Paisalo Digital signs MoU with TVS Motor to finance ICE & EV three-wheelers business

Leading non-banking financial company Paisalo Digital Limited has tied up TVS Motor Company Limited to finance their three-wheeler ICE & EV (Internal Combustion Engine & Electric Vehicle).

In a regulatory filing, the Agra-based company said this partnership aims to cater to our customers more efficiently by providing them with available-affordable-aware financing alternatives in the three-wheeler market.

At 10.10 am, shares of Paisalo Digital were trading at Rs 67.84, up by 6.33 per cent. While TVS Motor Company shares were trading at Rs 1,379.15, up by 0.69 per cent.

On Tuesday, TVS Motor Company reported a 4 per cent increase in total sales at 3,25,977 units in July. The company had posted a total sales of 3,14,639 units in the same month last year, TVS Motor Company said in a statement.

Total two-wheelers sales were up 4 percent at 3,12,307 units last month, as against sales of 2,99,658 units in July 2022, it added. Domestic two-wheeler registered a growth of 17 per cent last month with sales increasing from 2,01,942 units in July 2022 to 2,35,230 units in July 2023, the company said.

Last week, Paisalo Digital announced that its net Sales touched Rs 121.74 crore in the June 2023 quarter up 19.43 per cent from Rs. 101.93 crore a year ago.

Its quarterly Net Profit was at Rs 37.80 crore in June 2023, up 83.02 per cent from Rs. 20.66 crore in June 2022. EBITDA stands at Rs. 103.24 crore in June 2023, up 45.94 per cent from Rs. 70.74 crore from a year ago period.

Paisalo Digital EPS has decreased to Rs. 0.84 in June 2023 from Rs. 4.70 in June 2022.

Earlier this year, Paisalo Digital signed a co-lending loan agreement with Karnataka Bank to meet the funding requirements of priority segments such as agriculture, retail, MSME, and women entrepreneurs.

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