Your Board of Directors ("the Board") of TVS Supply Chain Solutions Limited ("TVS SCS"/ "Company") is pleased to present the Twentieth Annual Report together with audited accounts for the year ended March 31, 2024 ("FY24" or "during the year").
FINANCIAL RESULTS
Key highlights of the financial results of your Company for FY24 are as under:
( in Crores)
BUSINESS PERFORMANCE
State of Affairs of the Company/ Business
Operations
TVS Supply Chain Solutions is India's largest supply chain solutions provider. We are specialists in transforming supply chains through effective use of technology to deliver improved efficiencies.
We pioneered the development of the supply chain solutions market in India. For close to two decades, we have managed large and complex supply chains across multiple industries in India and select global markets through customised tech-enabled solutions.
Our solutions encompassing the entire value chain from sourcing to consumption fall under two segments: Integrated Supply Chain Solutions ("ISCS") and Network Solutions ("NS"). We have consolidated our leadership position in India and expanded our geographical presence, capability expertise, and customer relationships.
For FY24, total income was 9,254.83 crores compared to 10,070.01 crores in FY23. During the year, the business saw substantial growth in revenues from ISCS segment. But this was offset by decline in freight rates and geo-political tensions that impacted the NS segment thus, resulting in a decline in consolidated revenue. Your Company's focus on business development continues to deliver strong results. Your Company added 880 crores additional revenue from the business development in FY24. The number of Fortune 500 customers serviced by your Company has grown to 78 as at FY24 compared to 72 in FY23, reflecting the steady growth of marquee customers of the Company.
Adjusted EBITDA grew to 710.14 crores, marking a YoY growth of 25.02 crores despite the decline in revenue.
The Company returned to profitability in Q3 through sustained growth in the ISCS segment. The NS segment demonstrated stability and reversed the declining trend in revenue with growth in Q4. Your Company has utilised proceeds from the Pre-IPO, IPO and internal accruals to reduce total borrowings on a consolidated basis, from 1697.31 crores (excluding compulsorily convertible preference shares of 292.30 crores) as of March 31, 2023 to 793.94 crores as of March 31, 2024.
Integrated Supply Chain Solutions
( in crores)
The ISCS segment exhibited exceptional growth, marked by double-digit growth in both revenue and adjusted EBITDA for FY24. Segmental revenue from operations for the fiscal year reached 5239.96 crores, reflecting a robust 14.39% year-over-year growth with adjusted EBITDA of 536.21 crores for FY24, demonstrating an impressive 31.39% increase year-on-year. The adjusted EBITDA margins also expanded by 130 bps YoY. This strong performance is underpinned by several key drivers, including consistent business development, increased wallet share from existing customers, effective cost management, operational efficiency and leveraging of digital initiatives. ISCS segment revenue has achieved remarkable growth between FY21 and FY24, with a CAGR of 17.82% and has outperformed the GDP growth in the markets in which your Company operates. This growth is a testament to your Company's strategic focus and resilience in a competitive environment.
Network Solutions (NS)
In the NS segment, your Company has taken specific measures to drive operational efficiencies through better procurement and cost management. This has helped to navigate external challenges on account of falling freight rates and geopolitical tensions in FY24.
The positive impact of these initiatives is expected to become more visible in the coming quarters.
Looking ahead, your Company remains committed to its growth trajectory and leveraging its strengths to capitalise on emerging opportunities in the market. The continued focus on innovation, process improvement, and technology integration shall enable your Company to deliver superior value to the stakeholders and maintain its competitive edge in the industry.
Material Developments
Initial Public Offer
During the year under review, your Company successfully completed its Initial Public Offer ("IPO"). The public issue consisted of a fresh issue of 3,04,56,852 equity shares and an offer for sale of 1,42,13,198 equity shares, at a price of 197 per share (face value of 1 and a premium of 196). Equity shares of the Company were listed in National Stock Exchange of India Limited and BSE Limited with effect from August 23, 2023.
