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ICICI Securities Report
Key observations from TVS Supply Chain Solutions' DRHP are as follows:
TVS Supply Chain is amongst India's largest and fastest growing integrated supply chain solutions (top five); ISCS (global and local) contributed ~41% of TVS Supply Chain H1 FY22 revenues,
global footprint in freight forwarding and time critical last mile solutions (network solutions),
TVS group contribution to revenue is ~2.3%,
revenue is diversified (no concentration risks) and
acquisitions and subsequent integration (20 acquisitions in last 15 years) have played an integral role in growing network solutions and ISCS capability and country presence.
Estimated at $7.9-8.1 billion in FY21 (India), supply chain solutions market is projected to outgrow overall logistics market growth (~25% versus ~7% CAGR between FY21-FY26E. Also, freight forwarding market in India is estimated at $4.1 billion in FY21, and projected to grow at CAGR of 12% over FY21-26E.
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