TVS Supply Chain Solutions Q3 Profit Sees 42% Decline to ₹10 Crore

6 Feb 2024 , 12:40 PM

Following a deficit during the previous three months, TVS Supply Chain Solutions Ltd. (TVS SCS) reported a third-quarter standalone net profit of ₹10 Crore. Nonetheless, the profit was 42% less than during the same period last year.

The worldwide supplier of supply chain solutions reported a 6% decline in operating revenue to ₹2,222 Crore in a statement.

The Integrated Supply Chain Solutions (ISCS) market category is steadily growing by double digits. The third quarter showed a 15% YoY increase in revenue to ₹1,272 Crore, but the Global Forwarding Solutions (GFS) segment continued to see sluggish volumes and tight pricing due to the global freight slowdown.

‘Despite the effects of the United Auto Workers strike in North America, our income increased. According to MD Ravi Viswanathan, ‘this growth was achieved through expansion in ongoing customer engagements and new business development.’

‘We performed well in comparison to the Q2 results, with the ISCS segment’s help.’ Everyone has suffered from GFS’s low business volume, yet we have performed remarkably well. We reached breakeven PBT in Q3. He stated, ‘The growth in Q4 will be comparable to that of Q3.

‘We are confident on overcoming external challenges in global freight and growing our business profitably,’ he stated, reiterating that their business growth efforts are continuing to provide the expected outcomes.

‘Our financial results demonstrate our unwavering commitment to operational effectiveness, which has been enhanced by the full advantages of debt reduction. Thus, we have been able to show that the company can achieve breakeven in one of our areas even in the face of difficult external variables, according to Global CFO Ravi Prakash Bhagavathula.

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