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Published on May 25, 2022
The Board of Directors of U GRO Capital Limited approved the financial results for the Quarter and Financial year ended 31st March 2022 at its meeting held in hybrid mode on Tuesday, 24th May 2022.
Appointment of Non-Executive Chairman
U GRO Capital Limited was envisaged to be an independent listed public institution supported by marquee institution shareholders and supervised and managed by Independent Board of Directors. U GRO would be completing 3 years of its operational run and has achieved approximately INR 3,000 Crores of asset under management.
U GRO’s Board consists of a majority of Independent Directors and given its size and growth momentum, the Board considered it appropriate to appoint a Non-Executive Board Member as its Chairman.
As a result, Mr. Satyananda Mishra, who is an existing Independent Director of the Company, was appointed as the Non-Executive Chairman of the Company.
Mr. Mishra is the former Chief Information Commissioner of India (December 2010 to September 2013). He has a diverse and exemplary career of more than 40 years in the Indian Administrative Services (batch of 1973). He was the Chairman and Non-Executive Independent Director of the Multi Commodity Exchange of India Limited from November 2013 till November 2016. He served as the Director of Small Industries Development Bank of India until 2018 and as a Development Commissioner of Small-Scale Industries in the Government of India. During his stint as the Chief Information Commissioner, he had set a new benchmark in transparency in politics wherein the Central Information Commission under his leadership held political parties answerable under the Right to Information Act. Additionally, he has also held the position of Former Secretary for various government departments like Department of Personnel & Training (DoPT), Public Works Department (PWD) and Department of Culture (MP Government).
Key performance highlights for Q4FY22 and FY22
Loan Portfolio:
Liability and Liquidity Position
Branch and Customer Network
People Power
Financial Performance
Particulars | Q4 FY22 (Rs in crore) | Q2 FY21 (Rs in crore) |
Total income | 114.2 | 48.6 |
PBT | 8 | 2.3 |
Less: Current Tax | 2.7 | 1.1 |
Add: Deferred Tax | 0.7 | 0.3 |
Net Tax Impact | 2 | 0.8 |
PAT | 6 | 1.5 |
Commenting on the appointment, Mr. Satyananda Mishra, Non-Executive Chairman of U GRO Capital stated, “I am honored to be appointed as Non-Executive Chairman of the Board of U GRO Capital Ltd which has redefined excellence as a Fintech NBFC. In a short period of just about four years, U GRO has etched a name for itself in the financial world. I look forward to a brighter future for this company.”
Commenting on the results, Mr. Shachindra Nath, Vice Chairman and Managing Director of U GRO Capital stated, “The company has built formidable distribution strength by scaling up its asset channels in FY22 to support future growth plans. We have been pioneers of the co-lending model in the industry and have set course for transitioning our business model to lending as a service. Data analytics and technology is at the forefront of our business model. We have been able to implement one of the best underwriting models and build a robust tech architecture to support the end-to-end digital customer journey through API. Going forward, our focus shall remain on growing our book profitably, by increasing the proportion of our off-book AUM.”