See the attached ss of the Financial statements from the year ended March 23, they have very huge assets situated in Right of use assets (basically lease assets such as property) which they depreciate over the period of lease which might be few years and could be the reason that huge depreciation is charged every year to write it off from the balance sheet.

Also what they are saying in concall is partly true as majority of depreciation comes from right of use assets only. They have said around 110 cr dep on ppe but only 36 cr is on ppe and 145 cr approx in on right of use assets and only 3 cr on intangible assets and not 30-40 cr as they have claimed in concall. (idk why they are not clear with the figures and claiming any number blatantly)

I hope I was able to explain why depreciation was very huge here.

Attaching three ss.

Red Sea Crisis से Coffee की Demand और Supply पर कैसा असर जानिए CCL Products के CEO Praveen Jaipuria

Coffee prices are still at high but demand is still intact, and company expects no change to that in near term until Brazil crop outcome by mid of the year.
Minimal impact on deliveries and margins due to Red sea issue

In case of TVS Supply chain, the ROE is very less since past few qtrs thus keeping the EPS very low and henxe resulting in astronomical PE. How should we valuate this. Please find a screenshot of the management commentary in latest concall as well, regarding the depreciation no.

Surely it could be the case of set off of previous losses with the current profits as well but that affects income taxes and not depreciation as there is no effect of loss set off in books of account other than on income taxes.

Full information can be found in notes to accounts of the related figures and tax calculations for income. Tax purposes as well