TVS Supply Chain Solutions shares gain 8% after signing 5-year strategic deal with Daimler Truck

In a stock exchange notification late on Tuesday, TVS Supply Chain Solutions said that it has entered into a deal with Daimler Truck South East Asia Pte Ltd, a Daimler Truck AG company, for integrated supply chain solutions service in Singapore.

The company said that this contract solidifies TVS Supply Chain Solutions as a primary logistics partner for Daimler Truck, reinforcing the organisation’s commitment to delivering exceptional logistics services between Germany and the Asia-Pacific region.

The collaboration between TVS SCS and Daimler Truck South East Asia aims to address critical operational objectives like establishing a robust logistics solution for distributing spare parts and related items, streamlining supply chain operations in 16 countries in the Asia-Pacific region from its strategic logistics centre in Singapore, efficient management of 8,000 SKUs and 65,000 order lines annually and ensuring smooth transportation across multiple modes.

After the announcement, the TVS Supply Chain Solutions stock rose as much as 7.9% to hit an intraday high of ₹182.76 apiece on the NSE.

For the fourth quarter ended March 2024, TVS Supply Chain Solutions had reported a consolidated net profit of ₹5.4 crore compared with a net loss of ₹9.4 crore in the year-ago period. Revenue during the quarter rose 4.5% year-on-year to ₹2,426.3 crore.

For the full financial year 2023-24, TVS Supply Chain Solutions’ consolidated revenue fell to ₹9,200 crore compared with ₹9,994 crore in the year-ago period. The company recorded a net loss of ₹57.7 crore in FY24 as compared with net profit of ₹47.7 crore in FY23.

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