The IPO opened on August 10, 2023 and closed on August 14, 2023 and was subscribed 2.78 times the offer size, with retail portion being subscribed 7.61 times. Several noteworthy investors subscribed to the issue, reflecting their confidence in TVS brand and legacy. The Board wishes to place on record their gratitude for the trust, faith and confidence reposed by the institutional investors, public, and other shareholders in the Company in making the IPO successful. The Board would also like to place on record their deep appreciation for the significant contribution and sincere efforts made in the IPO process by all the agencies associated with the IPO, including book running lead managers, syndicate members, legal counsels, registrar to the offer, advertising agency, monitoring agency, Registrar of Companies - Chennai, stock exchanges and, management team and employees of the Company.
Subsidiary, Associates and Joint Ventures
As of March 31, 2024, your Company had sixty-five (65) subsidiaries (including step down subsidiaries) and one (1) joint venture within the meaning of the Companies Act 2013.
TVS SCS Global Freight Solutions Limited ("GFS India"), RICO Logistics Limited (UK), TVS Supply Chain Solutions Limited (UK), TVS Supply Chain Solutions North America Inc. USA and TVS SCS Singapore Pte. Ltd. are material unlisted subsidiaries of the Company pursuant to provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"). The policy for determining material subsidiaries is hosted on the website of the Company at https://www.tvsscs.com/policy-for-determination-of-material-subsidiary/.
During the year, two step down dormant global subsidiaries namely, Transtar International Freight (Shanghai) Ltd., TVS SCS International Freight Singapore Pte. Ltd., were closed as per provisions under local statutes. Further, Company's wholly owned subsidiary, RICO Logistics Ltd., UK sold 100 % of its holding in its subsidiary, Circle Express Ltd.
During the year, the Board of TVS SCS approved the scheme of merger by amalgamation of TVS SCS Global Freight Solutions Limited, FLEXOL Packaging (India) Limited, White Data Systems India Private Limited and SPC International (India) Private Limited (collectively wholly owned subsidiaries of TVS SCS) and Mahogany Logistics Services Private Limited with TVS SCS, subject to the receipt of approvals from statutory and regulatory authorities. The scheme of merger is under progress and the updates on the same would be intimated to the stock exchanges, as required under the SEBI Listing Regulations. The above two initiatives are in line with the Company's long- term objective of simplifying its operating structure.
The Report on the performance and financial position of the subsidiaries and joint venture is provided in the Notes to the Consolidated Financial Statements. Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 ("Act"), read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the Financial Statements of the Company's subsidiaries and joint venture in Form AOC-1, is annexed as Annexure - A to the Report.
Pursuant to the provisions of Section 136 of the Act, the Standalone Financial Statements of the Company, Consolidated Financial Statements along with relevant documents and separate audited financial statements with respect to the subsidiaries and joint venture are available on the website of the Company at https://www.tvsscs.com/investor-relations/. The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary companies and joint venture.
The details of investments made in various subsidiaries and Joint Venture are provided as part of the Financial Statements for FY24.
CHANGES IN CAPITAL STRUCTURE
The paid-up share capital of the Company as on March 31, 2024 was 44,06,82,420 Crores, comprising of 44,02,08,910 equity shares of face value of 1 each, 16,00,000 equity shares of 1 each forfeited at 0.2 each and 15,351 non-convertible redeemable preference shares of face value of 10 each During the financial year, the Company has:
A. allotted 3,72,04,420 equity shares of 1 each to identified investors on preferential /private placement basis.
B. allotted 304,56,852 equity shares of 1 each, as fresh issue as part of IPO.
C. allotted 86,08,718 fully paid-up equity shares of 1 each, pursuant to the employee stock option plans of the Company.
DIVIDEND DISTRIBUTION POLICY
Your Company has formulated a Dividend Distribution Policy, with an objective to provide the dividend distribution framework to the stakeholders of the Company. The policy sets out various internal and external factors, which shall be considered by the Board in determining the dividend pay-out. The policy is available on the website of the Company at https://www.tvsscs.com/dividend-declaration/.
