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The agency has affirmed the company's short-term rating at 'IND A1+'. India Ratings and Research said that affirmation reflects the strong business profile of TVS SCS, which is underpinned by its end-to-end product offerings, strong customer-connect and diversified operations. This is further strengthened by the company's focus on the addition of large customers, reflected in a gradual increase in Fortune 500 customers to 91 in FY25 (FY24: 78; FY21: 54). The ratings also reflect the comfortable consolidated financial profile of TVS SCS with the net leverage (net debt including lease liabilities/EBITDA) improving to 2.1x in FY25 (FY24: 2.3x) with minimal term debt on the balance sheet. The rating also reflects the company's modest return on capital employed (ROCE) that remained below 10% in FY25; the improvement of which remains a key rating monitorable. TVS Supply Chain Solutions is a part of TVS Mobility Private Limited, the parent company of the TS Rajam family-owned assets. The company provides integrated supply chain solution services and network solution with operations across 26 countries including India, the UK, the US, Spain, Germany, Singapore and Thailand. The scrip advanced 1.64% to currently trade at Rs 133.05 on the BSE. Powered by Capital Market - Live News |