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Yahoo
4 days ago
- Business
- Yahoo
TVS Supply Chain Solutions Ltd (BOM:543965) Q1 2026 Earnings Call Highlights: Strategic Gains ...
Release Date: August 11, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points TVS Supply Chain Solutions Ltd (BOM:543965) reported a year-on-year growth in revenue and profitability, driven by disciplined execution and strategic investments. The company achieved a significant turnaround in its integrated final mile business in the UK and Europe, highlighting the effectiveness of its restructuring efforts. Project One, a major transformation initiative, is expected to generate substantial annual cost savings, with benefits starting to reflect in the current fiscal year. The company realized significant value from its strategic investment in TVS Industrial and Logistics Park, recording a substantial share of profit this quarter. TVS Supply Chain Solutions Ltd (BOM:543965) secured new business wins worth INR124 crores, with a strong pipeline of INR5,300 crores, indicating solid future revenue visibility. Negative Points The GFS segment continues to face macroeconomic pressures, including uncertain tariff environments and softening trade rates, impacting overall profitability. The company recognized a one-time exceptional cost related to Project One, which affected the financial results for the quarter. Adjusted EBITDA margins declined year-on-year, primarily due to pricing pressures in the GFS segment. New business wins for the quarter were lower than usual, attributed to lower-than-anticipated volumes and delays in revenue start dates for key engagements. The overall India business of ISCS and GFS has been on a slowdown, reflecting broader economic challenges in the region. Q & A Highlights Warning! GuruFocus has detected 2 Warning Sign with BOM:543965. Q: As TVS Supply Chain Solutions expands its integrated network solutions, how are you planning to deploy AI across demand forecasting, warehouse automation, and route optimization? Do you see this driving margin improvement and helping build a scalable, tech-driven supply chain over the next 2-3 years? A: Ravi, Managing Director, explained that TVS has initiated pilot programs in AI and scaled deployment in select engagements in the UK, US, and India. They are using AI for demand forecasting and process efficiency improvements. The company is also exploring agent AI for process automation and has developed an internal tool called Sidekick to enhance efficiency. Ravi emphasized that AI initiatives are in various stages and will be updated in future quarters. Q: With the recent restructuring where ISCS now includes the IFM business, what are your revised short-term and long-term revenue and margin targets for each service? A: The CFO stated that the ISCS segment is currently at an 8.3% adjusted EBITDA margin, with expectations to reach around 10.5% in the medium term. Revenue growth is anticipated to be in the mid-single digits. Q: Despite absolute profitability holding up, adjusted EBITDA margins have declined. What are the key reasons behind this? A: The CFO attributed the decline primarily to the GFS segment, where a drop in freight rates impacted absolute profitability. The volatility in the GFS segment has affected overall EBITDA margins. Q: How should we view the contribution from TVS ILP for the current year, given its impact on PBT? A: The CFO explained that the significant gain in Q1 was due to TVS ILP transferring warehousing assets to an INVIT platform. Going forward, the contribution will normalize, and gains will depend on market conditions and asset transfers. Q: The exceptional item expense related to Project One, will this recur in FY26, or was it a one-off? A: The CFO clarified that the expense is a one-off related to Project One restructuring costs. Out of the INR 91 crore, INR 53 crore is a cash expense expected to be incurred in Q2 and Q3, with the remaining INR 38 crore related to non-cash brand impairment. Q: What is the impact of Project One on FY26, and what are the expected cost savings? A: The CFO stated that Project One is expected to generate INR 50-60 crore in savings in FY26, with annualized savings of INR 110-120 crore. The project is expected to be neutral for FY26, with significant savings realized in the following year. Q: What is the normalized margin for the GFS segment, now a standalone freight forwarding business? A: The CFO indicated that the normalized margin for the GFS segment is around 3-3.5%, while the ISCS segment is expected to reach 10-10.5%. Q: The new business wins dropped this quarter. What is the reason, and how is the deal pipeline? A: Ravi explained that new business wins were muted due to lower-than-anticipated volumes and delays in revenue start dates for some engagements. However, the pipeline remains strong at INR 5,300 crore, providing solid revenue visibility. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Wales Online
10-05-2025
- Business
- Wales Online
This is the best kitchen in Wales
This is the best kitchen in Wales It's an award-winning stunner and designer Dorian is happy to share its secrets to help inspire you to create your own version This award-winning kitchen diner can inspire you to give yours a luxury makeover using some clever design tips (Image: Project One / Matt Cant Photography ) Has the idea of a perfectly designed kitchen ever preoccupied your thoughts? If that is the case, this luxury kitchen hiding somewhere within the suburban streets of Cardiff is going to keep you awake at night. Are you regularly looking at gorgeous kitchens online with the idea of finding inspiration and maybe a few clever ideas to potentially pinch for your own space? Then surely the kitchen crowned the best in Wales in 2025 in the Federation of Master Builders (FMB) Cymru annual awards can help get your creative juices flowing? Packed with design ideas and luxury additions this visually stunning and yet ultra-practical kitchen diner might even help you produce your own slice of luxury if you don't have the budget to employ multi award-winning, Penarth-based design and build company Project One. For more property stories sent to your inbox twice a week sign up to the property newsletter here. READ MORE: Incredible transformation in £1m Cardiff home from bland to bold on a budget YOU MIGHT ALSO LIKE: We