TVS Credit Services Limited, one of India’s fastest growing NBFCs, published its unaudited financial results for Q1 FY24 ending on June 30, 2023.
As of June 30, 2023, the Company’s Assets Under Management (AUM) amounted to Rs. 21,924 Crore, an increase of Rs. 6,528 Crore compared to June’22. This translates to a robust growth of 42% from Q1FY23. The Company’s Total Income increased by 56% year-on-year and stood at Rs. 1,353 Crore for Q1 FY24. The Net Profit After Tax also registered a very healthy growth of 41% year-on-year and amounted to Rs. 117 Crore in Q1 FY24.
In Q1 FY24, the Company’s business witnessed substantial growth in loan disbursals across its product portfolio, attributed to vehicle and consumption-led credit demand. During this period, TVS Credit added nearly 10 Lakh new customers, bringing its total customer base to over 1.1 Crore as of date. Additionally, the Company expanded its Consumer Loans business by introducing it in the North and North-East regions of the country. This quarter, it also introduced digital Personal Loans, further strengthening its digital offerings.
TVS Credit remains committed to delivering an unparalleled customer experience by harnessing the power of technology and data analytics.