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Varroc Engineering Ltd announces Q4 & FY19 results

Posted On: 2019-05-24 17:11:48

Varroc Engineering Ltd. (Varroc), a global tier-I auto component group, today announced its results for the fourth quarter and the financial year ended March 31, 2019 (Q4 & FY19).

Consolidated Financial Performance for the quarter

- Reported revenue from operations for the quarter was INR 31,534 million, an increase of 5.7% over Q4 FY18. Revenue growth, on a like-for-like basis was at 5.4% YoY.

The India Business revenue increased by 4.7%, the Global Lighting Business (VLS) by 6.0% and Others by 15.6% over Q4 FY18, on a like-for-like basis.

- The reported EBITDA for the quarter was INR 3,157 million, an increase of 19.6% YoY.

The reported EBITDA of VLS was at INR 2,175 million, an increase of 55.8% YoY. On a like-for-like basis, the VLS EBITDA was at 1,643 million, an increase of 18.2% YoY. The EBITDA margin improved to 8.3% from 7.4% in Q4 FY18 as operational efficiencies in our Czech facilities continued along with better cost control.

The VLS EBITDA margin on a normalised basis after considering the impact of Ind AS 115, was at 10.3%. The normalised numbers for FY20 will be reported after considering Ind AS 115.

The EBITDA for India Business was at INR 889 million. During the quarter, the two-wheeler industry production declined by 10%. Our revenue growth also slowed during the quarter as compared to rest of the year. This adversely impacted our EBITDA margins in India.

- The PAT for the quarter was at INR 1,500 million as compared to INR 1,428 million for Q4 FY18, an increase of 2.4% YoY.

China JV

- Our share of Revenue from China JV declined by 31.9% YoY to INR 980 million and EBITDA on a like-forlike basis declined by 51% to INR 117 million.

Full year 19 Results

- Reported revenue from operations for FY19 was INR 1,20,365 million, an increase of 16.0% over FY18. Revenue growth, on a like-for-like basis was at 18.8% YoY.

- Reported EBITDA for FY19 was INR 11,539 million, an increase of 25.7% over FY18. EBITDA growth, on a like-for-like basis was at 17.7% YoY and the margin on a like-for-like basis was at 8.6%.

India margin for full year was at 10.8% and VLS at 7.1% on a like-for like basis. The VLS EBITDA margin on a normalised basis but after taking impact of Ind AS 115, was at 9.0%.

- Full year PAT at INR 4,498 million was at almost the same level as that of last year, amid challenging conditions across our global business, and in India specifically during the last quarter.

Other Updates

- Proposed dividend at INR 4 per share 400% of the face value.

- For our Morocco plant, SOP for our first program started in February 2019; construction for Phase II of the plant progressing well.

- Poland plant construction activity on track. Likely to ship our first order in FY20.

Mr. Tarang Jain, MD, Varroc Engineering Ltd. commented, "This is an encouraging result amid many macro challenges and tough business environment. Indian twowheeler industry declined by 10% in the quarter. Some of the customers for our VLS business reported weaker numbers in the quarter. Our performance was however not only the best sequentially this year but also the profit after tax was higher as compared to Q4 FY18.

Our business wins have been encouraging this year in both of our businesses. At VLS we won highest ever annual business from key OEMs and in India we won sizable orders with new and existing customers. We continue to remain confident about future for both of our core businesses."

Shares of Varroc Engineering Ltd was last trading in BSE at Rs.493.5 as compared to the previous close of Rs. 487.4. The total number of shares traded during the day was 9423 in over 697 trades.

The stock hit an intraday high of Rs. 502 and intraday low of 478.45. The net turnover during the day was Rs. 4673071.


Source: Equity Bulls

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