Oil & Gas Infrastructure Business

ƒ QOGIL, directly and through subsidiaries and JVs, operates 4 oil rigs and 1 barge (barge
held through a JV, Quippo Prakash Pvt. Ltd. (QPPL) in which QIEL has an effective stake of
~ 38%).
38%) These assets are provided on long-term
long term lease contracts to customers,
customers along with
operating personnel and know-how

ƒ QPPL has an expected total asset base of ~ USD 122 mn as of FY2010E (with loans of ~
USD 97 mn))

ƒ QOGIL has been awarded an Oil Block CB-ONN-2005/11 (NELP VII Round) for exploration
and production in Cambay Basin, Gujarat.

Financial Snapshot of FY 10*

Details In Rs mn
Revenue 354
EBITDA 68
Asset Base 933
Debt 672
* Provisional

22
Valuation & Asset Disposal Business

ƒ Is a 50:50 joint venture with GoIndustry (UK), Ltd.

ƒ Has three major lines of services:

ƒ Auction services for disposal of construction equipment, commercial vehicles and

passenger cars; also offers services for valuation of construction equipment and
motor vehicles

ƒ Auction services for disposal of all other equipment and tools including machine
tools, textiles machinery, food processing equipment etc.

ƒ Consulting services for valuation and appraisal of above assets, asset

management, market commentary etc. for clients

ƒ The JV has an equity base of INR 2 mn and is a fee based business with provisional
Revenue of INR 32 mn at the end of March 31, 2010.

23
Special Economic Zones

Engineering SEZ, Mumbai

ƒ Government of Maharashtra and Ministry of Commerce has granted approval for
development of Engineering SEZ.

ƒ It currently owns (approx) 220 acres of SEZ land which is located on Alibaug-Mumbai Road.

ƒ Expected to be developed by 2011.

Bengal Auto Industrial Park

ƒ Project specific SPV, set up in partnership with West Bengal Industrial Infrastructure
Development Corporation (WBIIDC) for the development of Integrated Industrial Park at
Kharagpur, West Bengal
ƒ Industrial Park to focus on automotive industry and related engineering and capital goods
ƒ Total project area of 500 acres (Phase I & II)
ƒ Part of Park designated as SEZ for which necessary approvals are obtained from Ministry of
Commerce and State Government

24
Synergistic Integration
Srei +Quippo
 QUIPPO

World
• One of the • Provides • Provides • Provides eco- • Provides
Quippo Oil & Gas
Quippo Telecom

uction

Rental

Valuation & Asset Disposal

largest state-of- equipment on friendly gas- online &
i d
independ-
d

Quippo Energy R
rentals based power offline
ff

ppo Constru
the-art
ent tower drilling alongwith solutions for auctioning &
company in trained, short to disposal
the world equipment
along with qualified & medium term service for
• About experienced plant &
Q

• Provides gas-
gas
Quip
37,000 # qualified
lifi d
operators operators based machinery
telecom
towers combined
heat solutions

India’s 1st
India’s 1st Tower India’s 1st Integrated India’s 1st Equipment India’s 1st Energy Comprehensive
Rental Company Rig Rental Services Rental Company Rental Company Equipment & Industrial
Valuer
# 31st March’10
26
QIEL – An Overview

• QIEL primarily acts as the holding company for Quippo Group’s businesses in
infrastructure equipment space.
• QIEL business structure

27
Synergistic Integration – Srei+Quippo

Creation of a fully integrated and Holistic Infrastructure Institution bringing all infrastructure business
#1 under one umbrella – equipment financing, project financing, advisory, development and Quippo’s
infrastructure business

#2 Enhancement of shareholder value

#3
#3 Expanded spectrum of infrastructure products & services to customers

#4
#4 Wider service portfolio leading to increased degree of business de-risking

Create an efficient and functional structure for the businesses, reducing operational costs – thereby
#5
#5 increasing profitability

#6 Higher Net Worth to capitalise on future growth potential

28
Transaction Details

• Srei Infrastructure Finance Limited (“Srei”) is proposing an amalgamation of Quippo

