TVS Supply Chain Solutions Ltd. reported consolidated fourth quarter net profit at ₹5.4 crore as compared with a net loss of ₹9.4 crore in the same period last year.
On a consolidated basis, revenue for the quarter stood at ₹2426.3 crore, up 4.5%Y-o-Y.
“The normalisation of freight rates and continuous growth in the integrated supply chain solutions (ISCS) segment have helped achieve this topline growth,” the company said in a filing with exchanges.
For the full year, the consolidated revenue was at ₹9,200 crore which was lower from ₹9,994 crore in the previous year mainly due to global trade cycle challenges in Network solutions (NS) segment which was compensated by additional business from ISCS segment.
The company during the year suffered a net loss of ₹57.7 crore as compared with net profit of ₹47.7 crore in the previous year.
Ravi Viswanathan, Managing Director, TVS Supply Chain Solutions Ltd. said, “The quarterly and annual results reflectthe consistent growth in the ISCS segment and strong resilience, despite major headwinds, in the NS segment.
“We have made considerable progress in our cross selling and customer acquisition strategy and significantly expanded our footprint within the Fortune 500 customers’ segment. Our technology led solutions are differentiating us in the marketplace as we embark on deploying AI at scale in our customer engagements across the USA, Europe and India,” he said.
He further added, “We are continuously strengthening our organization with process and technology to capitalize on growth opportunities and remain confident of our healthy business development pipeline, which will drive further growth in FY 25.”
Ravi Prakash Bhagavathula, Global CFO of TVS Supply Chain Solutions Ltd. said, “Our financial performance for Q4 FY 24 is a result of the continuous cost optimisation, digitisation and operational efficiency measures, which has driven the margin expansion by 80 bps, and realization of the full benefits of the debt reduction efforts of the Company. These measures have laid the essential foundation as we pursue our medium-termgoals.”
Published - May 27, 2024 10:17 pm IST
