Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

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

Click here to send ur comments or to

Other Headlines:

Pricol Ltd to hive off overseas subsidiaries

Glenmark Pharmaceuticals receives tentative ANDA approval for Clindamycin Phosphate Foam, 1%

PNB board approves raising Rs. 1500 crore through Basel III compliant Tier II bonds

BEML donates for cyclone 'Fani' relief work, Odisha

TAAL Enterprises Ltd calls for board meeting on June 24, 2019

Newgen Makes its OmniFlow iBPS Platform More Intelligent with Process Insights

HDFC Limited to acquire Apollo Hospitals Group's shares in Apollo Munich and to merge with HDFC ERGO

TCS Retains Position as America's Most Community-Minded Information Technology Company

Bombay Cycle & Motor Agency Ltd Board to consider Bonus Issue on June 22, 2019

IndusInd Bank Ltd announces record date for issue of shares to BFIL shareholders

Brickwork reaffirms rating of Parsvnath Rail Land Project Pvt Ltd

Adani Green Energy Ltd arm receives LOAs for 600 MW hybrid projects

TCS Named 2018 Top Supplier of the year by QIAGEN

International Paper APPM Ltd announces annual outage from July 29, 2019 to Aug 28, 2019

Rajesh Exports bags new export order worth Rs. 942 crores from Germany, Europe

Indostar Capital Finance Limited and ICICI Bank Limited partner to finance Commercial Vehicles

BHEL successfully commissions Chhukha Unit-1 in Bhutan

Asian Oilfield Services receives orders of $37 mn

GAIL India Ltd fixes July 10, 2019 as record date for bonus issue

Blue Star Ltd receives single largest order from Mumbai Metro

Jubilant FoodWorks Ltd announces change in directorate

L&T Construction awarded contract for water supply and distribution in Sri Lanka

Polyplex Corporation Ltd's subsidiary to set up 60000 TPA BOPP film line project

JV Partners announce Final Investment Decision for initial two LNG train Project Development

Mahindra announces price increase for personal range of vehicles from July 1, 2019

Lawreshwar Polymers Ltd proposes name change

Thomas Cook India releases its Summer Report 2019

Asian Granito India Ltd inaugurates its largest - 25,000 sq feet tiles and Sanitaryware display showroom in Himmatnagar

ONGC Videsh Ltd, JV partners announce Final Investment Decision for initial two LNG train Project Development

Inspirisys Solutions Ltd to allot 56,25,000 shares to CAC Holdings Corporation at Rs. 54.30

HCL Technologies selected by Cricket Australia as Digital Technology Partner

Cognizant to acquire Zenith Technologies, a Leader in Life Sciences Manufacturing Technology Services

IndiGo awarded 'Best Low-Cost Airline in Central Asia/India' by Skytrax tenth year in a row

Chambal Fertilisers and Chemicals Limited updates on credit rating of Commercial Paper

NLC India Ltd commissions 100 MW solar PV power plant

RMG Alloy Steel Limited board approves issue of securities

Dabur India Ltd board to consider Q1 results on July 19, 2019

Sportking India Ltd updates on credit rating

Sundaram Multi Pap Ltd receives BB+ rating from Brickwork

Canara Bank to initiate process to sell stake in Can Fin Homes Ltd

Coromandel Engineering Company Limited to issue CNPRPS on private placement basis

Wintac Ltd board to re-initiate delisting process proposed by Veego Pharma LLC

Adlabs Entertainment Ltd announces resignation of Ms. Meghna Ghai Puri

TCS Named a Leader in Next-Gen Testing Services by NelsonHall

Trent Ltd to raise Rs. 950 crores from Tata Sons Pvt Ltd

Canara Bank to raise Rs. 6000 crores through equity issue

Infosys recognized as winner for 2019 Microsoft Global Alliance SI Partner of the Year

HCL Technologies celebrates 20 years of Innovation in Australia and New Zealand

WABAG secures One City One Operator contracts in Uttar Pradesh worth INR 1,477 Crore

Hexaware Ranks No. 1 Among the Top Service Providers in Overall Customer Satisfaction in Whitelane's IT Sourcing Study

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019