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ICICI Securities Report
Varroc Engineering Ltd.’s ongoing operations revenue grew ~10% YoY to Rs 16.5 billion, with bulk of YoY growth being driven by the loss-making Italian forging operations.
Profitable India business largely remained flat due to subdued two-wheeler demand.
Varroc Engineering’s ongoing operations reported 6.5% Ebitda margin this quarter despite ~9.8% margin at core India business level as continuing operations under Varroc Lighting System like IMES, two/four-wheeler lighting businesses got impacted by supply chain and inflated input commodity/power costs.
The company is taking price hikes in steps to pass on these input cost inflationary items and improve profitability gradually ahead with scale also improving on better chip-supply situation.
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