Varroc Engineering wins orders worth Rs 500 crore in ongoing fiscal
Bajaj Auto with Rs 200 crore worth of new business is the largest, followed by HMSI (Rs 200 crore) and Hero MotoCorp (Rs 78 crore).
Tier 1 components manufacturer Varroc Engineering has bagged new orders totalling about Rs 5 billion ( Rs 500 crore) from its Indian operations since the beginning of the current financial.
The Aurangabad-based company, in a recent presentation to investors, confirmed that the major part of the business is from Bajaj Auto and valued at Rs 200 crore. Bajaj Auto, one of India’s leading motorcycle and three-wheeler manufacturers, accounts for around 52.3 percent of Varroc’s total revenue.
Honda Motorcycle & Scooter India (HMSI) is second on Varroc’s new business order list with orders for various polymer and metallic products worth over Rs 100 crore. Likewise, Hero MotoCorp (HMCL), a market leader in terms of number of vehicles sold, has so far during the fiscal placed orders for various electrical, electronic and polymer product orders worth Rs 78 crore.
In addition to these three OEMs, Varroc has also received several relatively smaller orders from other OEMs including Volkswagen, Yamaha, MG Motors, Royal Enfield and Mahindra & Mahindra amongst others for Rs 130 crore.
Commenting on the near-term potential for additional orders, Varroc management said that it is in discussions with major customers for sale of electrical motors, traction motors and controllers, telematics, lighting, catalytic converter and polymer products. Also, the company is engaging with new customers for for BS VI engine and EV products.
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