Mumbai, July 9 -- 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 com...