Money & Banking

U GRO Capital reports Q1 net profit at ₹3.72 crore

Our Bureau Mumbai | Updated on August 13, 2020

Technology focused small business lending platform U GRO Capital reported a net profit of ₹3.72 crore in the first quarter of the fiscal as against a net loss of ₹1.83 crore a year ago.

Its total income nearly doubled to ₹30.78 crore in the quarter ended June 30 from ₹17.44 crore a year ago.

Its gross non-performing assets and net NPAs stood at 1.02 per cent and 0.57 per cent respectively, at the end of this quarter.

The company’s assets under management at the end of June 30, 2020 stood at ₹847.4 crore across 7,343 customers.

“Liability book reached ₹387 crore as of the end of first quarter this fiscal, sourced from multiple public and private sector banks in various forms including term loans, NCDs and commercial papers,” it said in a statement on Thursday.

The company’s loan under moratorium 2.0 stood at 63 per cent in comparison to 81 per cent as under moratorium 1.0, it further said.

“Our disbursals across all U GRO locations have gained ground amid the lockdown scenario, with our July disbursal figures reaching approximately 80 per cent of pre-Covid levels,” said Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital, adding that he believes that the worst is now over in the lending sector, and the well-run firms will enjoy the opportunity to build their market share in the coming months.

Published on August 13, 2020

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