TVS Credit, the financial services arm of the TVS group, has reported an all-time high quarterly net profit of Rs 96.24 crore in three months to September 2022, on strong consumer demand.
The company had reported a net profit of Rs 26.41 crore in the year-ago period.
Total income during the July-September period of 2022-23 fiscal year rose by 46 per cent to Rs 962.34 crore, TVS Credit said in a release on Friday.
The company’s asset under management (AUM) stood at Rs 17,448 crore as of Q2FY23, up by 25 per cent from a year ago’s Rs 13,911 crore.
Ashish Sapra, CEO, TVS Credit said: “In H1 FY23, our business picked up momentum largely driven by robust consumer sentiment coupled with a good monsoon. Tractor Loan disbursals in Q2FY23 has grown by 130 per cent vis a vis Q2 FY22.” He said the company added over 1.6 million (16 lakh) customers in April-September period of this fiscal, bringing the total customer base to 9.4 million (94 lakh) as of date.
Sapra said 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.
TVS Credit is number one financier for TVS Motor and also one of the leading tractor financiers. It offers used car loans, consumer durable loans, used commercial vehicle loans, and business loans segment. PTI KPM DRR
