TVS Supply Chain Solutions Limited, a part of TVS Mobility Group, reported a net loss of Rs 21.9 crore during Q2 FY24 as against a net profit of Rs 37.8 crore during Q2 FY23.
The company's revenues, on the other hand, stood at Rs 2,262.9 crore during Q2 FY24, as against Rs 2,680.8 crore reported in Q2 FY23.
TVS Supply Chain Solutions has two business segments: Integrated Supply Chain Solutions (ISCS) and Network Solutions (NS).
In a statement, the company stated that it undertook two strategic interventions in Q2 FY24: the sale of the Circle Express business and the 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 - Rs 3.2 crore. Profit after tax for the quarter was - Rs 21.9 crore, compared to - Rs 51.2 crore in Ql FY24.
Ravi Prakash Bhagavathula, Global CFO, TVS Supply Chain Solutions saod, “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."