The NBFC's Net Profit grows by 53% to Rs.424 Crore for the nine months ended Dec'23
FinTech BizNews Service
Mumbai, January 24, 2024: TVS Credit Services Limited, one of India’s leading NBFCs, published its unaudited financial results, for the quarter ended and nine months ended Dec 31, 2023.
The NBFC reported a net profit after tax of Rs.424 Crore for the nine months ended Dec 31, 2023. The Company’s AUM registered a Y-o-Y growth of 30% as of Dec’23 compared to Dec’22.
Highlights:
1.AUM stood at Rs.25,315 Crore as of Dec’23, compared to Rs.19,541 Crore as of Dec’22
2.Total Income was Rs.4,276 Crore for the nine months ended Dec’23, a rise of 47% as compared to the corresponding period of previous year
3.Net Profit After Tax for the nine months ended Dec’23 was Rs.424 Crore as compared to Rs.278 Crore for the corresponding period of previous year.
In Q3 FY24, credit demand remained robust, driven by festive fervour, increased consumption and attractive consumer offers. During Q3 FY24, TVS Credit witnessed substantial growth, particularly in Consumer Loans & Retail Loans. Additionally, the Company also added nearly 14 Lakh new customers in the quarter ended Dec’23, surpassing a total customer base of 1.3 Crore.
TVS Credit remains resolute in its commitment to digital transformation, continuously enhancing customer experience and operational efficiency.
About TVS Credit Services Limited:
TVS Credit Services Limited is one of India’s leading and diversified Non-Banking Financial Company registered with the RBI. With over 40,000 touchpoints across India, the Company aims to empower Indians to dream bigger and fulfil their aspirations. Being the number one financier for TVS Motor Company 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 Unsecured Loans segment. Powered by robust new-age technologies and data analytics, the Company has served over 1.3 Crore happy customers.
