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Dolat Capital Report
In the past two years, high capex, leveraged balance sheet and demand slowdown, both in India and global markets, impacted earnings and cash flows of Varroc Engineering Ltd.
However, we expect that the worst is behind and project strong earnings growth over the next two-three years supported by -
1. revival in demand across key global markets,
2. cut in capex will help generate strong free cash flow and de-leverage balance sheet,
3. incremental revenue from past capacity addition (capex of approximately Rs 28 billion in FY19-20) and
4. cost cutting measures to help in expansion of operating margin.
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