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TVS Credit Services Ltd, a non-banking finance company, reported a 264 percent increase in net income at ₹96 crore, a quarterly high, for the quarter ended September 30, 2022, from ₹26 million a year earlier. -last quarter, on the back of a strong increase in revenue.
Its total revenue for the September 2022 quarter grew 46 percent at Rs 962 crore.
For the half year ended September 30, 2022, its net profit stood at ₹ 180 crore. Its assets under management grew 25 percent to Rs 17,448 crore in the September quarter, from Rs 13,911 crore as of March 2022.
“In H1 FY23, our business grew strongly driven by consumer sentiment coupled with a good monsoon. Tractor loans in Q2 FY23 grew by 130 percent compared to Q2 FY22. We added over 1.6 million customers in H1 FY23, taking our customer base to 9.4 million – and today,” said Ashish Sapra, CEO of the company.
The company expanded its consumer loan business by entering new markets in seven countries. “Digitization is one of our main focus areas, we have continued to adopt new technologies to provide a great customer experience. Loan approval in just 2 minutes for two-wheelers has helped us gain confidence from our partners,” he added.
TVS Credit expects further growth in the second half of the year due to continued demand for credit and increased holiday season.
Published on November 10, 2022
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