TVS Supply Chain Solutions (TVSSCS) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue grew 10% year-over-year to INR 2,445 Cr, with Network Solutions up 20.4% and ISCS up 2.3%.

• Q3 FY25 net loss was INR 23.80 crore, impacted by project delays, lower UK volumes, and discontinued operations.

• Adj. EBITDA declined 13.4% YoY in Q3 FY25, with profitability affected by project execution delays and seasonal factors.

• Robust business development contributed 10.4% of Q3 revenue; strong pipeline and new large contracts secured.

• Management remains confident in medium-term growth, supported by a strong order pipeline and operational initiatives.

Financial highlights

• Q3 FY25 revenue: INR 2,445 Cr (+10% YoY); 9MFY25 revenue: INR 7,497 Cr (+10.7% YoY).

• Q3 FY25 Adj. EBITDA: INR 150 Cr (-13.4% YoY); Q3 PAT: -INR 24 Cr; 9MFY25 PAT: -INR 6 Cr.

• Q3 FY25 EBIT loss: INR 3 Cr; Q3 PBT loss: INR 15.2 Cr.

• Other income for Q3: INR 24.6 Cr, mainly from bank deposits and forex.

• New business wins in Q3FY25 totaled INR 231 Cr; robust BD pipeline of INR 4,500 Cr.

Outlook and guidance

• Q4 revenue expected to improve sequentially; profitability to normalize after one more challenging quarter.

• Margins for Q4FY25 and Q1FY26 expected to be slightly impacted by UK project delays; recovery anticipated from Q1FY26.

• Midterm PBT margin goal of 4% reaffirmed; ISCS EBITDA margin guidance at 9.5%-10.5%, NS segment targeting 7%.

• Double-digit ISCS revenue growth expected to return in FY26 and FY27.

• Medium-term goals: PBT margin 8-11%, ROCE >20%.