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TVS Credit Services has posted a 76 per cent rise in net profit at Rs 111 crore in the fourth quarter of FY23, compared to the same period in 2021-22.
The non-banking financial company (NBFC) reported a total income of Rs 1,236 crore during the period under review, up 60 per cent from the previous financial year ended in March 2022. The company saw a 221 per cent rise in net profit during FY23 at Rs 389 crore, compared to FY22.
“We are closing FY23 on a strong note, with significant growth witnessed in disbursements across the products. With an expanding customer base of over 10 million, our emphasis will remain on enhancing the customer experience, leveraging data and technology,” said Ashish Sapra, chief executive officer of TVS Credit.
In FY23, the company’s total income saw a 51 per cent rise at Rs 4,160 crore. “The Company continued to maintain its strong growth momentum in disbursements during FY23, primarily driven by credit demand and customised product offerings that have resonated well with the customers. The Company has been investing in building future-ready technology and digital capabilities to deliver a seamless customer experience and will continue to do so,” said TVS Credit Services in a statement.
The company’s assets under management (AUM) was seen at Rs 20,602 crore in FY23, up 48 per cent compared to March 2022.
