U GRO Capital reports Rs 17.2 crore profit in Q2 FY21

Date:

Trending

Private lending platform U GRO Capital on Friday said, “It has reported Rs 17.2 crore in net profit in Q2 FY2021.”

In a filing with the exchange, U GRO said, “The company has recorded Rs 17.2 crores in Q2 FY2021 as compared to Rs 3.3 crores in the same quarter last year.”

“The QoQ’s total income has increased by 13 percent to Rs 34.8 crores in Q2 FY2021 from Rs 30.8 crores in Q1 FY2021, as against to Rs 21.7 crores in Q2 FY2020,” the filing added.

“By the end of September 30, 2020, the company’s AUM stood at Rs 978 across 7,734 live loans. The loan book is 67% secured and the large sectoral and geographical concentrations both stand at 21%,” the company added.

Speaking on the results, Mr. Shachindra Nath, Executive Chairman and Managing Director of U GRO Capital stated, “This quarter has seen the gradual shift towards business normalcy in the MSME space, which is a very positive sign for the economy as a whole. Never before have fundamentally strong MSMEs have had such a need for financing, and we are working towards addressing as many of these needs as is possible. We have taken great strides in terms of innovation and our partnerships, and we are superbly placed to increase our distribution levels beyond what they were pre-COVID. I am most excited about the launch of our ‘Saathi’ program and our nascent direct distribution branches, which will broaden our target demographic considerably.”

“We are proud of the financial prudence that has allowed us to maintain profitability throughout the COVID-19 period despite the ample provisioning we have taken. Our portfolio remains strong in the face of unprecedented challenges, and we are confident that we are on the right path to achieve our vision of ‘Solving the Unsolved – India’s $300B MSME Credit Gap,” Nath said.

The company has also raised an incremental Rs 191 crores of liability in Q2 for the total of Rs 578 crores of sanctioned liability at an on-book blended rate of 10.6% with debt cost having significantly reduced in FY21.

THE SNAPSHOTS, IN YOUR INBOX

Get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

GAMES: Lucky Green Casino Experience

If you’re in search of an exhilarating gaming platform that balances high-stakes thrills with player well-being, Lucky Green Casino has your back. Known for...

Securing the Future of AI: Nuvepro CEO Giridhar LV on Generative AI & a Human-First Approach

During a conversation with TechGraph, Nuvepro Co-founder and CEO Giridhar LV discussed the company's innovative solutions that prioritize data privacy and how these solutions provide secure environments for Gen AI models, ensuring that decision-making remains firmly in human hands, with clients retaining full control...

Reshaping India’s Farming Future: Balwaan Krishi’s Rohit Bajaj On Driving Agricultural Change

Speaking to TechGraph, Rohit Bajaj, Co-Founder of Balwaan Krishi, discusses the company’s commitment to...

Driving ROI Through AI: CEO Dipal Dutta on RedoQ’s Hybrid Approach to Automation

Speaking to TechGraph, Dipal Dutta, CEO and Founder of RedoQ, explained how the company...

Relata’s Hyper-Realism: CEO Samudragupta Talukdar On Personalized Home Buying Experiences

In an exclusive conversation with TechGraph, Samudragupta Talukdar, Founder and CEO of Relata, a...

Godrej Capital’s Gen AI Plan: CTO Jyothirlatha B on SAKSHAM AI and the Future of Financial Services

Speaking to TechGraph, Godrej Capital CTO Jyothirlatha B shared how the company is harnessing...

Exploring the broad appeal of football: from fashion to video games

Football, often called the world's game, goes far beyond the pitch. Its influence extends...

Neon54 Casino Review: A Vibrant Gaming Experience

When it comes to striking the perfect balance between entertainment and innovation, Neon54 Casino...

What is RTP and How Does It Affect Slots Winnings?

If you’ve ever played a slot game, you’ve likely come across the term "RTP." But what does RTP mean, and why does it matter...

BProTrade: Global Expansion Explained

December 2024 marks a pivotal time in the world of online trading. With Bitcoin...

How Generative AI is Shaping Voicebot Capabilities

The advent of Generative AI is here to revolutionize the technological landscape and reimagine...

