Varroc Engineering Ltd (BOM:541578)
₹ 519.55 2.3 (0.44%) Market Cap: 79.38 Bil Enterprise Value: 89.18 Bil PE Ratio: 14.97 PB Ratio: 4.92 GF Score: 77/100
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Q3 2021 Varroc Engineering Ltd Earnings Call Transcript

Feb 09, 2021 / 11:30AM GMT
Release Date Price: ₹454.95 (-2.02%)
Tarang Jain
Varroc Engineering Limited - MD & Chairman of the Board

Good evening, everyone. I am Tarang Jain, and I want to thank you for joining the Q3 FY '21 earnings call of Varroc Engineering Limited.

Let me start with the India business. The Q3 FY '21 witnessed a robust growth in the 2-wheeler and the passenger vehicle volumes in India. The Indian 2-wheeler volumes in Q3 were higher by almost 18% year-on-year, and the passenger vehicle were higher by 23%. Our revenue in India grew by 29% year-on-year. Our EBITDA in India grew by 49% year-on-year, and our margins continue to be strong at 13.3%.

I will now move to our global lighting business. The passenger vehicle volumes across major markets, including Europe and North America, were almost flat year-on-year. The Chinese passenger vehicle market grew 3% year-on-year. As against this, our global lighting business revenue grew by 9% in euro terms. However, the EBITDA margins in the lighting business declined sharply in the quarter due to a number of factors.

Most of the car manufacturers in Europe scaled up their

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