TVS Credit Q3 results: Net profit at Rs 172 crore

TVS Credit Services Ltd has reported a net profit of Rs 172 crore for the October-December 2023 quarter, the company said on Wednesday.

The leading non-banking finance company had reported a net profit of Rs 98 crore during the corresponding quarter of last financial year.

Net profit after tax for the nine-month period ending December 31, 2023, surged to Rs 424 crore, as against Rs 278 crore registered in the same period last year. Total income during the quarter under review grew to Rs 1,527 crore, from Rs 1,092 crore registered during the same period of last year.

In a press release, TVS Credit Services Ltd said that during the quarter under review, 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 and retail loans," the release said. During the quarter, the company added nearly 14 lakh new customers.

The Assets Under Management (AUM) stood at Rs 25,315 crore as of December 2023, compared to Rs 19,541 crore registered as of December 2022, the release added.