: MSME lending fintech U GRO Capital grows by 186% YoY in Q3FY22 #FinanceIndia #StockMarketNEWS MSME lending fintech U GRO Capital grows by 186% Y-o-Y in Q3FY22 New Delhi, Feb 9 (KNN) U GRO Capital,

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MSME lending fintech U GRO Capital grows by 186% YoY in Q3FY22 #FinanceIndia #StockMarketNEWS
MSME lending fintech U GRO Capital grows by 186% Y-o-Y in Q3FY22 New Delhi, Feb 9 (KNN) U GRO Capital, a MSME lending fintech’s disbursements has grown by 186 per cent Y-o-Y to Rs 1,053 crore in Q3 FY22.

The total customer base has crossed 16,500 mark with net profit recorded at Rs 3.38 crore for Q3 FY22, said the official press release.

The Board of Directors of U GRO Capital Limited approved the financial results for the quarter and nine months which ended on 31st December 2021 at its meeting held through video conference on Tuesday.

Disbursements for the quarter stood at Rs 1,053 Cr registering a Q-o-Q Growth of 33.1 per cent and Y-o-Y growth of 186.1 per cent.

While disbursements for nine months ended stood at Rs 2,175 Cr registering a 212.1 per cent Y-o-Y growth.

The company clocked its highest ever disbursements in December 2021 at Rs 414 crore.

Since its inception the total cumulative disbursement stands at Re 4,689 crore.

The GRO Micro expansion is currently stands at 2.9 per cent of the AUM vs 2.6 per cent a quarter ago.

The loan book is 77 per cent secured with a well-diversified portfolio across sectors and geographies.

Commenting on the results, Shachindra Nath, Executive Chairman and Managing Director of U GRO Capital stated, “On the back of our past investments in building infrastructure and now with our entire team being in place (Strong leadership team supported by execution oriented second layer of management) all our asset engines have been firing well which is evident from our Q3’FY22 growth numbers.”

“We are 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,” he added.

He highlighted that the GNPA numbers are a testimony of robust credit underwriting model and different sect approach to MSME Credit which brings homogeneity to a heterogeneous MSME sector. (KNN Bureau)