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Varroc Engineering Q3 profit down by 12.7pct

Auto News - Published on Mon, 11 Feb 2019

Image Source: varrocgroupamd.com
Auto component maker Varroc Engineering registered 12.7 per cent decline in its consolidated profit at INR 102.2 crore for the third quarter ended December 31, 2018, majorly due to demand shrinkage in China and higher tax rate. The company posted INR 117 crore consolidated profit in Q3 of FY'18, as per Varroc Engineering release.

Revenue from operations for the quarter stood at INR 2,955 crore, up 16.3 per cent, compared to INR 2,540 crore in Q3 FY'18.

EBITDA for Q3 of current fiscal also saw a jump of 33 per cent at INR 277.9 crore compared to INR 209 crore same quarter in FY'18.

During the period under review, company's revenue share in China joint-venture declined by 37.7 per cent to INR 102.9 crore whereas EBITDA declined by 76.5 per cent to INR 7.4 crore.

Commenting on the quarterly performance, Mr Tarang Jain, MD, Varroc Engineering said that "The macro challenges continue to impact some of our important markets. The effect of this was visible as our JV in China de-grew in the quarter and some of our VLS business customers reported weaker volume numbers. This situation may continue in the near future. However, we are confident of maintaining our growth momentum and deliver improvement in our results.”

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Posted By : Joykumar Irom on Mon, 11 Feb 2019
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