TVS Credit Services posts ₹572-cr net profit
Sudarshan Venu, MD, TVS Holdings
goal of ₹50,000 crore in the next three years,” said Sudarshan Venu, Managing Director, TVS Holdings.
Home Credit will operate as a subsidiary of TVS Holdings, maintaining its brand identity and focussing on its unique customer segment, while benefiting from the resources and support of TVS Holdings Group, according to a statement.
“We are confident that this acquisition will help the company accelerate scale and profitability and build significant value for all stakeholders,” said TK Kurien, Managing Partner, and Chief Investment Ocer, Premji Invest.
TVS Holdings and Home Credit will seek approvals from the Competition Commission of India and the Reserve Bank of India, respectively.
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 rose 40 per cent to ₹5,795 crore.
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 assets under management stood at ₹25,900 crore in FY24 — up 26 per cent over FY23.