spent £1.2m turning this unremarkable bungalow into a dream home The kitchen had to reflect the needs of the client including a breakfast bar (Image: Project One / Matt Cant Photography ) Article continues below But creating such a stunning space that resulted in the kitchen winning the FMB award, and now being entered into the FMB national UK competition, is a huge undertaking that founder and director at Project One Dorian Bowen says took a year just to design, plan and evolve into the space the delighted homeowners describe as 'incredible'. There's much to consider about creating your perfect space, including any structural work and building elements to a project as well as the finished visual look and atmosphere of the space, but Dorian says the starting point is to think about you, your life, and how you want to use the space. He explains: "Think about what you need - so for me I know I need a a Quooker tap, two Gaggenau ovens, and one of them with a pizza stone in because I love cooking pizza, pizza night is a regular thing, if people are coming over we'll be having pizza - so that's really important for me. The use of different materials and textures was key to the design (Image: Project One / Matt Cant Photography ) "The other main thing that I need is being able to interact with my family while I'm cooking, so I need a kitchen that connects spaces together so we can meet and eat as a family, as a community, as a unit in a space that offers an amazing experience, so that I want to be in it again. "Then comes the aesthetic, so my kitchen doesn't have any cabinets. I've got a huge island and then lots of hidden wall storage. The whole island is open so I can see everything and get to everything while I'm cooking and everything else is hidden behind doors - it's all designed in a way that considers 'where do I want to grab things from?'" Dorian thinks a kitchen should be about what you actually need and what the space will give you but also about expressing yourself after you've had time to research and fully plan how the room will work for you. The ceiling has visual interest but practical elements too, such as the plaster detailing on the boxed in steel beams (Image: Project One / Matt Cant Photography ) He says: "T ake your time and do your research. This kitchen took a year to design and plan and went through constant evolution. Don't try and do it all at once, put time into it, think about things and do it in stages - so do the layout, then at another time work on the elevations, then think about the lighting, and then think about colours and textures." While many people are delighted with a standard kitchen from a national brand, with the substantial amount of inspiration to explore online via Pinterest, interior websites and social media, there's never been a better or easier time to make your kitchen reflect your personal style. Dorian says: "I would suggest you customise, at least think about it. If you're buying a new kitchen, think what can I do to it - is there a section where I can put a different door on, is there a section I can put mirrors on, what can I physically do to it? Maybe think outside the box if you want to make it more individual, especially when it comes to surface materials. The dining area is connected to the kitchen not just physically but visually too through use of materials, shapes, colours and the flow of the curved wall. (Image: Project One / Matt Cant Photography ) "W here can you add elements of fun, function, and design? Express yourself! T rends are for t-shirts, if you want an eternal kitchen do the Fleetwood Mac thing and 'go your own way'. Kitchen trends are there literally to keep people buying and updating." Looking at the award-winning kitchen is a feast for the eyes as well as a place to create delicious meals, with so many elements to find and admire including the use of seven materials to create texture - from reflective to matt, natural to metallic. The use of curves is one of the elements of design that Project One likes to favour as a practical solution to eliminate hard edges and angles and in this kitchen you'll see it echoed throughout the space - the wall, the table, the island unit, even within the ceiling design. Lighting is of course key in a kitchen space and Dorian suggests thinking of the layers as going back to how people used to live, relying on sunlight for the overall light, moonlight for the mood, and fire to illuminate nearby tasks. Dor ian suggests that if possible investing in a feature light to add a stand-out statement to the space will add an extra layer of interest, and in this space it's a Lee Broom designed structure hanging over the dining table that Project One customised by changing the base that attaches the light to the ceiling from plain to mirrored. Thought was given to how the kitchen connects to other spaces including the garden (Image: Project One / Matt Cant Photography ) The space of course needs to be attractive but for Dorian what makes this kitchen a higher level of design for him is its usability - it's a practical space that can be used without any worries about damaging anything. He says they design kitchens so they are 'bomb proof' and the usability is high. Dorian says: "We've used Rimex not brass on the kitchen island as it is very hardwearing, it's a synthetic brass that cannot stain, never needs to be treated and will never tarnish, it will always look like brass. T he kitchen doors are made from hotel standard Italian hardwood and much of the design is not interlocking so you can take a section out and replace it." The curved wall hides a door to the utility room plus a bar area handily placed near the dining area and sunken into the wall. (Image: Project One / Matt Cant Photography ) Dorian says that design can also, of course, be used in a thoughtful one to create visual interest, connect elements within a space but crucially solve problems too. The kitchen diner build required a significant amount of steelwork to support the upper floor but instead of simply boxing in the new beams the team created a vertical plasterwork design that mimics that of the slatted wall, creating a relationship between these two elements of the design and ensuring the ceiling area had added visual interest. The slatted, curved wall is not there just to look amazing but it is practical too, hiding an integrated door