UGRO Capital announces financial results
FOR THE QUARTER AND FINANCIAL YEAR ENDED 31st MARCH 2023
City Air News
May 15, 2023 08:07
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Reports AUM of INR 6,081 Cr, up 105% YoY, PBT rises 315% YoY to INR 83.8 Cr
Mumbai, May 15, 2023: The Board of Directors of UGRO Capital Limited approved the financial results for the Quarter and Financial Year ended 31st March 2023 at its meeting held on Monday, 15th May 2023.
UGRO Capital, a DataTech NBFC and India largest Co-lender in the MSME segment continued its growth momentum in the last quarter of FY23. The company's AUM was INR 6,081 Cr (as of Mar'23), up 105% from Mar'22. Total Income for Q4'23 was INR 217.2 Cr (up 92% YoY and 15% QoQ) and INR 683.8 Cr for FY23 (up 119% from FY22). In Q4'23, UGRO Capital reported a 131% increase in consolidated net profit to INR 14.0 Cr, up from INR 6.1 Cr the prior year. The Company has efficiently leveraged the co-lending partnerships, with off-book AUM at 40%, higher than its FY23 guidance of 35%.
UGRO Capital has collaborated with ten co-lending partners, over 65 lenders, 35 fintechs, and 1,200 GRO partners to provide data-backed customized finance solutions to over 46,000 MSMEs across India.
Commenting on the results, Shachindra Nath, Vice Chairman and Managing Director of UGRO Capital said, “UGRO Capital is India’s first data driven underwriting platform which uses the power of GST, Banking, and repayment behavior on Bureau for credit decisioning. Over the last four years, the company has served over 48,000 customers in 4,000 different pin codes, analyzed over 93,000 bank statements, 34,000 GST records, and processed over 63,000 GRO Score logins. Despite broader challenges to the lending industry, UGRO Capital has successfully built an AUM of INR 6,000+ Cr and with a monthly net disbursement of more than INR 500 Cr. Our increasing off book AUM of 40% demonstrates that our credit scoring model and underwriting framework are widely accepted across the banking industry.
Our FY23 performance demonstrates our unwavering commitment to growth, the company’s core profitability, and we intend to gain a 1% market share with 1 million small businesses as our customers over the next three years. We have recently announced our second equity capital raise of INR 340 Cr from marquee institutional investors and this capital raise will further enhance UGRO’s strong capital position and strengthen the balance sheet.”
