Bangalore, November 04, 2022: TVS Credit Services Limited, one of India’s leading NBFCs, published its unaudited financial results for the quarter and half-year ended September 30, 2022.
The NBFC reported a net profit after tax of Rs.179.54 Cr for H1 FY23. The Company’s AUM as of Sep’22 grew by 25% to Rs.17,448 Cr as compared to Rs.13,911 Cr as of Mar’22. The Company reported an all-time high quarterly net profit after tax of Rs.96.24 Cr for Q2 FY23.
Q2 FY23 Results Summary:
- Total Income was Rs. 962.34 Cr for the quarter, a rise of 46% as compared to Q2 FY22
- AUM stood at Rs. 17,448 Cr as of Sep’22
- Net profit after tax for the quarter was Rs.96.24 Cr as compared to Rs.26.41 Cr in Q2 FY22, a growth of 264%.
Commenting on the performance, Mr.Ashish Sapra, CEO, said, “In H1 FY23, our business picked up momentum largely driven by robust consumer sentiment coupled with a good monsoon. The Tractor Loan disbursals in Q2 FY23 has grown by 130% vis a vis Q2 FY22. We have added 1.6 million+ customers in H1 FY23, bringing our total customer base to 9.4 million+ as of date. We ramped up the Consumer Loans business by entering new markets in seven states. Digitisation being one of our key focus areas, we continued to adopt new technologies to offer a great customer experience. The introduction of loan approvals in just 2 minutes for the Two-Wheeler loan business has helped us gain the confidence of our channel partners’’.
As TVS Credit reports a healthy Q2, the Company expects further growth in the second half of the year owing to continuing strong credit demand along with the ongoing festive season boost.
About TVS Credit Services Limited:
TVS Credit Services Limited is a leading Non-Banking Financial Company registered with the RBI. With over 31,000 touchpoints across India, the Company aims to empower Indians to dream bigger and fulfil their aspirations. Being the number one financier for TVS Motor Limited and one of the leading tractor financiers, TVS Credit has a fast-growing footprint in Used Car Loans, Consumer Durable Loans, Used Commercial Vehicle Loans, and Business Loans segment. Powered by robust new-age technologies and data analytics, the Company has served more than 9.4 million happy customers with the help of its 17,000+ employees.