Varroc profits back in green in Q1 FY2024, strong demand and government subsidies drive growth
Tier 1 supplier Varroc Engineering (Varroc) has announced its financial results for Q1 FY2024, with revenue of Rs 1,792 crore, up 10 percent YoY, EBITDA margin of 10 percent and net profit of Rs 55 crore versus a loss of Rs 39 crore for the same period last year.
During the quarter the company clocked new lifetime orders worth Rs 960 crore. Revenue from EV customers came at Rs 65 crore, which represented around 4 percent of revenues.
