TVS Supply Chain Solutions June quarter net loss narrows to ₹63 lakh from ₹20 crore
The Hindu
TVS SCS acquires 3 overseas subsidiaries for ₹450 cr, Q1 FY24 net loss narrows to ₹63 lakh. Revenue rises 17% to ₹501 cr due to strong growth momentum. MD Ravi Viswanathan cites increasing outsourcing of supply chain activities. Global CFO Ravi Prakash Bhagavathula cites one-time exceptional expense.
TVS Supply Chain Solutions Ltd. (TVS SCS) standalone net loss for the quarter ended June narrowed down to ₹63 lakh from ₹20 crore, while revenue from operations rose by 17% to ₹501 crore driven by strong growth momentum.
“We are witnessing a trend of increasing outsourcing of supply chain activities across industries that are resulting in expansion of existing engagements and a strong pipeline of new opportunities,” said MD Ravi Viswanathan.
“Q1 FY24 showcased the inherent strengths in our portfolio and business mix. Overall profitability showed a decline because of higher interest cost and a one-time exceptional expense,” said Global CFO Ravi Prakash Bhagavathula.
Meanwhile, the company has decided to acquire the equity shares of three of its wholly owned overseas subsidiaries for a total cash consideration of ₹450 crore.
Post the acquisition of TVS Logistics Investments UK Ltd., TVS Logistics Investments Inc. USA, and TVS Supply Chain Solutions Pte. Ltd, Singapore, TVS SCS will have 100% control. The transactions are expected to be completed by November 30, it said in a regulatory filing.
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