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TVS SCS reports Q2 loss, eyes operational enhancements
Industry News- Nov 09,23
The company's revenue from operations shrank to Rs 2,263 crore from Rs 2,681 crore, while total expenditure decreased from Rs 2,684 crore to Rs 2,277 crore.
TVS Supply Chain Solutions Ltd, also known as TVS SCS, posted a consolidated loss of Rs 22 crore in the September quarter, marking a significant decline from the Rs 38 crore profit recorded during the same period last year. The company's revenue from operations shrank to Rs 2,263 crore from Rs 2,681 crore, while total expenditure decreased from Rs 2,684 crore to Rs 2,277 crore, according to a regulatory filing by the global supply chain solutions provider.
TVS SCS operates in two main business segments: Integrated Supply Chain Solutions (ISCS) and Network Solutions (NS). During Q2, the company executed two strategic initiatives—selling the Circle Express business and divesting a partial stake in TVS Industrial & Logistics Parks. These moves were classified as exceptional items for the quarter, resulting in a net loss of Rs 3.2 crore.
Despite the challenges, the company remains optimistic about the future. Ravi Viswanathan, Managing Director, stated, "We continue to observe strong demand for supply chain solutions across various industries and regions. Our pipeline of new opportunities is robust, and we anticipate sustained growth in new business. We are confident that our global presence, diverse revenue streams, and operational excellence will drive our performance."
Ravi Prakash Bhagavathula, Global Chief Financial Officer, emphasised their focus on profitable growth and operational enhancements. He highlighted the exit from Circle Express during Q2, a move that allowed the company to concentrate on its core capabilities and improve profitability. Additionally, the funds generated from the initial public offering (IPO) were utilised to reduce borrowings, leading to a reduction in interest costs during Q2. The full benefits of these actions are expected to materialise starting Q3.
Source: The Hindu
TVS Supply Chain Solutions
TVS SCS
Integrated Supply Chain Solutions Network Solutions
Ravi Viswanathan
Ravi Prakash Bhagavathula
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TVS SCS reports Q2 loss, eyes operational enhancements
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