Varroc Engineering Ltd., a Tier-1 automotive component supplier revealed that it has secured new lifetime orders totaling over Rs 8,700 crore during the fiscal year 2024 (FY24). This development was disclosed in a regulatory filing, highlighting the company’s robust business growth and market penetration.
The newly secured orders represent an annual peak value of approximately Rs 1,500 crore. Varroc Engineering projects that these orders will contribute an additional revenue of Rs 850 crore in FY25, further strengthening the company’s financial performance.
Tarang Jain, Chairman and Managing Director (CMD) of Varroc Engineering, expressed his satisfaction with the company’s achievements. Notably, more than 40% of the new orders are from the electric vehicle (EV) sector, underscoring Varroc’s strategic focus on the growing EV market. Jain emphasized that in FY24, revenue from EV players constituted around 5.3% of the company’s total revenue, reflecting Varroc’s commitment to supporting the transition to electric mobility.
In FY24, Varroc Engineering reported consolidated revenue from operations amounting to Rs 7,551.9 crore. The company’s net profit for the same period was Rs 553 crore, showcasing its financial stability and successful business operations.
Varroc Engineering specializes in manufacturing and supplying a wide range of components including electrical-electronics, polymers, metallics, and exterior lighting systems to prominent original equipment manufacturers (OEMs) worldwide. With comprehensive capabilities in design, development, and manufacturing, Varroc caters to a diverse array of vehicles, including two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and off-highway vehicles.
This substantial new order win positions Varroc Engineering for continued growth and innovation, particularly in the burgeoning EV sector, as it continues to play a critical role in the global automotive supply chain.
