TVS Credit registers a net profit after tax of Rs.252 Crore for H1 FY24 with book growth of 14%

Publication: TVS Credit Date: 28 | October | 2023

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Chennai, Oct 28, 2023: TVS Credit Services Limited, one of India’s leading NBFCs, published its unaudited financial results for the quarter and half-year ended September 30, 2023, which reflect the Company’s robust growth and financial stability.

The NBFC reported a net profit after tax of Rs.252 Crore for H1 FY24. The Company’s AUM as of Sep’23 grew by 14% to Rs. 23,516 Crore as compared to Rs.20,602 Crore as of Mar’23. The Company reported a quarterly net profit after tax of Rs.134 Crore for Q2 FY24.

Q2 FY24 Results Summary:

• Total Income was Rs.1,399 Crore for the quarter, a rise of 46% as compared to Q2 FY23
• Net profit after tax for the quarter was Rs.134 Crore as compared to Rs.96 Crore in Q2 FY23, a growth of 40%

In the first half of FY24, credit demand continued to be strong aided by higher consumption and infrastructure outlay by the Government. During H1 FY24, TVS Credit’s business witnessed significant growth, led by the robust performance of Consumer Loans with a book growth of 59% compared to H1 FY23. The Company also added 20 Lakh new customers during H1 FY24, resulting in a total customer base exceeding 1.2 Crore. As part of the digital transformation initiatives, TVS Credit has also transitioned all applications onto the cloud platform, enhancing operational efficiency and performance.

With the festive season on the horizon, TVS Credit is set to unveil a range of special product schemes and exciting consumer promotions to help individuals fulfil their aspirations.

About TVS Credit Services Limited:
TVS Credit Services Limited is one of India’s fastest growing 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 1.2 Crore happy customers.

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