DIVIDEND
Your Directors have decided not to recommend any dividend for the financial year ended March 31, 2024, in view of reported financial loss.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND ("IEPF")
During the year under review, there was no unpaid/ unclaimed dividend to be transferred to IEPF Account.
TRANSFER TO RESERVES
Your Company has not transferred any amount to the reserves for FY24.
PUBLIC DEPOSITS
Your Company has not accepted any deposit within the meaning of provisions of Chapter V of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014 for the year ended March 31, 2024.
MATERIAL CHANGES AND COMMITMENTS
There have been no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year of the Company to which the financial statements related to and date of this Report.
CORPORATE GOVERNANCE
Your Company believes in adopting best practices of corporate governance and adhere to corporate governance guidelines as laid out in SEBI Listing Regulations. Corporate Governance to the Company is about promoting fairness, transparency and accountability in the management and decision-making processes. It is the foundation for building trust with shareholders and stakeholders. The Corporate Governance Report of the Company for the FY24 forms part of the Annual Report.
A certificate from Practicing Company Secretary affirming the compliance of Corporate Governance norms as required under SEBI Listing Regulations is annexed to the Corporate Governance Report. The Managing Director and Chief Financial Officer certification of the financial statements for the FY24 and the declaration by the Managing Director regarding compliance to Code of Conduct pursuant to SEBI Listing Regulations are annexed to Corporate Governance Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Directors
The Board at its meeting held on August 29, 2023, based on the recommendation of the Nomination and Remuneration Committee, appointed Sri. K Ananth Krishnan and Sri. Narayan K Seshadri as Independent Directors of the Company for a period of 5 years with effect from August 29, 2023 and the shareholders approved the special resolutions in respect of their appointment through Postal Ballot on November 24, 2023.
Consequent to expiration of term as Independent Director, Sri. S Mahalingam, stepped down as Chairman with effect from August 29, 2023. The Board, based on the recommendation of the Nomination and Remuneration Committee, appointed Sri. R Dinesh, as Executive Chairman with effect from August 29, 2023.
Sri. S Ravichandran, resigned as a Director of the Company with effect from August 29, 2023. The Board expresses its appreciation of the valuable contributions made by Sri. S Mahalingam and Sri. S Ravichandran during their tenure of office as Directors of the Company.
Ms. Shobhana Ramachandhran and Sri. Ashish Kaushik, Non-Executive Directors, retire by rotation at the forthcoming Annual General Meeting ("AGM") and being eligible, offer themselves for re-appointment. The resolutions seeking approval of the members for their re-appointment has been incorporated in the Notice convening the AGM of the Company along with brief details about them.
Key Managerial Personnel ("KMP")
The Key Managerial Personnel of the Company for the purpose of the Act are:
There are no changes in the composition of KMP for FY24.
The remuneration and other details of these KMP for FY24 are provided in the Annual Return which is available on the website of the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of the Act, the Board to the best of their knowledge and ability, confirm that:
a) in the preparation of the annual financial statements for the year ended March 31, 2024, the applicable accounting standards had been followed;
b) they had in consultation with Statutory Auditors, selected the accounting policies and applied them consistently and made judgements and estimates that are reasonably prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2024 and of the profit of the Company for the financial year ended March 31, 2024;
c) proper and enough care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the annual financial statements have been prepared on a going concern basis;
e) proper internal financial controls were followed by the Company and that such internal financial controls are adequate and were operating effectively during the financial year ended March 31, 2024;
f) proper systems have been devised to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively during the financial year ended March 31, 2024.
BOARD / COMMITTEES
During FY24, eight (8) board meetings were held. The details of composition of the Board and its Committees, terms of reference of the Committees and the details of meetings held during the financial year are furnished in the Corporate Governance Report, which forms part of the Annual Report.
