Global supply chain solutions provider TVS Supply Chain Solutions saw its consolidated net profit drop 42% to INR 10 crore in Q3FY24 down from INR 17 crore in the year ago quarter. Compared to Q2FY24 loss of nearly INR 22 crore though this quarter was an improvement. The company’s third quarter revenue from operations was at INR 2,221.8 crore down 6.4% from the INR 2,373.4 crore clocked in the year-ago quarter. Sequentially, Q3FY24 is down just 2% from the INR 2,262.9 crore clocked in Q2FY24.
EBITDA was INR 173.6 crore up from INR 168.6 crore last Q3 and flat compared to the Q2 tally of INR 175.7 crore. EBITDA margin at 7.8% remained unchanged from Q2 but was higher than Q3FY23 tally of 7.1%. Ravi Viswanathan, MD, TVS Supply Chain Solutions said, “We have been able to grow both revenues and margins in the integrated supply chain solutions business to help drive consolidated margins YoY. Our business development efforts continue to deliver results as expected and we see positive demand drivers across our geographies. We are confident of overcoming external challenges in global freight and growing our business profitably.”
Added Ravi Prakash Bhagavathula, global CFO, TVS Supply Chain Solutions, “Our financial performance for the quarter, 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 break even despite challenging external factors in one of our segments.”
The company’s board has given its approval to the draft scheme of amalgamation which provides for the merger of TVS SCS Global Freight Solutions Limited, White Data Systems Private Limited, SPC International (India) Private Limited and FLEXOL Packaging (India) Limited, which are wholly owned subsidiaries of the company, and Mahogany Logistics Services Private Limited (formerly known as DRSR Logistics Services Private Limited) with and into TVS Supply Chain Solutions Limited, the company said in a statement.
