Varroc Engineering Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
November 07, 2023 at 04:26 am
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Varroc Engineering Limited reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported sales was INR 18,868.09 million compared to INR 18,341.05 million a year ago. Revenue was INR 18,935.5 million compared to INR 18,465.7 million a year ago. Net income was INR 542.27 million compared to net loss of INR 7,950.21 million a year ago. Basic earnings per share from continuing operations was INR 3.55 compared to basic loss per share from continuing operations of INR 1.27 a year ago. Basic earnings per share was INR 3.55 compared to basic loss per share of INR 52.04 a year ago.
For the six months, sales was INR 36,924.94 million compared to INR 34,693.27 million a year ago. Revenue was INR 37,047.23 million compared to INR 34,839.1 million a year ago. Net income was INR 864.84 million compared to net loss of INR 8,798.62 million a year ago. Basic earnings per share from continuing operations was INR 7.03 compared to basic loss per share from continuing operations of INR 1.57 a year ago. Basic earnings per share was INR 5.66 compared to basic loss per share of INR 57.59 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.