INDEPENDENT DIRECTORS
The Company has received declarations from the Independent Directors of the Company confirming that they meet the criteria of independence prescribed under the Section 149(6) of the Act and Regulation 16(1)
(b) of SEBI Listing Regulations.
Senior management personnel of the Company, interacted with directors from time to time to enable them to understand the Company's strategy, business model, operations, markets, organisation structure, finance, human resources, technology and such other areas. The Company has also disclosed the Director's familiarisation programme on its website at https:// www.tvsscs.com/familiarization-programme-for-independent-directors/ In the opinion of the Board, the independent directors are persons of high integrity and repute and possess the requisite proficiency, expertise and experience and fulfil all the conditions specified in the Act and Rules made thereunder and are independent of the management.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT ("MD&A")
The MD&A Report for FY24, as stipulated under Regulation 34 of the SEBI Listing Regulations, is annexed separately and forms part of the Annual Report.
EMPLOYEE STOCK OPTION SCHEMES
The Company's employees stock option schemes are detailed below:
A. TVS SCS Management Incentive Plan I, 2018 (‘MIP I'), B. TVS SCS Management Incentive Plan II, 2018 ‘(MIP II'), and C. TVS Supply Chain Solutions Employee Stock Option Plan 2021 (‘ESOP 21').
Pursuant to Regulation 12 (1) of Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SBEBSE Regulations), the MIP I, MIP II and ESOP 21 schemes were ratified by shareholders through postal ballot on November 24, 2023.
In terms of Regulation 14 of SBEBSE Regulations, the disclosures with respect to MIP I, MIP II and ESOP 21 have been provided on the website of the Company at https://www.tvsscs.com/investor-relations/.
AUDITORS
Statutory Auditors
The Shareholders of the Company at their meeting held on August 10, 2023, have re-appointed M/s. S.R. Batliboi & Associates LLP as the Statutory Auditors of the Company for a second term of five (5) from the conclusion of 19th AGM till the conclusion of 24th AGM, based on recommendations of the Audit Committee and Board. Your Company has obtained the necessary certificate from the Statutory Auditors confirming their eligibility to continue as Statutory Auditors of the Company for the FY24.
The Auditors' Report does not contain any qualification, disclaimer or adverse remarks.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act, read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr. K Venugopalan, Practicing Company Secretary, was appointed as Secretarial Auditor of the Company for FY24.
The Secretarial Audit Report for the financial year ended March 31, 2024, in Form No. MR-3 is attached as Annexure B to Director's Report. The Secretarial Audit report does not contain any qualification, reservation or adverse remarks.
GFS India, a material unlisted Indian subsidiary of the Company has obtained Secretarial Audit Report from Mr. K Venugopalan, Practicing Company Secretary and it does not have any qualification, reservation or adverse remarks. The report is attached as Annexure C.
Internal Auditor
During the year, M/s. KPMG (Registered) was appointed as Internal Auditors of the Company for FY24 to conduct the internal audit of the Company.
Cost Records and Cost Audit
Maintenance of Cost Records and requirement of Cost Audit as prescribed under Section 148(1) of the Act are not applicable for the business activities carried out by the Company.
ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company as on March 31, 2024, is available on the Company's website at https://www.tvsscs.com/ investor-relations/
REMUNERATION POLICY
The Board, based on the recommendation of the Nomination and Remuneration Committee, has laid down a policy on appointment of Directors and their remuneration, KMP and Senior Management Personnel.
The Company's policy on appointment of Directors, remuneration and other matters provided in Section 178(3) of the Act is available at the website at https:// www.tvsscs.com/remuneration-and-diversity-policy/
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosure pertaining to the remuneration and other details as required under Section 197 (12) of the Act and Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is given in Annexure D and forms part of this Report. Details of employee remuneration as required under the provisions of Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are available on the website of the Company and can be accessed at the weblink https://www.tvsscs.com/ investor-relations/
EVALUATION OF BOARD / BOARD COMMITTEES
Pursuant to the provisions of the Act and SEBI Listing Regulations, the Board has carried out annual performance evaluation of its own performance and that of its committees as well as performance of all the directors individually.
