TVS Supply Chain Q3 net slides 42% to ₹10 crore
The Hindu
CHENNAI TVS Supply Chain Solutions Ltd. reports a 42% decline in net profit, but sees growth in its ISCS segment.
TVS Supply Chain Solutions Ltd. (TVS SCS) reported third-quarter standalone net profit slid 42% year-on-year to ₹10 crore.
Revenue from operations fell 6% to ₹2,222 crore, said the global supply chain solutions provider in a statement.
The Integrated Supply Chain Solutions (ISCS) segment continues to deliver double-digit growth consistently. Q3 revenue grew by 15% YoY to ₹1,272 crore, while Global Forwarding Solutions (GFS) business saw weak volumes and pricing which continued to be in a narrow band due to global slowdown in freight.
“Our revenue grew despite the impact of the United Auto Workers strike in North America. This growth was achieved through expansion in ongoing customer engagements and new business development,” said MD Ravi Viswanathan.
“Compared with Q2 results, we have done well aided by ISCS segment. The business volume of GFS has been bad for everyone, while we have done exceedingly well. In Q3, we achieved breakeven PBT. The growth in Q4 will be similar to that of Q3,” he said.
Asserting that their business development efforts continue to deliver results as expected, he said: “We are confident on overcoming external challenges in global freight and growing our business profitably.”
“Our financial performance highlights our continued focus on operational efficiency which has been complemented with the full benefit of debt reduction. We have thus been able to demonstrate the business’ ability to achieve breakeven despite challenging external factors in one of our segments,” said Global CFO Ravi Prakash Bhagavathula.
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