TVS Credit Services reports 76% rise in Q4 net profit to ₹111 crore

Non-bank financing company TVS Credit Services Ltd It will emphasize enhancing customer experience, leveraging data and technology, said a senior official.

The company announced a 76 per cent increase in net profit for the quarter ended 31st March 2023, at Rs.111 crore.

For the year ended 31st March 2023, the net profit grew by 221% to INR 389 crore as compared to last year.

“We’re closing out fiscal ’23 on a good note, with significant payments growth across products.” said the CEO of the company, Ashish Sapra.

“With the customer base expanding to more than 1 crore, our focus will remain on improving customer experience, L.L.CPermanent data and technology,” He said.

The company recorded total income for the quarter ended 31st March 2023 at Rs.1,236 crore while for the year it was at Rs.4,160 crore.

Assets under management as of 31st March 2020 were INR 20,602 crore, registering a rise of 48 per cent over the previous year.

In a statement, TVS Credit said it maintained strong growth momentum in payments during fiscal ’23, primarily driven by credit demand and customized product offerings that have resonated well with customers.

She added that the company is investing in building future-ready technology and digital capabilities to deliver a seamless customer experience.

TVS Credit Services Ltd has over 31,000 points of contact across the country. The company has served nearly 10 million customers and has more than 17,000 employees, the statement said.