TVS Credit Services records 20% rise in Q2 PAT at Rs 161 cr

Chennai: Leading non-banking finance company TVS Credit Services Ltd has recorded a 20 per cent rise in the profit after tax for the July-September quarter at Rs 161 crore.

The company had posted a profit after tax of Rs 134 crore during the corresponding quarter of last year.

For the six month period ending September 30, 2024 the profit after tax surged by 19 per cent to Rs 301 crore, as compared to Rs 252 crore registered in the same period of last financial year.

Total income during the quarter under review grew by 17 per cent to Rs 1,639 crore, from Rs 1,399 crore registered in the same period of last year.

For the half year ending September 30, 2024 the total income went up by 18 per ent to Rs 3,245 crore from Rs 2,748 crore registered a year ago.

As of September 30, 2024 the Assets Under Management stood at Rs 26,652 crore, a growth of 13 per cent as compared to September 30, 2023.

In a statement on Tuesday, the company said it continued to maintain its strong growth momentum in disbursements during H1 FY25, primarily driven by increase in distribution reach supported by growth in consumption and increase in penetration.

"As part of its ongoing risk management and portfolio optimisation, the company has taken proactive steps to further strengthen credit norms, ensuring sustained portfolio health amid evolving market conditions," the company said.

With the addition of over 20 lakh new customers in H1, the company has served over 1.6 crore customers till date.