In Tuesday’s session, shares of India’s largest co-lending partner for banks in the MSME financing sector and the firm that launched India’s first credit platform on UPI, rose 5.3 percent. Following the company’s announcement of an 86 percent growth in Assets Under Management for June Quarter 2023.
With the market capitalization of Rs 2,093 crores, Ugro Capital Limited shares were trading at Rs 226.20, up 2.82 percent on the NSE at 2:55 p.m.
According to the company’s report, Assets under management (AUM) climbed to Rs 6,794 Cr as of June 23, a growth of 86% year on year and 12% quarter on quarter. Gross loans during Q1’FY24 amounted to Rs 2,036 Cr, an increase of 50% year on year. Net loans increased by 40% year on year during Q1’FY24 to Rs 1,279 Cr.In addition, the company’s monthly exit run rate of net loans origination in Q1’FY24 was Rs 500 Cr.
Further,The company’s off-book AUM share climbed to 43% in June 23, up from 40% in March 23.Profit before tax for Q1’FY24 is estimated to be around Rs 33 to 36 Cr, representing a year-on-year increase of roughly 235 percent.
Ugro Capital Limited is a fintech lending platform for the MSME sector, with a data stack technology focusing on financing via GST, banking, and bureau.
The company’s share price climbed from Rs 149.55 to current values during the last year, yielding a 50.10 percent return.
Revenue climbed by 113 percent year on year, rising from Rs 307 crore in FY 21-22 to Rs 656 crore in FY 22-23. Within the time frame specified, the net profit climbed by 178 percent, from Rs 14 crore to Rs 39 crore.
According to the company’s shareholding pattern, individual investors own 86.22 percent of the company, while foreign institutional investors own 6.95 percent.
Written by Omkar Chitnis
