TVS Supply Chain Solutions’s consolidated net loss widens to Rs 65.3 crore in Q1FY24
Shares of TVS Supply Chain Solutions slumped 6% in morning trade on September 12 after the company’s consolidated net loss widened to Rs 65.3 crore during the first quarter of the current financial year.
The company had posted a net loss of Rs 1.8 crore in the year-ago period, and a loss of Rs 12.34 crore in the preceding quarter ended March 2023.
The company’s revenue from operations during the quarter came in at Rs 2,342.4 crore, down 12.4% from Rs 2,675.5 crore during the first quarter of FY23.
The company’s Integrated Supply Chain Solutions (ISCS) segment revenue was Rs 1,318.9 crore, up 20.1% year-on-year. ISCS segment revenue grew in all geographies (India, Europe, North America) both sequentially and year-on-year.
The company’s Network Solutions segment revenue was Rs 1,023.5 crore, down 20.4% year-on-year. The decline was due to the temporary closure of certain facilities in India due to the COVID-19 pandemic.
The company’s expenses during the quarter increased by 11.2% to Rs 2,954.7 crore. The increase in expenses was mainly due to higher employee costs and transportation costs.
The company’s board of directors has recommended a dividend of Rs 0.25 per share for the first quarter of FY24.
Analysts say that the widening of the company’s net loss was due to the temporary closure of certain facilities in India due to the COVID-19 pandemic. They expect the company’s performance to improve in the coming quarters as the pandemic situation improves.
TVS Supply Chain Solutions is a leading integrated supply chain solutions provider. The company has a strong presence in India, Europe, and North America. The company is well-positioned to benefit from the increasing outsourcing of supply chain activities.
The company’s management is confident of achieving its growth targets in the coming years. The company is targeting revenue of Rs 10,000 crore by FY26.
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