Non-banking finance company, TVS Credit Services, reported a net profit after tax of Rs 179.54 crore in H1FY23, while the company’s AUM as of September 2022 grew by 25 percent to Rs 17,448 crore as compared to Rs 13,911 crore as of March 2022. It also reported an all-time high quarterly net profit after tax of Rs 96.24 crore for Q2FY23.
Ashish Sapra, CEO, said, “In H1 FY23, our business picked up momentum largely driven by robust consumer sentiment coupled with a good monsoon. The Tractor Loan disbursals in Q2 FY23 has grown by 130% vis a vis Q2 FY22. We have added 1.6 million+ customers in H1 FY23, bringing our total customer base to 9.4 million+ as of date.”
Sapra added, “We ramped up the Consumer Loans business by entering new markets in seven states. Digitisation being one of our key focus areas, we continued to adopt new technologies to offer a great customer experience. The introduction of loan approvals in just 2 minutes for the Two-Wheeler loan business has helped us gain the confidence of our channel partners’’.
The non-bank lender said it expects growth to further in second half of the year owing to continuing strong credit demand and ongoing festive season boost.