TVS Credit Services Ltd, a non-banking finance company that provides loans mainly for two-wheelers and used cars, reported a 40 per cent increase in its net profit at ₹134 crore for the quarter ended September 30, when compared with ₹96 crore in the year-ago quarter.
The total income grew 46 per cent to ₹1,399 crore in Q2 of this fiscal.
For the half year ended September 30, the company has reported a net profit of ₹252 crore when compared with ₹180 crore in the year-ago period.
The Company’s AUM (asset under management) grew by 14 per cent to ₹23,516 crore as of September 2023 from ₹20,602 crore as of March 2023. Its AUM stood at ₹17,448 crore as of September 2022.
During H1 of this fiscal, TVS Credit’s business witnessed significant growth, led by the robust performance of consumer loans with a book growth of 59 per cent compared to H1 FY23. The Company also added 20 Lakh new customers during H1 FY24, resulting in a total customer base exceeding 1.2 crore, said a company statement.