TVS Credit grows their Assets Under Management (AUM) to Rs.20,602 Cr in FY23

Mumbai, May 04, 2023: TVS Credit Services Limited, one of India’s leading NBFCs, published its audited financial results for the fourth quarter and year ended March 31, 2023.

The NBFC reported a Total Income of Rs.1,236 Cr and Net Profit After Tax of Rs.111 Cr for the quarter ended March 31, 2023, a growth of 60% and 76%, respectively from the corresponding quarter last year.

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.

FY23 Results Summary:

· AUM stood at Rs.20,602 Cr as of Mar’23, a 48% growth from Mar’22

· Total Income for FY23 was Rs.4,160 Cr, a rise of 51% from the previous year

· Profit Before Tax for FY23 stood at Rs.511 Cr, an increase of 238% from the previous year

· Net Profit After Tax was Rs.389 Cr for the year ended Mar’23, a growth of 221% from the previous year

Commenting on the performance, Mr. Ashish Sapra, CEO, said, “We are closing FY23 on a strong note, with significant growth witnessed in disbursements across the products. With an expanding customer base of over 1 Crore, our emphasis will remain on enhancing the customer experience, leveraging data and technology.”

With its easy EMI financing options available across platforms, the Company is fulfilling the aspirations of growing India.