TVS Credit reports 22.43% rise in Q4 PAT at ₹148.29 crore

TVS Credit Services Ltd has reported a 33.43% rise in its standalone net profit for the January-March 2024 quarter at ₹148.29 crore, on account of an increase in demand.

The city-based non-banking financial company had registered a standalone net profit of ₹111.13 crore, during the corresponding quarter last year. For the financial year ending March 31, 2024, the net profit of the company surged to ₹571.83 crore, from ₹388.68 crore a year ago. The standalone total revenue from operations grew to ₹1,517.50 crore, from ₹1,234.60 crore in the same period last year.

For the financial year ending March 31, 2024, the standalone total income rose to ₹5,789.57 crore, as against ₹4,147 crore last financial year. In a statement, the company said it continued to maintain a strong growth momentum in disbursements during FY24, primarily driven by an increase in credit demand, augmented by growth in consumption and increased distribution reach.

The company's total Assets under Management (AUM) stood at ₹25,900 crore in FY24. During the year ending March 31, 2024, the company added over 43 lakh new customers, taking the overall customer base to over 1.40 crore, the statement added.

About TVS Credit Services:

TVS Credit, an NBFC part of the TVS Group, offers loans for vehicles, equipment, and MSMEs across India. With a presence in over 4,000 locations, it serves a customer base of over 4.4 million. Established as the primary financier for TVS Motors, it has grown to encompass a diverse range of financing options.