Mr. Ravi Viswanathan, Managing Director, TVS Supply Chain Solutions Ltd |Photo Credit: Provided
Thanks to ‘other income’ of Rs 28.62 crore (previously Rs 8.29 billion), TVS Supply Chain Solutions Ltd posted a net profit of Rs 10.61 billion (consolidated) for the quarter ended September 30. (net loss was ₹). In the same period last year, it was $21.93 billion.
This was announced by a company official. business line He said that “other income” mainly consists of foreign exchange gains and interest income. Deferred tax credits, which increased by Rs 4.3 billion, also contributed to the boost in profits.
TVS Supply Chain recorded higher operating income of Rs 2,513 crore as compared to Rs 2,263 crore earlier. Ravi Viswanathan, managing director of the company, said in a press release that new business acquisitions increased revenue by Rs 280 million in the quarter.
During the quarter, the company won significant new contracts with large industrial customers in North America. This is a multi-year transformational initiative with a total contract value of over Rs 2,200 crore. This long-term transformational initiative strengthens TVS SCS’ expertise in complex assembly and automation and the value the company brings as a supply chain outsourcing partner, the release said.
In the first half of this year, the net profit amounted to Rs 18 million, while the net loss was Rs 73 million.
On NSE, the company’s share price fell by 1.75 ₹ (0.94%) to end at 183.90 ₹.
