TVS Credit, the financial services arm of the TVS group, reported a record quarterly profit of Rs 96.24 crore in the three months to September 2022, on strong consumer demand.
The company reported revenue of $26.41 million last year.
Total income during July-September 2022-23 for the financial year 2022-23 increased by 46 percent to Rs 962.34 crore, TVS Credit said in a release on Friday.
The company’s assets under management (AUM) stood at Rs 17,448 crore as of Q2FY23, up 25 percent from last year’s Rs 13,911 crore.
Ashish Sapra, CEO, TVS Credit said: ”In H1 FY23, our business grew strongly driven by consumer sentiment coupled with a good monsoon. Tractor loan disbursements in Q2FY23 grew by 130 per cent compared to Q2 FY22.”He said the company added over 1.6 million (16 lakh) customers in April-September this financial period, making customer base has reached 9.4 million (94 lakh) so far.
Sapra said the company expects further growth in the second half of the year due to continued strong demand for credit and an increase in the duration of ongoing sales.
TVS Credit is the main financing arm of TVS Motor and is also one of the leading tractor financers. It offers used car loans, consumer durable loans, used car loans, and business loan segments.
(This story was not edited by Devdiscourse staff and was automatically generated from an aggregated feed.)