Thanks to ‘other income’ of ₹28.62 crore (₹8.29 crore, previously), TVS Supply Chain Solutions Ltd was able to post a net profit of ₹ 10.61 crore (consolidated) for the quarter ended September 30, compared with net loss of ₹21.93 crore in the corresponding quarter of last year.
Sources in the company told businessline that the ‘other income’ was primarily comprised of forex gains and interest income. Deferred tax credit, which was higher by ₹4.3 crore, also helped boost profits.
TVS Supply Chain did record a higher revenue from operations--₹2,513 crore compared with ₹2,263 crore previously. The company’s Managing Director, Ravi Viswanathan, said in a press release that new business wins added ₹280 crore to the quarter’s revenue.
During the quarter, the company won a significant new contract with a large industrial customer in North America. This is a multi-year transformational engagement with total contract value in excess of ₹2,200 crore. This long-term transformational engagement reinforces TVS SCS’ specialised capabilities in complex assembly and automation and the value that we bring as a supply chain outsourcing partner, the release says.
For the first half of the year, the net profit worked out to ₹18 crore, compared with net loss of ₹73 crore.
On the NSE, the company’s share price closed at ₹183.90, down by ₹1.75 or by 0.94 per cent.