New Delhi: Varroc Engineering Ltd. (Varroc), a global tier-I auto components group, Wednesday said for the quarter ended September 30, 2023, its consolidated revenue from operations was at INR 1886.8 crore, a growth of 2.9% on YoY basis. The reported PBT for the quarter was INR 73.9 crore which includes profit of INR 8.06 crore from the joint venture. Consolidated PBT margins in Q2 FY24 were at 3.9%, improved by 220 bps YoY. Net debt was reduced by 221.4 crore in Q2 FY24 and annualized ROCE was 23%. New order win was at INR 36.02 billion in H1 FY24, the company said in a media release. Tarang Jain, CMD, said, “The Indian economy has sustained its growth momentum in FY 2024 so far. Though the urban demand has already picked up well, we are expecting that the rural demand will also pick up with the current festive season. In Q2 FY24, we have added 3 new customers for supplying components to their EV models. In the quarter, we also won business from 2 customers for supplying components related to the EV powertrain. These new orders will enable us to strengthen our presence in EV component space. Our revenue from supplying to EV players in Q2 FY24 was about 4.4% of our overall revenue. Our effort to increase our technical capability was further enhanced in H1 FY24 as we filed 9 patents in India and 1 overseas.” “We continue to enhance our engagement with OEM’s and showcase our ability to deliver advanced technology solutions at affordable cost to them. We are also working on various other efforts like capacity utilization, prudent capital allocation and cost reduction across the board to make our business more robust,” he added.
