Varroc Engineering Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2023
May 23, 2023 at 10:14 am
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Varroc Engineering Limited reported earnings results for the fourth quarter and full year ended March 31, 2023. For the fourth quarter, the company reported sales was INR 16,900.58 million compared to INR 16,519.87 million a year ago. Revenue was INR 17,112.54 million compared to INR 16,615.46 million a year ago. Net income was INR 396.23 million compared to net loss of INR 2,853.22 million a year ago. Basic earnings per share from continuing operations was INR 2.59 compared to basic loss per share from continuing operations of INR 2.16 a year ago. Basic earnings per share was INR 2.59 compared to basic loss per share of INR 18.68 a year ago.
For the full year, sales was INR 68,630.66 million compared to INR 58,442.01 million a year ago. Revenue was INR 69,209.47 million compared to INR 58,781.34 million a year ago. Net loss was INR 8,198.35 million compared to INR 11,098.79 million a year ago. Basic earnings per share from continuing operations was INR 2.36 compared to basic loss per share from continuing operations of INR 5.33 a year ago. Basic loss per share was INR 53.66 compared to INR 72.64 a year ago.
Varroc Engineering Limited is an India-based automotive component company. The Company manufactures and supplies electrical-electronic, polymer, metallic, exterior lighting and advanced safety systems to leading original equipment manufacturer (OEMs), with end-to-end capabilities across design, development and manufacturing. Its segments include Automotive and Others. The Automotive segment consists of the business of automobile products consisting of auto parts for two-wheelers, three-wheelers and four-wheelers and related design, development and engineering activities and other services. The Others segment comprise of forging components for off road vehicles and components for mining and oil drilling industry. It offers diverse product line in valves, transmission, engine parts and heavy forging. It is a supplier of outdoor lighting systems to OEMs. It also offers air filter, assemblies mirror, door trims, central console, traction motor and controller, and telematics control unit.