TVS Credit Services Ltd posts ₹572 cr net profit in FY24

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TVS Credit Services Ltd, a non-deposit taking non-banking financial company (NBFC) and a subsidiary of TVS Motor Company Ltd, has reported a 47 per cent rise in its profit after tax at ₹572 crore for the year ended March 31, 2024.

Total Income for FY24 was ₹5,795 crore — a 40 per cent growth compared to FY23.

For the quarter ended March 31, 2024, the company reported a 33 per cent rise in PAT at ₹148 crore when compared with the year-ago period. Total Income for the March 2024 quarter stood at ₹1,519 crore — a growth of 23 per cent.

The company’s business has expanded its portfolio to used vehicles (cars and trucks) and gold loans, among others. The company’s AUM (assets under management) stood at ₹25,900 crore in FY24 — up 26 per cent over FY23.

In FY24, the company added over 43 lakh new customers, surpassing a total customer base of 1.4 crore.