Credit and Finance for MSMEs: Small enterprise lending platform U GRO Capital on Wednesday reported a 292 per cent soar in its revenue after tax (PAT) at Rs 6.08 crore within the quarter ended March 2022 with a 114 per cent enhance in disbursements to Rs 963 crore and 134 per cent progress in whole revenue to Rs 114.22 crore from the year-ago interval. The firm had reported a PAT of Rs 1.5 crore and a complete revenue of Rs 48.6 crore in This fall FY21.
“The company has built formidable distribution strength by scaling up its asset channels in FY22 to support future growth plans. We have been pioneers of the co-lending model in the industry and have set course for transitioning our business model to lending as a service,” mentioned Shachindra Nath, Vice Chairman and Managing Director of U GRO Capital in an announcement.
U GRO’s belongings underneath administration (AUM) as of March 31, 2022, stood at Rs 2,969 crore in comparison with Rs 1,317 crore as of March 31, 2021, a 125 per cent enhance on a YoY foundation. Its lender base added 26 new lenders throughout the monetary yr 2021-22 with a complete depend of 55. The department community additionally expanded to 91 as of March 2022 with 57 new branches added. U GRO’s gross disbursements for FY22 stood at Rs 3,138 crore, a 173 per cent progress from Rs 1,147 crore in FY21.
“January (disbursement) during the fourth quarter was low due to the third wave of the pandemic. There was also the second wave impact. Despite that, we are exiting FY22 at over Rs 3,000 crore and we would be continuing to grow month-on-month. So, if we are disbursing nearly Rs 400 crore a month, we would be at almost Rs 5,000 crore disbursements in FY23 which is around 1.5X growth,” Nath had advised Financial Express Online in an interplay in April.
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In phrases of asset high quality, U GRO’s portfolio gross non-performing asset (GNPA) and internet NPA stood at 2.3 per cent and 1.7 per cent respectively as of March 31, 2022. The GNPA had decreased from 2.7 per cent as of March 2021. Moreover, the corporate’s whole debt stood at Rs 1,802 crore as of March 31, 2022 and “the overall debt to equity ratio still remains low at 1.86x, indicating a long runway for growth,” the corporate famous. Its whole buyer depend as of March 2022 was round 20,000.
U GRO additionally introduced the appointment of its current Independent Director and former Chief Information Commissioner of India Satyananda Mishra because the Non-Executive Chairman of the corporate. Mishra was additionally the Chairman and Non-Executive Independent Director of the Multi Commodity Exchange of India Limited from 2013 to 2016 and served because the Director of Small Industries Development Bank of India (SIDBI) till 2018.
Source: www.financialexpress.com”