Dear James,
Thanks! Ugro performance on recovery front has indeed been concerning. My point is that they are currently focusing first on growth and this shows in the risky book. Positive being that data which doesn’t look good is also disclosed, rather than massaging the numbers. Overall if the NPA numbers are good and steady given their lending profile, till then it’s a case to remain invested. Being in top 4 holding by size, it’s not likely I am going to add to the position though. Or atleast wait for earnings to catch up. This earnings growth rate provides comfort to stick around and keep watch.
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