i. Ravi Prakash Bhagavathula is the Global Chief Financial Officer. He joined the Company on May 31, 2018. He holds a bachelor’s degree in mechanical engineering from Andhra University and a masters’ degree in business administration from University of Delhi. He has over 26 years of experience in finance and strategy. Prior to joining the Company, he worked with Pfizer Limited as finance director, the Coca-Cola group in various capacities, Procter & Gamble India Limited as assistant manager and Steel Authority of India Ltd as junior manager. ii. P D Krishna Prasad is the Company Secretary and Compliance Officer of the Company. He joined the Company and was appointed as the Company Secretary with effect from April 3, 2015. He holds a bachelor’s degree in commerce from University of Calicut, bachelor’s degree in law from Bangalore University and a masters’ degree in business administration from University of Madras. He is a member of the Institute of Company Secretaries of India. He was also elected as associate of the Institute of Chartered Secretaries and Administrators, London. He has over 26 years of experience in corporate secretarial discipline. iii. Baminee Viswanat is the Global General Counsel. She joined the Company on January 2, 2019. She holds a bachelor’s degree in law and a masters’ degree of arts in political science from University of Madras. She has over 28 years of experience in legal and secretarial matters. Prior to joining the Company, she has worked with Lenovo (India) Private Limited as director, legal & company secretary, Vijay Television Private Limited as senior manager (legal), Thomson India Private Limited as senior legal counsel, Aswini Biopharma Limited as a company secretary, Malladi Drugs and Pharmaceuticals Limited as assistant secretary-cum-officer (legal) and Kausik Chemicals Limited as an officer (legal).

A. Balance Sheet

Particular (In Crore)	Mar-21	Mar-22	Mar-23
Equity Share Capital	31.762	36.296	36.426
Reserves	440	678	687
Borrowings	1,548	1,764	1,990
Trade Payables	1,154	1,453	1,427
Other Liabilities	1,766	1,859	2,070
Total Liabilities	4,468	5,076	5,487
Net Block	345	327	326
Capital Work in Progress	7	3	14
Investments	98	100	105
Other Assets	1,928	2,113	2,312
Total NC Assets	2,379	2,544	2,757
Receivables	1,160	1,307	1,228
Inventory	228	292	345
Cash & Bank	537	994	1,086
Other Assets	627	653	795
Face value	1	1	1

B. Profit &  Loss Statement

Particular (In Crore)	Mar-21	Mar-22	Mar-23
Sales	6,934	9,250	10,235
Raw Material Cost	25	12	11
Purchases of Stock In Trade	952	1,224	1,412
Change in Inventory	-44	-64	-40
Employee Cost	1,805	1,889	2,093
Other Expenses	3,809	5,577	6,075
Other Income	66	50	76
EBITDA	453	663	759
EBITDA Margin	6.53%	7.16%	7.42%
Depreciation	443	461	524
Interest	176	155	190
Profit before tax	-116	14	40
Tax	-43	58	-2
Net profit	-74	-45	42
NPM (%)	-1.09%	-0.49%	0.41%

C. Cash Flow Statement

Particular (In Crore)	Mar-21	Mar-22	Mar-23
Cash From Operating Activity
Profit From Operation	493	708	757
Receivable	174	-199	93
Inventory	-44	-66	-41
Payable	93	304	-106
Other WC Items	-1	-110	83
Working Capital Changes	222	-71	28
Direct Taxes	-3	-16	-73
Net Cash Inflow from Operating Activity	712	621	712
Cash from Investing Activity
Fixed assets purchased	-117	-116	-166
Fixed assets sold	5	16	5
Investment sold	0	1	0
Investment in group cos	-0.2	0	0
Inter-corporate deposits	231	27	-83
Other investing items	-57	-308	-10
Net cash inflow from investing activities	63	-381	-255
Cash from Financing Activity
Proceeds from shares	0	457	0
Proceeds from borrowings	0.4	267	128
Repayment of borrowings	-705	-51	-245
Intrest paid fin	-90	-61	-101
Dividends paid	-0.12	-0.24	0
Other financing items	-372	-395	-159
Net Cash Flow	-392	458	81

Analysis of TVS Supply Chain Solution Provider IPO by IZ team is 6/10 1. Overview: TVS Supply Chain Solution has emerged as India's largest and one of the fastest-growing integrated supply chain solutions providers. Based on the information provided, it is the top player among its peers in terms of revenue and revenue growth for FY23. 2. Services Offered: The company provides a diverse range of services through the use of software. Some of their key offerings include: a) i-Loads: A marketplace for fleet owners and logistics service providers. b) Visibility: A system to enhance warehouse management capabilities. c) TRACE: Designed to support spare parts logistics. d) LCL Consolidator: An app to streamline container operations. e) e-Connect: An online platform for warehousing and other related tasks. f) Courier Alliance: A marketplace for last-mile delivery. g) Cargo Wise: Offers real-time visibility for order and shipment tracking. This suggests that TVS Supply Chain provides a holistic approach to supply chain solutions, catering to a wide array of requirements. 3. Financial Performance: a) Revenue has seen a significant growth, moving from 7000 Cr in FY21 to 10300 Cr in FY23. b) The company was in a loss until FY22 but managed to register a profit after tax (PAT) of 40 Cr in FY23. c) Major expenses include Other Expenses, Employee Benefits, and a noteworthy amount towards Depreciation. d) The depreciation of approximately 523 Cr in FY23 stands out, suggesting heavy investments in assets or infrastructure. 4. Cash Flow: Cash flow from operations over the past three years is robust at around 2000 Cr. This is an encouraging sign for investors as it implies the business generates a substantial amount of cash from its core operations. The discrepancy between profits and cash flow can be attributed mainly to the high depreciation costs. 5. Valuation: The company's market capitalization (M.Cap) for the IPO is approximately 8700 Cr with a Price to Earnings (P/E) ratio of 218x. This suggests that the company is priced on the higher side, possibly reflecting market optimism about its future growth prospects or the value of its suite of software solutions. 6. Conclusion: a) Pros: (i) Comprehensive suite of software solutions catering to various supply chain needs. (ii) Strong revenue growth. (iii) Healthy cash flow from operations. b) Cons: (i) High valuation in terms of P/E ratio. (ii) The company only recently turned profitable. Given the above analysis, investors need to weigh the company's growth prospects, its suite of software solutions, and its financial health against the concerns of its high valuation and recent move into profitability.

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