TVS Supply Chain Solutions Ltd., (TVS SCS) reported consolidated loss of ₹22 crore for the September quarter against a profit of ₹38 crore in the year earlier period.
Revenue from operations contracted to ₹2,263 crore from ₹2,681 crore. Total expenditure slid to ₹2,277 crore from ₹2,684 crore, the global supply chain solutions provider said in a regulatory filing.
TVS SCS has two business segments, Integrated Supply Chain Solutions (ISCS) and Network Solutions (NS).
The company said it undertook two strategic interventions in Q2--sale of Circle Express business and sale of a partial stake in TVS Industrial & Logistics Parks. These two were classified as exceptional items in the quarter and their net impact was a loss of ₹3.2 crore.
“We continue to see robust demand for supply chain solutions across industry sectors and geographies. Our new opportunity pipeline is strong and we expect new business to continue to deliver. We are confident that our global presence, diversified revenue base and operational excellence will drive performance,” said MD Ravi Viswanathan.
Ravi Prakash Bhagavathula, Global CFO said, “We continue to focus on profitable growth and are implementing specific actions aimed at operational improvements.”
“In Q2, we exited Circle Express, one of our businesses in the NS Segment, which will strengthen our focus on our core capabilities and also have a positive impact on profitability. We have utilised the proceeds from the IPO to reduce our borrowings as a result of which our interest costs reduced in Q2, the full benefit of which will start flowing through starting Q3,” he said.
