Ugro Capital Q3 net income at Rs 13 crore

NewsDrum Desk
25 Jan 2023

Mumbai, Jan 25 (PTI) Supply chain-focussed mid-scale lender Ugro Capital on Wednesday reported a Rs 13.1 crore net income in the December quarter on higher loan growth.

The company had posted its net income at Rs 3.4 crore in the year-ago period.

It disbursed Rs 1,874 crore of fresh loans, registering a growth of 78 per cent on-year during the quarter, taking its overall loan book to Rs 5,095 crore, which grew 97 per cent. Its co-lending based loan book, which is not on its book, rose 35 per cent, the lender said.

This led to an 81 per cent rise in interest income to Rs 133 crore of which Rs 42.9 crore came in from co-lending or direct assignment activities, which was higher from Rs 6.2 crore a year ago, it said.

Ugro has co-lending collaborations with 10 partners, over 65 lenders, and 25 fin-techs. It has 98 branches.

The asset quality improved to 1.1 per cent from 1.7 per cent, helping it improve the credit cost to 14.9 per cent from 16.7 per cent.

The December quarter disbursement is the highest ever, Shachindra Nath, Vice-Chairman and Managing Director, said.

It has over 38,000 customers and has so far disbursed over Rs 10,500 crore to them.

Its total debt stood at Rs 2,885 crore and has core capital of 21.54 per cent. PTI BEN SHW

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