TVS Credit Services Limited, a leading NBFC in India, has recently disclosed its unaudited financial results for the first quarter of FY24, concluding on June 30, 2023.
During this period, the company’s Assets Under Management (AUM) reached an impressive Rs. 21,924 Crore, marking a significant increase of Rs. 6,528 Crore from the previous year’s June figures. This remarkable growth represents a substantial 42% rise from Q1FY23. Additionally, the Total Income for Q1 FY24 surged by 56% year-on-year, reaching Rs. 1,353 Crore. Moreover, the Net Profit After Tax showcased a healthy upswing of 41% year-on-year, settling at Rs. 117 Crore during the same quarter.
The quarter saw TVS Credit Services experiencing substantial growth in loan disbursals across its diverse product portfolio. This growth was largely fueled by an increased demand for vehicle and consumption-led credit. The company successfully added nearly 10 Lakh new customers in Q1 FY24, further strengthening its market presence. As of the report date, the total customer base of TVS Credit has surpassed 1.1 Crore.
In addition to expanding its reach in the vehicle and consumption loan segments, the company also ventured into the North and North-East regions of India with its Consumer Loans business. Furthermore, this quarter saw the introduction of digital Personal Loans, enhancing the company’s digital offerings and customer-centric approach.
TVS Credit Services maintains a strong commitment to delivering exceptional customer experiences through the strategic implementation of technology and data analytics. By leveraging these tools, the company aims to further enhance its services and ensure customer satisfaction remains at the forefront of its operations.