Varroc Engineering, a tier-1 automotive component supplier, announced new orders worth over Rs 5178 crore during FY23 on Tuesday. Out of the total, business wins from seven prominent EV customers were at Rs 1,796.8 crore. About 56% of the order wins came from four-wheelers, while the remaining 44% were contributed by two- and three-wheelers, the company added.
Varroc Group manufactures and supplies electricals, polymers, metallics, and exterior lighting systems to leading OEMs worldwide, with end-to-end capabilities in design, development, and manufacturing for two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and off-highway vehicles. In FY23, the group's revenue from continuing operations was Rs 6,920.9 crore.
Tarang Jain, Chairman and Managing Director, Varroc, said, “Automobile production in India during Q4 FY23 grew on a YoY basis for most of the segments, due to the easing of semiconductor issues and improved economic activity. However, the industry segment from which we generate around 70% of our revenue, i.e., 2W, saw de-growth of 3%, as exports were impacted by geo-political issues and domestic demand was impacted due to lower consumption in rural areas".
The company's consolidated revenue from operations grew by 2.6% on a YoY basis to Rs 1,701.1 crore during Q4FY23 and by 17.4% during the full year. "The early signs of an increase in rural consumption and a strong domestic economy are expected to augur well for a good FY24," Jain adde