TVS Credit posts 75% rise in Q3; net profit rises to Rs 97.97 crore

TVS Credit Services, a leading non-banking finance company, has posted a 75 per cent rise in net profit during the third quarter of the financial year 2022-23 to Rs 97.97 crore as compared to Rs 55.88 crore during the October to December quarter of 2021-22.

The company’s total income for the quarter under review was also up by 51 per cent to Rs 1,094.13 crore, as against Rs 723.6 crore during the third quarter of the previous financial year. The company’s AUM was seen at Rs 19,541 crore as of December 2022, a 53 per cent growth over December 2021.  

The NBFC reported a net profit after tax of Rs.278 crore for the nine months ended December 31, 2022.  Total Income was Rs 2,925 crore for the nine months ended December 2022, a rise of 47 per cent as compared to the corresponding period of previous year

Commenting on the performance, Ashish Sapra, chief executive officer, said, “In Q3 FY23, our business has witnessed a growth in loan disbursements owing to strong momentum across products. This fiscal we have added over 2 million customers till date, bringing our total customer base to nearly 10 million. We will continue to provide enhanced customer experience and expand our footprint in newer markets.”