Varroc Engineering Ltd., a prominent Tier-1 automotive component supplier, revealed in a regulatory filing on Friday that it secured a substantial new business win amounting to over Rs 8,700 crore during FY24.
The company further disclosed that this new order win corresponds to an annual peak value of approximately Rs 1,500 crore. These wins are projected to generate additional revenue of Rs 850 crore in FY25, bolstering the company's financial performance.
Tarang Jain, the CMD of Varroc Engineering, expressed his satisfaction with the fact that more than 40% of these new wins originated from the electric vehicle (EV) category. He highlighted that their revenue from supplying to EV players in FY24 accounted for approximately 5.3% of their overall revenue, showcasing their commitment to this burgeoning sector.
In FY24, Varroc Engineering achieved consolidated revenue from operations amounting to Rs 7,551.9 crore. Moreover, the company's net profit for the same period reached Rs 553 crore, highlighting their financial stability and success.
Varroc Engineering specializes in manufacturing and supplying electricals-electronics, polymers, metallics, and exterior lighting systems to leading original equipment manufacturers (OEMs) worldwide. With their comprehensive capabilities spanning design, development, and manufacturing, they cater to a wide range of vehicles, including two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and off-highway vehicles.