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U GRO Capital Ltd announces Q2, H1 FY20 results

Posted On: 2019-11-12 15:28:10

U GRO Capital Limited, a BSE listed, technology enabled, small business lending platform, announced its Financial Results for the financial quarter and half year ended September 30, 2019.

The key highlights for Q2 FY20:

- A total of 155 employees have now been onboarded across nine branches: Mumbai (Head Office), Delhi, Kolkata, Bangalore, Chennai, Hyderabad, Anmedabad, Jaipur and Pune. The Pune branch was inaugurated in Q2 FY20.

- The GRO Partner network now stands at 232 partners, a 68% increase on Q1

- The company has now onboarded 15 ecosystem partners and 19 BFSI partners

- The company's disbursal increased from INR 218 crores in Q1 FY20 to INR 402 crores in Q2 FY20 and the company. The company's disbursals to date crossed INR 700 crores in Q2 FY20

- The company's AUM as of the end of September 30, 2019 stood at INR 575 crores across 6,395 loans. The loan book is 67% secured and the largest sectoral and geographical concentrations stand at 19% and 23% respectively

- The company has recently announced a landmark co-origination partnership with Bank of Baroda, one of India's largest and most trusted public sector banks

- The company has raised INR 139 crores of liability in Q2, including PTCs with Poonawalla Finance (Part of the US $5B Cyrus Poonawalla Group) and NCDs with Sachin Bansal (Founder of Flipkart)

- The company has scaled up development of modules that will allow for the provision of a full suite of SME lending options, including:

GRO-Plus: An uberized distribution model for onboarding all intermediaries, allowing any qualified individuals to originate loans for the company
GRO-XStream: An online marketplace for our BFSI partners, designed for streamlining the processes of co-origination and securitization

- The company additionally continues to invest in supply chain financing and directto-customer modules

- The net worth of the company stands at INR 827 crores

- The company's total income increased to INR 20.5 crores in Q2 FY20

Commenting on the results, Mr. Shachindra Nath, Executive Chairman and Managing Director of U GRO said, "In the current market, it is important to maintain a conservative course to weather the storm. This was exactly our approach to Q2, where we continued our growth story but maintained our risk-averse disbursal strategy. Our philosophy from inception was to build a granular, high quality and diversified loan book - and that is very much the path we remain on today. Liability continues to be constrained and expensive, and this makes the need for a low NPA book all the more Critical.

However, we have not been conservative on all fronts. We have expanded on our technological aspirations and have made significant progress on this front this quarter. Our innovations will be the foundations upon which we build towards our goals."

Shares of Ugro Capital Ltd was last trading in BSE at Rs.175.5 as compared to the previous close of Rs. 177.75. The total number of shares traded during the day was 204 in over 8 trades.

The stock hit an intraday high of Rs. 184.95 and intraday low of 175. The net turnover during the day was Rs. 35781.


Source: Equity Bulls

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