RULOANS Sees Surge in Digital Secured Loan Demand on RUCONNECT App

RULOANS Distribution Services, an Indian financial products distributor, has reported a significant uptake in...
00:01:26

‘Historic day for the Middle East’: PM Netanyahu On Syria’s Assad Regime Collapse

Israeli Prime Minister Benjamin Netanyahu, in a video statement released on Sunday, described the...

Decentralizing Cardiac Care: Sunfox Technologies’ Rajat Jain on the Spandan ECG Impact

During an interview with the TechGraph editorial team, Sunfox Technologies' Founder and CEO, Rajat Jain, discussed how the company’s Spandan ECG device revolutionizes cardiac...

Boson Whitewater, Citadines OMR Chennai to Launch First-of-its-Kind Wastewater Recycling System

Boson Whitewater, a water utility company that converts STP-treated water into high-quality potable water, has partnered with Citadines OMR Chennai, to introduce an onsite wastewater treatment and recycling system. This makes Citadines OMR the first hotel in Chennai to implement such a system. The Boson...

Jungle Camps India Limited Sets IPO Price Band at ₹68-₹72 per Share

Jungle Camps India Limited (JCIL), an India-based ecological hospitality service provider on Thursday announced...

Atmosphere The Store Makers draws INR 5 Cr in seed round

Mumbai based Atmosphere – The Store Makers on Thursday raised INR 5 crore in...

The Evolution of Gaming: From Traditional to Immersive Online Experiences

Gaming has undergone a remarkable transformation over the decades, evolving from basic, tactile forms...

The Role of Health Plans with Preventive Care in Reducing Financial Risk

In an era where healthcare costs are spiraling and chronic conditions are on the...

What’s next for Battery Recycling: Innovations on the Horizon

India is accelerating its shift toward electrification and renewable energy, bringing battery recycling into...

Best Trading Platforms for Forex: An In-Depth Guide

If you’re looking to dive into forex trading, choosing the right trading firms are...

OPPO, Microsoft Teams up To Bring Advanced AI Productivity To ColorOS 15

OPPO has strengthened its partnership with Microsoft to deliver advanced AI productivity features to...

Order for Health (O4H) Snaps INR 1 Cr In Series Seed Round Funding

Order for Health (O4H), a Bengaluru-based healthy food brand, has secured INR 1 crore...

Yoju Casino Online Review: A Comprehensive Guide for Enthusiasts

Welcome to our in-depth review of Yoju Casino, a vibrant online gaming platform that...

RULOANS Sees Surge in Digital Secured Loan Demand on RUCONNECT App

RULOANS Distribution Services, an Indian financial products distributor, has reported a significant uptake in...

Plan for Change: UK PM Keir Starmer Outlines Six Point Plans for Housing, NHS, Policing, and More

London, UK — The United Kindom PM and Labour Party leader Keir Starmer on...

Top Trends in Web3 Platforms for Forward-Thinking Entrepreneurs

The digital landscape is evolving rapidly, and Web3 platforms are leading this transformation. For...

Titan Intech Ltd To Secure Rs 200 Cr via NCDs

Titan Intech Limited, a BSE-listed company specializing in Embedded Manufacturing Services (EMS) for OEM/ODM...

Ensuring Fair Play: AIGF CEO Roland Landers on Promoting Skill-Based Gaming in India

During an interview with TechGraph, Roland Landers, CEO of the All India Gaming Federation...
00:01:26

‘Historic day for the Middle East’: PM Netanyahu On Syria’s Assad Regime Collapse

Israeli Prime Minister Benjamin Netanyahu, in a video statement released on Sunday, described the...

Order for Health (O4H) Snaps INR 1 Cr In Series Seed Round Funding

Order for Health (O4H), a Bengaluru-based healthy food brand, has secured INR 1 crore...

build3 Launches Second Cohort of Impact Startup Academy

build3, an ecosystem championing startups that merge profit with purpose has today announced the...

Yoju Casino Online Review: A Comprehensive Guide for Enthusiasts

Welcome to our in-depth review of Yoju Casino, a vibrant online gaming platform that...