Tiger Logistics (India) Ltd Management Discussions

EXECUTIVE SUMMARY

FY 2024-25 was a year of strategic expansion, operational resilience, and market diversification for Tiger Logistics. Amidst a dynamic global environment marked by geopolitical tensions, trade route disruptions, and shifting sourcing strategies, India continued to emerge as a global manufacturing and supply chain hub. Tiger Logistics successfully aligned itself with these macro trends, delivering value through agility, on-ground excellence, deep sectoral expertise, and its global network.

We strengthened our presence across high-growth sectors such as renewable energy, electronics, auto components, and pharmaceuticals. We also expanded our import logistics footprint, particularly from China and Southeast Asia, leveraging our cost leadership and multimodal capabilities. As part of our horizontal growth strategy, we forayed into the B2B LCL segment through CUBOX, addressing Indias consolidation needs and building collaborative models with other freight forwarders.

Indias economy remained resilient despite global headwinds, with GDP projected to grow at 7.1% in FY25 (Source: Economic Survey 2025), outperforming most major economies. This growth was fueled by government-led infrastructure spending, strong domestic consumption, and a robust manufacturing rebound underthe “Make in India” and Production-Linked Incentive (PLI) schemes.

Indias merchandise exports stood at US$ 437.42 billion, led by electronics, pharmaceuticals, engineering goods, and chemicals. Export volumes to Africa, Latin America, and Southeast Asia witnessed significant growth, reflecting successful diversification.

At the same time, importsfrom China remained strong, having grown fourfold overthe past decade. China continues to be Indias second-largest trading partner, with bilateral trade crossing USD 120 billion and accounting for 15.06% of Indias total imports, particularly in sectors like electronics, machinery, solar modules, and chemicals.

The global logistics industry was valued at USD 9.8 trillion in 2024, with projected growth at a CAGR of 6.4% through 2032. However, FY25 saw heightened volatility:

Red Sea Crisis & Port Disruptions: Suez route instability increased transit times by 10-15 days and spiked shipping costs, forcing major carriers to reroute via the Cape of Good Hope.

• Panama Canal Drought: Impacted trans-Pacific trade flows and container equipment availability.

• Friendshoring & Nearshoring: The shift away from China intensified, with India, Vietnam, and Mexico benefiting.

Shipping Alliance Realignment: Carrier restructurings affected capacity, rates, and schedule reliability.

Tiger Logistics remained proactive by leveraging flexible routing, dynamic carrier partnerships, and real-time visibility to ensure minimal service disruption.

• Green Logistics & ESG: Sustainability has become a competitive edge. The IMOs net-zero goal and increasing ESG mandates have made decarbonization a priority.

• Digitisation & Al: Real-time cargo tracking, control towers, loT-based inventory monitoring, and automation improved efficiency and customer experience.

Risk Mitigation: Clients now expect logistics partners to act as real-time crisis navigators?with visibility tools, alternate sourcing strategies, and contingency planning.

TiGreen is set to benefit from Indias 500 GW renewable energy goal by 2030. Tiger plays a key role in enabling time-sensitive, project-critical logistics for solar EPC players.

Demand for warehousing, fulfillment logistics, and last-mile LCL consolidation is rising, creating a natural play for Tigers CU BOX initiative.

Electronics, EVs, white goods, and semiconductors are opening new EXIM corridors for Tiger to serve as a sectoral logistics partner.

Africa and LATAM continue to show strong demand for Indian exports (auto, tyres, machinery). Tigers growing foothold supports this expansion.

From Al-powered route planning to predictive cargo movement analytics, Tigers investments in tech are boosting service predictability and client retention.

The Indian freight forwarding sector faced sharp volatility in FY24, shaped by a mix of global disruptions and domestic consumption shifts.

The second half of FY24 saw heightened operational complexity due to the Red Sea crisis. Rerouting of vessels led to:

• Freight cost increases of up to 400% on certain routes

• Equipment shortages and port congestion at transshipment hubs

Working capital strain for exporters due to delivery delays

Freight forwarders had to respond with agility, contingency planning, and transparent communication.

Despite short-term shocks, long-term enablers continued to support the sector:

• The National Logistics Policy and PM Cati Shakti improved coordination across modes

• Digital adoption surged, including e-documentation, Al-enabled scheduling, and cargo visibility tools

Private sector investment in logistics parks and multi-modal facilities gained momentum

The sector is expected to gradually stabilize with:

• Normalized global freight rates

• Recovery in rural and industrial consumption

• Continued policy support for infrastructure and ease of doing business

However, risks remain elevated?geopolitical tensions, oil price volatility, and global demand moderation will keep resilience and digital preparedness at the core of logistics operations.

Tiger Logistics remains well-positioned with its multimodal readiness, sectoral diversification, and commitment to technology-led service delivery.

Tiger Logistics has robust internal controls, SOPs, and audit mechanisms in place to ensure compliance, asset security, and financial integrity. Continuous improvements through digital workflows and real-time dashboards enhance visibility and governance.

Segment-wise results are detailed in the Notes to Accounts. Key highlights:

•Strong performance in project and renewable energy logistics •Continued growth in electronics and chemical cargo volumes •Uptick in multimodal imports and value-added services

As detailed in the Directors Report, Tiger Logistics delivered sound financial and operational performance despite global headwinds. Our focus on corridor expansion, sector specialization, and digital transformation continues to drive long-term value.

Your company has laid emphasis on improving the skills of its human resources towards achieving better performance & improving quality. Your Company has always emphasized on the principle that Human Resources are the best Assets for Organization. Thus, we keep on investing in them through modern training and seminars and various performance appraisal programs.