Infrastructure Equipment Limited (“QIEL”) to create a single focused entity to capitalize on the
infrastructure development opportunities in the country ((“Transaction”).
Transaction ).
• The consideration to the shareholders of QIEL would be through issue of shares in Srei.
• Advisors KPMG and BDO Haribhakti have, after due analysis, arrived at a share swap ratio of 3:2,
i.e., 3 shares of Srei to be issued for every 2 shares held in QIEL. ICICI Securities has further
provided a fairness opinion certifying this ratio to be fair.
• Further, Srei proposes to make a bonus issue of 4 equity shares for every 5 equity shares held in
the company by its shareholders, as on the Record Date under the Scheme of Amalgamation. The
bonus shares will be issued to shareholders of Srei prior to Amalgamation. The swap ratio will be
adjusted accordingly.
• Share issue workings:

Srei Current Shares Outstanding 116 mn

QIEL Expected Shares Outstanding* 109 mn
Srei shares outstanding post bonus 209 mn
New issuance at Srei expected due to amalgamation (adjusted swap post bonus) 294 mn
Srei shares outstanding post amalgamation, post-bonus 503 mn
* Post conversion of convertible debentures into2.05 mn equity shares in QIEL

29
FINANCIALS
Financial Highlights

Srei Infrastructure Finance Limited (Consolidated)

Rs Million FY10 FY09 FY08 FY07
Total Income 9,722
9 722 8,515
8 515 8,007
8 007 4,207
4 207
Profit Before Tax 2,177 1,049 1,528 913
Profit After Tax 1,568 826 1,347 846
Net Worth 12,792 11,406 7,166 4,999
Borrowings 65 696
65,696 42 823
42,823 55 445
55,445 33 468
33,468
Book Value (Rs.) 110.14 98.20 65.78 45.88
Disbursement 90.168 66,200 57,369 43,045
Total Asset Under Management 1,32,651 1,00,964 82,319 51,498
Srei Infrastructure Finance Limited (Standalone)
Rs Million FY10 FY09 FY08 FY07
Total Income 4,701 3,264 5,275 4,001
Profit Before Tax 1,481 504 1,133 858
Profit After Tax 1,115 504 1080 793
Dividend Rate 12% 10.0% 12.0% 10.0%
Net Worth 7,901 6,949 6,581 4,710
Borrowings
g 35,433
, 13,426
, 8,942
, 33,035
,
Book Value (Rs.) 68.03 59.83 56.66 43.23
Disbursement 30,132 11,010 38,843 43,045
Total Asset Under Management 44,448 20,770 16,621 50,825
31
Ratio Analysis

Srei Infrastructure Finance Limited (Consolidated)

FY10 FY09 FY08 FY07
Return on Average Net worth 12.96% 8.89% 22.15% 24.45%
Return on Average Assets 2.27% 1.35% 2.53% 2.66%
Net Interest. Margin 4.87% 3.10% 3.84% 5.70%
EPS (Rs) 13.42 7.07 12.18 7.76
Price Earning Ratio 5.11 7.64 13.83 7.09
Gross NPA (as per FLI) 1.64% 1.33% 1.01% 0.93%
Net NPA (As per FLI) 1.02% 0.47% 0.28% 0.19%

Srei Infrastructure Finance Limited (Standalone)

FY10 FY09 FY08 FY07
Return on Average Net worth 15.02% 7.44% 19.12% 18.10%
R t
Return on Average
A Assets
A t 3 42%
3.42% 2 69%
2.69% 3 81%
3.81% 2 53%
2.53%
Net Interest. Margin 4.70% 1.20% 4.80% 5.67%
EPS (Rs) 9.60 4.34 9.91 7.27
Price Earning Ratio 7.17 12.45 17.01 7.56
Capital Adequacy Ratio 21 98
21.98 39 18
39.18 42 09
42.09 14 25
14.25
Gross NPA (as per FLI) - - - 0.95%
Net NPA (As per FLI) - - - 0.19%

32
Thank You

Srei Infrastructure Finance Limited Phone: +91 33 3988-7734

‘VISHWAKARMA’ Fax: +91 33 2285 7542 / 8501
86C, Topsia Road (South), corporate@srei.com
Kolkata – 700 046, INDIA www.srei.com