“The business mix has shifted towards the higher-margin ISCS segment. ISCS contributed to 56.3% of consolidated revenue in the first quarter of FY24 compared to 41% in the first quarter of FY23. “This favorable change in business mix towards the ISCS segment and the increase in ISCS margins have resulted in an increase the consolidated adjusted EBITDA margin,” the press release states.
Meanwhile, the network solutions segment reported a revenue decline of 35.1% YoY and 9% QoQ to ₹1,023.5 crore in Q1FY24.
On August 29, TVS Supply Chain Solutions informed the stock exchanges that its founder and promoter R. Dinesh (executive vice president of the company) has been appointed as the executive chairman of the company by the board. S. Mahalingam resigned as Chairman with effect from August 29, 2023 after completing his two terms as an Independent Director.
The company’s board has also hired two new additional independent directors – K. Ananth Krishnan and Narayan K. Seshadri. With these appointments, the new board will have five independent directors (the other three being Tarun Khanna, B. Sriram and Gauri Kumar).
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