Small business lender U GRO Capital on Thursday said, “It has raised an incremental of Rs 178 crore in debt, for a total of Rs 756 crore sanctioned liability at an on-book blended rate of 10.1 percent.”
U GRO Capital in its statement said, “The company’s total profit for Q3 FY21 increase to Rs 39.1 crore as compared to Rs 28.9 crore for the same quarter last year.”
“The loan disbursals to date reached INR 2,065 crores at the end of Q3 FY21 despite the on-going COVID-19 related disruptions to business activity, with disbursals in the last quarter at INR 368 Crores,” the statement added.
Speaking on the results, Mr. Shachindra Nath, Executive Chairman and Managing Director of U GRO Capital stated, “This has been an exciting quarter for us at U GRO Capital, as we have been making steady progress towards achieving our goal of solving India’s $300B MSME credit gap. We have also made an operational and strategic pivot by introducing our direct distribution product line to serve microenterprises. Propagating financial inclusion is our primary goal, and I am delighted with the successful launch and certainly hope that we can serve the nation’s microenterprises the financing they deserve.”
“That we have achieved this growth in a time of such market turmoil and maintained profitability for each quarter of FY21 is truly remarkable, and full credit must go to the team for helping bring this vision to life so effectively. With the COVID-19 crisis hopefully coming to a close, the nation’s MSMEs will be hungry to make up for a lost time – and they can count on U GRO to stand alongside them,” he added.
Adding to the statement the U GRO Capital said, “The company’s AMU as of December 31, 2020, stood at Rs 1,727 crores across 8,429 live loans.”