LOANS/ GUARANTEES / INVESTMENTS
The particulars of loans, guarantees and investments under Section 186 of the Act, read with the Companies (Meetings of Board and its Powers) Rules, 2014, for FY24 form part of the Notes to the Financial Statements.
RELATED PARTY TRANSACTIONS
Your Company has in place a Policy on Related Party transactions as approved by the Board and the same is available on the website of the Company at https:// www.tvsscs.com/related-party-transactions-policy/.
All contracts, arrangements, transactions entered by the Company during FY24 with related parties were in ordinary course of business and on an arm's length basis and are in compliance to applicable provisions of the Act/ SEBI Listing Regulations. Hence, the disclosure of related party transactions in Form AOC-2 is not applicable.
Details of related party transactions entered into by your Company have been disclosed in Notes to Financial Statements.
CORPORATE SOCIAL RESPONSIBILITY ("CSR")
Pursuant to Section 135 of the Act, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, your Company has adopted a Policy on CSR which is placed on the website of the Company at https://www.tvsscs.com/global-csr-policy/. The Annual Report on CSR activities for the FY24 is attached as Annexure E to Director's Report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
Your Company believes in the conduct of its affairs in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behaviour. Pursuant to the provisions of Section 177(9) of the Act, read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 4 of the SEBI Listing Regulations and in accordance with the requirements of Securities and Exchange Board of India (Prohibition of Insider Trading)
(Amendment) Regulations, 2018, your Company has established a Vigil Mechanism and has a Whistle Blower Policy. The Policy is hosted on the website of the Company at https://www.tvsscs.com/whistle-blower/
ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
During FY24, there are no orders passed by the Regulators or Courts or Tribunals which would impact the going concern status and future operations of the Company.
INSOLVENCY AND BANKRUPTCY CODE, 2016
During FY24, your Company has neither made any application nor have any proceedings pending under the Insolvency and Bankruptcy Code, 2016. There was no instance of one-time settlement with any Banks or financial institutions.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS
Your Company has a well-defined internal control system commensurate with size, scale and complexity of operation to support the business operations and to ensure statutory compliance. The internal audit is carried out by M/s. KPMG (Registered) whose function is defined through internal audit charter, which includes inter alia transaction audit, systems audit and process audit. In order to maintain their independence and objectivity, the internal audit function directly reports to the Audit Committee. The detailed annual audit plan is rolled out and the same is approved by the Audit Committee. Suitable internal checks have been built in to cover all monetary transactions with proper delineation of authority, which provides for checks and balances at every stage. Your Company has an Audit Committee of Directors to review financial statements to shareholders. The role and terms of reference of the Audit Committee cover the areas mentioned under the SEBI Listing Regulations and Section 177 of the Act.
RISK MANAGEMENT
The Risk Management Committee ("RMC") monitors the risk management practices of the Company. The RMC reviewed the risk management framework, the potential risks associated with the Company's business and discusses steps taken by the management to measure, manage and mitigate the same.
RESEARCH AND DEVELOPMENT, CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Conservation of Energy:
Your Company focused on building sustainable supply chains, using green logistics and reducing resource consumption, environmental degradation and pollution, in the process of storage, transportation, and packaging by reducing carbon footprint. The initiatives include exploring alternate sources for packaging to minimise waste and engaging with partners to reduce carbon through the supply chain as well as constantly developing a sustainable network of suppliers. Your Company is collaborating with certain customers to design innovative packaging solutions for managing their supply chain and promote returnable packaging across the supply chain which will reduce carbon footprint and reinforce sustainability.