that leads to the secret utility room as well as a home to a bar area sunken into the wall around the corner from the kitchen and handily positioned next to the dining area. It's this connection of spaces that Dorian says is also important - how does your kitchen space relate to the rest of your home and that successful design is also thoughtful as to how you use the space during the day, evening and even at night. Statement lights in both zones ensure the ceiling is incorporated into the design scheme (Image: Project One / Matt Cant Photography ) He says: "The kitchen design was driven towards family interaction so at the island you've got the seating section so while you're cooking you can chat to the family, and then in terms of the wider space you've obviously got the dining section that leads out onto the garden patio. "Then segregated away from the kitchen so you can't see it at all times is the bar area. So if you're cooking breakfast you're not looking at alcohol but if you have people around for dinner and they're sat around the big table they're close to the bar section. "There's the hidden door to the utility room and while you're in the kitchen you can open the double doors and you've got seamless access into the cinema room, so you can have the kids sitting on the sofas watching TV and you can open the sliding doors while you cook or have a drink from the bar. So think about how your kitchen connects to other spaces in your home." The room is now going to represent Wales in the UK Federation of Master Builders' awards final (Image: Project One / Matt Cant Photography ) Dorian and the team at Project One are thrilled at winning the FMB Cymru award for best kitchen in Wales 2025 and are excited to be representing the nation at the national FMB competition in September. He says: "For us this is not a job, it's a dedication and it's a choice that we've made that we put before other elements of our life and so it is really nice to put so much of yourself into something and to have it recognised by your contemporaries and to have it also acknowledged that not only have we designed it really well but we've also built it really well - it's about as good as it gets." That is echoed by the anonymous owners of Wales' best kitchen who, Dorian says, were mesmerised by their new kitchen diner when it was finally revealed and are 'over the moon with the award win' and that 'every person who visits wants one' and using the design as inspiration and using some of the ideas Dorian has highlighted, maybe they can create their own version of Project One luxury. For more property stories join our Amazing Welsh Homes Facebook group here. Find your own unique property with a lush kitchen for sale here: Article continues below
The Guardian
12-02-2025
- Business
- The Guardian
Red flags raised after debts soar at Sir Jim Ratcliffe's chemicals empire
Sir Jim Ratcliffe faces growing concerns over the financial health of his chemicals empire as its debt pile is forecast to reach almost €12bn (£10bn) this year and his sporting interests including Manchester United and New Zealand rugby hit crisis point. Two leading credit ratings agencies raised red flags over the Ineos Group weeks before it emerged that the billionaire industrialist would make another 200 redundancies at Manchester United and allegedly cut sponsorship payments to the All Blacks rugby team, blaming 'the deindustrialisation of Europe'. Fitch Ratings and Moody's, which provide financial health checks for most big companies, said Ratcliffe's chemicals business had racked up debts that were between five to six times larger than the company's annual earnings. They added that Ineos could take longer than expected to repay those debts in part because of weakness in the European chemical industry after years of rocketing energy costs after Russia's invasion of Ukraine dramatically cut exports of gas to across Europe. Specifically, Fitch said there was 'uncertainty' over the plan to repay related-party loans of £800m to other parts of the Ineos business empire, meaning the company could remain weighed down by hefty debts until 2027. The credit agencies have both downgraded their outlooks for the company to 'negative', which could dent its ability to borrow from the leading investment banks at the same terms it was offered in the past. Ratcliffe's business interests include refining sites across Europe and the US, the Grenadier off-road cars venture and the fashion brand Belstaff. Many of these companies have seen a sharp decline in fortunes in recent years, which is understood to be piling pressure on the core chemicals business to provide loans in order to keep them afloat. In November 2023, Petroineos, a joint venture with the Chinese state-owned oil firm CNOOC, announced plans to cease operations at Grangemouth oil refinery by 2025, with more than 3,000 direct and indirect jobs affected. Ineos's net debt is expected to peak this year at around €11.7bn, according to Fitch, while it carries out work on the €3bn plans to build Europe's biggest petrochemical plant in 30 years in the Port of Antwerp, Belgium. Moody's described Ratcliffe's chemicals business as 'weakly positioned' and said there were risks that the plans to build the refinery known as Project One could cause the company's costs to rise. Despite the financial pressure, Ratcliffe has continued to pursue side-projects that include the 2023 deal to take a minority stake in Manchester United, which has made a £300m loss over the past three years. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion He is now facing a legal battle with New Zealand Rugby after he blamed Europe's 'high energy costs and extreme carbon taxes' for his company's alleged failure to make sponsorship payments to the All Blacks team. The tycoon, who was knighted in 2018 for services to business, has also fallen out with Sir Ben Ainslie after Ratcliffe's Ineos Britannia team parted ways with the four-time Olympic champion for this year's America's Cup. Ainslie has threatened to launch a 'significant' legal fight in response. A spokesperson for Ineos Group said the rating agencies' downgrades reflect the 'broader economic challenges facing the European manufacturing industry, including sluggish GDP growth and ongoing deindustrialisation pressures'. 'This is a sector-wide trend impacting all chemical companies,' they added.
