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ICICI Securities Report
Varroc Engineering Ltd.'s ongoing operations' revenue declined marginally ~1% QoQ to Rs 16.3 billion, with QoQ decline being led by ex-India operations of Italy forging and global two-wheeler lighting.
India business grew 2% QoQ as Varroc Engineering started supplying new products like traction motor/controllers to its key customers, amid chip-supply challenges.
The company's ongoing operations reported 8.2% Ebitda margin this quarter, up 200 bps QoQ with 9.9% margin (up 20 bps QoQ) for core India business and continuing operations under Varroc Lighting Systems Ltd. like IMES, two/four wheelers lighting businesses executing better margins QoQ amidst supply-chain issues and inflated input costs in Europe.
Core India business is expected to ramp up with gradual revival in domestic two-wheeler demand, post ~35% decline in FY20-FY22 and Varroc Engineering aiming to grow ~8-10% more than the industry.
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