TVS Credit posts 33.43% rise in Q4 PAT at Rs 148.29 cr

Chennai: TVS Credit Services Ltd has reported a 33.43 per cent rise in its standalone net profit for the January-March 2024 quarter at Rs 148.29 crore, on account of an increase in demand.

The city-based non-banking financial company had registered a standalone net profit of Rs 111.13 crore, during the corresponding quarter last year.

For the financial year ending March 31, 2024, the net profit of the company surged to Rs 571.83 crore, from Rs 388.68 crore a year ago. The standalone total revenue from operations grew to Rs 1,517.50 crore, from Rs 1,234.60 crore in the same period last year.

For the financial year ending March 31, 2024, the standalone total income rose to Rs 5,789.57 crore, as against Rs 4,147 crore last financial year.

In a statement, the company said it continued to maintain a strong growth momentum in disbursements during FY24, primarily driven by an increase in credit demand, augmented by growth in consumption and increased distribution reach.

The company's total Assets under Management (AUM) stood at Rs 25,900 crore in FY24.

During the year ending March 31, 2024, the company added over 43 lakh new customers, taking the overall customer base to over 1.40 crore, the statement added.