Latest News | TVS Supply Chain Solutions Reports Consolidated Q2 PAT at Rs 10.6 Crore
Get latest articles and stories on Latest News at LatestLY. TVS Supply Chain Solutions Ltd, part of the TVS Mobility Group, reported a consolidated profit after tax of Rs 10.6 crore for the July-September 2024 quarter, the company said on Tuesday.
Chennai, Nov 12 (PTI) TVS Supply Chain Solutions Ltd, part of the TVS Mobility Group, reported a consolidated profit after tax of Rs 10.6 crore for the July-September 2024 quarter, the company said on Tuesday.
The city-based company had posted a net loss of Rs 21.9 crore during the same quarter of the previous financial year.
For the six-month period ending September 30, 2024, the profit after tax stood at Rs 18.1 crore, compared to a net loss of Rs 73.1 crore in the corresponding period of the previous year.
Commenting on the financial performance, managing director Ravi Viswanathan said, "Q2 results demonstrate our ability to sustain growth momentum in both revenue and profit, amid ongoing macroeconomic challenges. New business wins have contributed Rs 280 crore to revenue for the quarter."
"Our global account management strategy has helped us close large deals, which gives us confidence in sustaining growth momentum. Overall, the results reflect our resilience in navigating a complex environment, and we remain confident about our profitable growth in the coming quarters," he added.
The consolidated revenue from operations for the quarter increased to Rs 2,512.9 crore, compared to Rs 2,262.9 crore in the same period of the previous year.
For the half-year period ending September 30, 2024, revenue from operations rose to Rs 5,052.3 crore, up from Rs 4,551.8 crore in the same period last year.
"Our Q2 results reflect sustained revenue growth, along with continued improvement in profitability, driven by our focus on operational efficiency and cost management," said Global CFO Ravi Prakash Bhagavathula.
"Our ability to fund growth through internal resources has enabled us to effectively manage borrowings, driving profit before tax (PBT)," he added.
During the quarter, the company's Integrated Supply Chain Solutions (ISCS) segment saw a marginal expansion of 90 basis points year-on-year, due to continued focus on operational efficiency and a disciplined approach to cost management.
Revenue from the ISCS segment grew to Rs 1,348.5 crore during the quarter, compared to Rs 1,269.5 crore in the same quarter of the previous year.
The Network Solutions (NS) segment reported revenue of Rs 1,164.4 crore during the July-September 2024 quarter, compared to Rs 993.4 crore in the year-ago period.
"This segment has shown sequential revenue growth for four consecutive quarters since the third quarter of the previous financial year," the company added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)