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U GRO Capital reports 186.1% on-year growth in disbursements in Q3FY22

U GRO Capital reports 186.1% on-year growth in disbursements in Q3FY22

Disbursements for nine months ended stood at Rs 2,175 crore.

Besides this, the company’s total income went up by 72 per cent from Rs 27.3 crore in Q3FY21 to Rs 47 crore in Q3FY22 Besides this, the company’s total income went up by 72 per cent from Rs 27.3 crore in Q3FY21 to Rs 47 crore in Q3FY22

Leading fintech platform U GRO Capital has reported a staggering on-year growth of 186.1 per cent in its disbursements to Rs 1,053 crore in the December quarter. Disbursements for nine months ended stood at Rs 2,175 crore, registering a 212.1 percent on-year growth. The company clocked its highest ever disbursements in December at Rs 414 crore. U GRO Capital’s total disbursements stood at Rs 4,689 crore since inception.

Besides this, the company’s total income went up by 72 per cent from Rs 27.3 crore in Q3FY21 to Rs 47 crore in Q3FY22. Net interest income (NII) for Q3FY22 stood at Rs 39.5 crore compared to Rs 23.3 crore in Q3FY21, an increase of 69.5 per cent on a year-on-year basis. Net worth of the company stands at Rs 959 crore as on December 31 last year, as per the company’s official release.
 
U GRO Capital’s assets under management (AUM) stood at Rs 2,589 crore as of December last year. This is a 129.7 per cent on-year increase on an on-year basis from Rs 1,127 crore as of December 2020. 

As per the official release, the fintech firm’s loan book is 77 per cent secured through a diversified portfolio across sectors and geographies. U GRO Capital’s portfolio GNPA stands at 2.4 per cent as of December 31, 2021.

Company’s total debt rose to Rs 1,764 crore in Q3FY22 with overall debt equity ratio still at 1.84x. 

The fintech company also declared profit before tax of Rs 5.1 crore in Q3FY22 as compared to Rs 2.9 crore in Q3FY21. U GRO Capital has also done an additional provision of Rs 2.7 crore as management overlay provision to provide for future contingencies in view of the third wave last year.
 
U GRO Capital also added 28 new lenders in the past few months, taking its total lender base to 50 lenders. The fintech platform reported a growth in its customer base to 16,500. U GRO Capital also saw its branch count go up from 55 in the last quarter to 82 in the current quarter due to the firm’s aggressive expansion strategy. Its employee headcount crossed the 1,050-mark as of January-end.
 
“U GRO Capital’s people and business infrastructure is well prepared to support the next phase of growth which will be a key milestone for us to achieve our Vision 2025. Our growth objectives are well supported by our liability franchise which now includes co-lending partnerships with one of the largest public sector banks in India. Our GNPA numbers are a testimony of our robust credit underwriting model and our unique sect approach to MSME credit (bringing homogeneity to a heterogeneous sector),” Executive Chairman and Managing Director of U GRO Capital, Shachindra Nath said.
 
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