TVS Credit records 40% growth in Q2 net profit at Rs 134 crore

Non-banking finance company TVS Credit Services Ltd has posted a profit after tax for the July-September quarter at Rs 134 crore up by 40 per cent. The company had registered a net profit at Rs 96 crore during the corresponding quarter of the last financial year. For the six-month period ended September 30, 2023, the net profit stood at Rs 252 crore, the company said on Sunday.

The assets under management as of September 2023 grew to Rs 23,516 crore from Rs 20,602 crore registered in the same period of last year. Total income during the quarter under review was Rs 1,399 crore. In a statement, the city-based company said the credit demand continued to remain strong aided by higher consumption and infrastructure outlay by the government.

During the half year ended September 30, 2023, the business witnessed significant growth, led by the robust performance of consumer loans, it said. With the addition of 20 lakh new customers during the six-month period ended September 30, 2023, the total consumer base of the company exceeded 1.2 crore. "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," the statement added.