Technology Absorption:
Technology is the core of your Company's solutioning. With the help of technology and software systems, your Company builds tailor-made solutions for various supply chain activities. The technology enables us to automate and digitalise supply chains for customers and are capable of being integrated with customers' IT -ecosystem. The digital platforms are largely cloud based, powered by a micro service-based architecture and are scalable and reliable.
Your Company has made consistent investments in technology over the years and it has enabled key advantages to existing traditional supply chains flexibility, intelligence and efficiency. During the year, the efforts on technology were centered around key business objectives:
• Launched the 2.0 version of GFS eConnect: a digital platform for freight management. It has several features including carbon (CO2) emission tracking, providing our customers with critical and precise details about their carbon emissions. The eConnect platform is also available as a mobile app version.
• Rolled out a mobile app for locker service management along with an admin portal for the integrated final mile business.
• Alpha Experience Platform (AXP) launched which digitises customer-transporter/driver interaction. Customers use the platform to monitor and track orders. The platform uses Artificial Intelligence (AI) to validate Proof of Delivery wherein the Driver's handwritten proof can be transcribed automatically without manual intervention.
• Initiated an AI Pilot Project with a Large Language Model (LLM) deployed on permission controls and being used to support new business bids and general support.
Customer Experience
• Development and deployment of an IT system for spare parts management for a large vehicle OEM customer in South- East Asia.
• Deployed in-house warehouse management: Visibility, across customer engagements in multiple industry sectors in India.
• Development and deployment of a front-end Integrated Customer Digital platform with initial pilots for India customers. This allows the customers to track their orders, have visibility through dashboards.
• Development of an in-house integrated platform with the ability to seamlessly and quickly integrate with our customer platforms.
• Development of an Enterprise Data Platform and a Master Data Management serving as a single source of truth and the ability to generate analytical dashboards for internal operations and customers.
• Deployed the i-EX platform to support the integrated final mile operations in India.
• Developed enhancements to multiple modules of MSys as part of solutioning for a large gas & utilities customer in the UK.
• Deployed AI based solutions at scale across multiple geographies, including a digital image recognition platform enabling six sigma process efficiency at a two -wheeler OEM in India
Systems & Internal Controls
• Built and deployed a new platform S2B (Service 2 Billing) to support business processes in the Integrated Final Mile business.
• Expanded scope and deployment of T-Jarvis: in-house contract management & document repository platform. This includes Insurance and Real Estate Management
• Multiple apps were developed using the Low Code/No Code Platform for Audit App, Treasury Management, Vibe Portal, Corporate Finance Statutory Compliance app, Alpha Award Management Portal.
• Multiple Gen AI engagements to help improve the productivity of our teams.
• Increased focus continues on having a secure platform with ISO certifications obtained across the globe and having the highest focus on our security measures.
Foreign Exchange earnings and outgo
The details of Foreign Exchange earnings and expenditure during the year are given below:
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 ("POSH Act")
Your Company has in place a policy for prevention of sexual harassment in line with the requirements of POSH Act. The Company has complied with the provisions relating to the constitution of Internal Complaints Committees (ICC) under POSH Act. ICC has been set up to redress complaints received regarding sexual harassment. During the year under review, your Company has received 1 (one) complaint pertaining to sexual harassment and same was resolved.
ACKNOWLEDGEMENT
The Board takes this opportunity to gratefully acknowledge the co-operation and support received from the shareholders, suppliers, vendors, customers, bankers, business partners / associates, channel partners, bankers, financial institutions, regulatory / government authorities. The Board record their appreciation for the contributions made by employees of the Company, its subsidiaries and associates for their hard work and commitment towards the success of your Company. Their dedication and competence have ensured that your Company continues to be a significant and leading player in the industry.
For and on behalf of the Board
For TVS Supply Chain Solutions Limited
Registered Office:
10, Jawahar Road, Chokkikulam, Madurai, Tamil Nadu, 625002
CIN: L63011TN2004PLC054655
Website: www.tvsscs.com
E-mail: cs.compliance@tvsscs.com
Tel: 044-66857777