UGRO Capital’s Q2 net profit up 6 times at ₹29 crore

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UGRO Capital reported an almost six-fold year-on-year (yoy) jump in second quarter net profit at ₹29 crore against ₹5 crore in the year ago quarter on the back of strong loan growth.

The non-banking finance company logged a 52 per cent increase in gross loans originated in the reporting quarter at ₹2,506 crore, with the assets under management rising 74 per cent yoy to ₹7,592 crore, per the company’s statement.

Credit cost was up 17 per cent yoy at ₹24.6 crore (₹20.9 per cent). The NBFC said gross non-performing asset/net NPA stood at 1.9 per cent/1.1 per cent of total AUM.