Bangalore, November 05, 2022: TVS Credit Services Limited, one of India’s leading NBFCs, published its unaudited financial results for the quarter and half-year that 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 have 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. Digitization 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.