Varroc Engineering Ltd
Varroc Engineering Ltd (VARROC)

Varroc Engineering Ltd (VARROC)

₹360.10.68%

Key Stats

₹357.4
Day's Price Range
₹367.3
₹260
52-Week Price Range
₹493.85
1 Month Return-13.1 %
3 Month Return-2.1 %
1 Year Return-13.79 %

Company Financials

  • Quarterly
  • Annual
Value in ₹ crore

Peer Comparsion

PE
Rank 54
-5.72
EPS
Rank 57
₹-62.62
BVPS
Rank 20
₹198.17
Dividend Yield
Rank 41
ROE
Rank 56
5.01%
Price To Book Ratio
1.8
Debt To Asset
Rank 12
0.73

Company Information

Varroc Engineering Limited is a global tier1 tier1 companies are companies that directly supply to original equipment manufacturers OEMs automotive component group. The Company designs manufactures and supplies exterior lighting systems plastic and polymer components electricalselectronics components and precision metallic components to passenger car commercial vehicle twowheeler threewheeler and off highway vehicle OHV OEMs directly worldwide. The company is one of the leading global passenger car lighting suppliers and amongst the top 2wheeler automotive component supplier in India. The company has a global footprint of 37 manufacturing facilities.The Company commenced operations with polymer business in 1990. It initially grew organically in India by adding new business lines such as electrical division and metallic division. Subsequently it diversified the product offerings and expanded its production capacity through various investments joint ventures and acquisitions. The Company has also expanded its manufacturing and RD footprint by investing in nine manufacturing plants and an additional RD center in India since 2012.Varroc Engineering Limited was incorporated on May 11 1988 at Mumbai as a private limited company with the name Varroc Engineering Private Limited. On July 1 1997 the Company was converted into a deemed public company and the word Private was deleted from the name of the Company. Thereafter on January 24 2001 the company was converted into a private company and the word Private was added to the name of the Company. In 2005 the company formed Varroc Exhaust Systems Private Limited to manufacture catalytic convertor for two wheelers and threewheelers.In 2007 the company formed a joint venture with Plastic Omnium Auto Exterior SAS France. During the year under review the company acquired I.M.E.S in Italy. In 2008 as per a composite scheme of arrangement between Varroc Lighting Private Limited VLPL Varroc Polymers Private Limited VPPL and the company VLPL was amalgamated with the company and the polymer business of the company was demerged into VPPL. In 2011 the company acquired twowheeler lighting business of TRI.O.M. S.p.A. In 2012 the company acquired the lighting division of Visteon Corporation now known as Varroc Lighting Systems.In 2013 the company expanded its global lighting business by acquiring Visteons holding in a 50/50 joint venture with Beste Motor Co. Ltd. TYC to manufacture automotive lighting in China namely Varroc TYC which wholly owns Varroc TYC Auto Lamps which in turn wholly owns Varroc TYC Auto Lamps CQ its China JV. The company was converted into a public limited company and the name of the Company was changed to Varroc Engineering Limited on February 5 2018. On February 13 2018 the company entered into a joint venture with DellOrto S.p.A. one of the customers in India for the development of electronic fuel injection control systems for twowheelers and threewheelers.In 2018 the company acquired 90 stake in Team Concepts through its subsidiary VPPL. During the year under review the company made investment in lighting manufacturing units in Brazil Morocco. During the year under review the company diversified its business activities by acquiring Team Concepts which is in the business of manufacturing of auto accessories.The company came out with an initial public offer IPO during the period from 26 June 2018 to 28 June 2018. The IPO was an offer for sale by the selling shareholders consisting of promoter Tarun Jain 17.52 lakh shares Omega TC Holdings entire 169.17 lakh shares and Tata Capital Financial Services entire 15.52 lakh shares. There was no fresh issue of shares by the company. The IPO was priced at Rs 967 per share. The stock made its debut on the bourses on 6 July 2018.The Board of Directors of Varroc Lighting Systems INC. USA a wholly owned stepdown subsidiary company of Varroc Engineering Limited at its meeting held on 12 July 2018 at Czech Republic approved the proposed setting up of new facilities at Chennai India and Poland for manufacturing exterior lighting components. On 3 August 2018 Varroc Engineering Limited informed the stock exchanges that its wholly owned subsidiary Aries Mentor Holding B.V. The Netherlands has acquired 660114 shares of TRI.O .M. S.p.A. from the existing minority shareholder Mr. Alessio Caputo on 3 August 2018 resulting increase in shareholding of Aries Mentor Holding B.V. The Netherlands in TRI.O.M. S.p.A. Italy to 100. Consequently TRI.O.M . S.p.A. Italy has become wholly owned stepdown subsidiary of Varroc Engineering.On 19 September 2018 Varroc Engineering Limited informed the stock exchanges that its wholly owned subsidiary company VarrocCorp Holdings B.V. The Netherlands has signed a joint venture agreement with ELBA SA a privatelyheld lighting and electronics company based in Romania on September 18 2018. The joint venture will focus on electronics manufacturing and given the constantly increasing electronic content of lighting products will significantly support Varroc Lightings successful growth in Europe. As per the terms of the joint venture agreement Varroc and ELBA will contribute equity for the joint venture in the ratio of 70 and 30 respectively.
OrganisationVarroc Engineering Ltd
HeadquartersAurangabad (Maharashtra)
IndustryAuto Ancillaries