AgenciesShares of tumbled 4.1 per cent in early trade on Tuesday as the auto manufacturer and supplier reported a wider net loss in January-March than the previous year.
Global tier-1 auto parts manufacturer and supplier Varroc on Monday reported a net loss of Rs 284.96 crore for the quarter ended March 2022 against a net loss of Rs 144.32 crore in the same quarter of FY21.
The company in a release said revenue from operations stood at Rs 1,652 crore in the March quarter of FY22 as compared to Rs 1,504.30 crore in the same quarter a year earlier, PTI reported.
Varroc’s scrip fell to a low of Rs 348.80 as against Rs 363.65 at the previous close on the BSE.
For the financial year ended March 2021-22, net loss increased to Rs 1,106.73 crore as against a net loss of Rs 628.64 crore in FY21, PTI reported, adding that revenue from operations during the full fiscal 2021-22 was recorded at Rs 5,844.20 crore as compared to Rs 4,373.90 crore clocked in FY21.
According to PTI’s report, the company said the government has approved its application for the Production-Linked Incentive (PLI) and "it will be investing around Rs 280 crore over five years under the scheme".
The auto production for two-wheelers in India in FY22 fell by 3.5 per cent despite the lower base of last year due to weak rural demand and higher cost of ownership.
Passenger vehicles in India rose by 19.2 per cent due to preference for personal mobility, while commercial vehicles and three-wheelers witnessed growth due to lower base and overall economic recovery, Tarang Jain, CMD, was quoted as saying in the report.
The EBITDA margin for FY22 was 6.1 per cent as against 7.7 per cent in FY21 for the continued operations, he said, adding that the margins were impacted by higher commodity prices, forex losses on intercompany loans, and lower operating utilisation in some of the geographies.
"We are looking to improve the profitability of some of the business units like IMES in Italy, metallic business in India, 4W lighting business in India and 2W global lighting business by a mix of improving internal efficiency, higher capacity utilisation and price increase from customers," Jain said.
Global tier-1 auto parts manufacturer and supplier Varroc on Monday reported a net loss of Rs 284.96 crore for the quarter ended March 2022 against a net loss of Rs 144.32 crore in the same quarter of FY21.
The company in a release said revenue from operations stood at Rs 1,652 crore in the March quarter of FY22 as compared to Rs 1,504.30 crore in the same quarter a year earlier, PTI reported.
Varroc’s scrip fell to a low of Rs 348.80 as against Rs 363.65 at the previous close on the BSE.
For the financial year ended March 2021-22, net loss increased to Rs 1,106.73 crore as against a net loss of Rs 628.64 crore in FY21, PTI reported, adding that revenue from operations during the full fiscal 2021-22 was recorded at Rs 5,844.20 crore as compared to Rs 4,373.90 crore clocked in FY21.
According to PTI’s report, the company said the government has approved its application for the Production-Linked Incentive (PLI) and "it will be investing around Rs 280 crore over five years under the scheme".
The auto production for two-wheelers in India in FY22 fell by 3.5 per cent despite the lower base of last year due to weak rural demand and higher cost of ownership.
Passenger vehicles in India rose by 19.2 per cent due to preference for personal mobility, while commercial vehicles and three-wheelers witnessed growth due to lower base and overall economic recovery, Tarang Jain, CMD, was quoted as saying in the report.
The EBITDA margin for FY22 was 6.1 per cent as against 7.7 per cent in FY21 for the continued operations, he said, adding that the margins were impacted by higher commodity prices, forex losses on intercompany loans, and lower operating utilisation in some of the geographies.
"We are looking to improve the profitability of some of the business units like IMES in Italy, metallic business in India, 4W lighting business in India and 2W global lighting business by a mix of improving internal efficiency, higher capacity utilisation and price increase from customers," Jain said.
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