- August 2, 2023
- Posted by: legaleseblogger
- Category: Related News
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**UGRO Capital Reports Strong Financial Performance for Q1’FY24**
MUMBAI, India, Aug. 2, 2023 /PRNewswire/ — UGRO Capital, the largest co-lender in India’s MSME segment and a leading DataTech NBFC, has announced its robust financial performance for the first quarter of the fiscal year 2024. The company reported a significant growth in assets under management (AUM), with an increase of 85% YoY to INR 6,777 Cr. Additionally, the profit after tax (PAT) showed an impressive growth of 244% YoY, reaching INR 25.2 Cr.
**Key Highlights**
In Q1’24, UGRO Capital onboarded 8,664 new MSME customers, representing a YoY increase of 65%. The company also saw a substantial increase in disbursement, reaching INR 2,036 Cr, marking a YoY growth of 50%. Other financial highlights include:
– AUM of INR 6,777 Cr, up 85% YoY and 11% QoQ.
– Net Total Income of INR 125.6 Cr, up 82% YoY.
– GNPA/NNPA at 1.8%/1.0% on total AUM.
The achievement of off-book AUM of 43% demonstrates the success of UGRO Capital’s “Lending as a Service” (LaaS) approach. The company is steadily moving towards its goal of gaining a 1% market share with 1 million small businesses as its customers over the next three years.
**How AI legalese decoder Can Help**
UGRO Capital’s success can be attributed to its innovative use of technology, including the AI legalese decoder. This tool helps decode complex legal documents and contracts, ensuring transparency and efficiency in the lending process. By automating the decoding process, UGRO Capital can quickly analyze legal documentation, identify key terms and conditions, and make informed lending decisions.
The AI legalese decoder reduces the need for manual review of legal documents, saving time and resources. This allows UGRO Capital to expedite the loan approval process, providing faster access to credit for MSMEs. By leveraging AI technology, UGRO Capital can effectively manage risk, improve portfolio quality, and ensure compliance with regulatory requirements.
**Financial Snapshot**
UGRO Capital’s Q1’FY24 financial snapshot includes the following (INR in Cr.):
Particulars | Q1’FY24 | Q4’FY23 | Growth (Q-o-Q) | Q1’FY23 | Growth (Y-o-Y)
—|—|—|—|—|—
AUM | 6,777 | 6,081 | 11% | 3,656 | 85%
Gross loans originated/Disbursement | 2,036 | 2,314 | (12%) | 1,359 | 50%
Total Income | 218.3 | 217.2 | 1% | 121.7 | 79%
Interest Expense | 92.7 | 90.4 | 3% | 52.8 | 76%
Net Total Income | 125.6 | 126.8 | (1%) | 68.9 | 82%
Operating Expenses | 69.1 | 75.7 | (9%) | 49.2 | 40%
Credit cost | 20.9 | 17.5 | 20% | 9.4 | 124%
PBT | 35.6 | 33.7 | 6% | 10.4 | 243%
Tax | 10.4 | 10.4 | 0% | 3 | 242%
PAT ÔÇô Adjusted | 25.2 | 23.2 | 9% | 7.3 | 244%
Deferred Tax write-off | – | 9.2 | (100%) | – | 0%
PAT | 25.2 | 14 | 80% | 7.3 | 244%
**About UGRO Capital Ltd**
UGRO Capital Ltd (NSE: UGROCAP I BSE: 511742) is a DataTech Lending platform and the largest co-lender in India’s MSME segment. The company is listed on the NSE and BSE and aims to bridge the small business credit gap in India through its Data-tech approach. UGRO Capital’s innovative solutions, including the GRO Score 3.0 underwriting model and co-lending partnerships, have enabled it to provide customized finance solutions to over 53,000 MSMEs. With its focus on sustainable entrepreneurship, UGRO Capital aims to capture 1% market share in the next three years, offering a compelling opportunity for investors seeking long-term value and returns.
[UGRO Capital Limited Logo](https://mma.prnewswire.com/media/2168009/UGRO_Capital_Limited_Logo.jpg)
**SOURCE UGRO Capital Limited**
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