Varroc Engineering

₹500 16.1 | 3.3%

WEBSITE BSE:541578 NSE : VARROC 10 May, 16:01

Market Cap ₹7639 Cr.

Stock P/E 15.0

P/B 5.5

Current Price ₹500

Book Value ₹ 91.2

Face Value 1

52W High ₹631

Dividend Yield 0%

52W Low ₹ 292.1

Edit Ratio

Varroc Engineering Research see more...

Overview Inc. Year: 1988Industry: Auto Ancillary

Varroc Engineering Ltd designs, manufactures, and supplies outside lighting systems, plastic and polymer components, electric and electronics additives, and precision steel additives internationally. It operates through Automotive and Others segments. The organization gives unpainted and painted frame components; outside and indoors systems; seating systems; mirror systems; air filters; automobile add-ons; lights structures; electronics; traction motors and controllers; DC-DC converters; tool clusters; catalytic converters; switches; cars and magnetos; and engine valves. It additionally provides precision, solid, and machined elements for engine and transmissions to 2-wheeler, 3-wheeler, 4-wheeler, industrial vehicle, off-highway, earthmoving, and oil drilling application; and transmission gears and assemblies, crankpins, connecting rods, flanges, ring gears, crankshafts, camshafts, knuckles, front axle beams, hydraulic shafts, heavy undercarriage parts, and drill bits and cones, as well as head and signal lamps. The corporation serves passenger car, business vehicle, 2-wheeler, 3-wheeler, and off-highway vehicle authentic system producers. Varroc Engineering Ltd incorporated in 1988 and is headquartered in Aurangabad, India.

Varroc Engineering Share Price

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Peer Comparison

Varroc Engineering Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	1509	1489	1652	1628	1834	1723	1690	1792	1887	1885
Other Income	7	8	21	9	12	9	27	21	14	11
Total Income	1516	1497	1673	1637	1847	1732	1717	1814	1901	1896
Total Expenditure	1395	1414	1557	1510	1690	1588	1540	1626	1700	1711
Operating Profit	121	83	117	127	156	144	177	188	201	185
Interest	25	35	37	38	49	51	53	49	50	50
Depreciation	73	79	84	85	77	82	92	80	85	89
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	23	-31	-4	4	30	11	33	59	66	46
Provision for Tax	25	1	26	4	50	-10	1	10	18	-313
Profit After Tax	-2	-32	-30	1	-20	21	32	49	48	359
Adjustments	-296	-264	-255	-85	-775	-0	8	-17	7	24
Profit After Adjustments	-298	-296	-285	-85	-795	20	40	32	54	383
Adjusted Earnings Per Share	-19.5	-19.4	-18.7	-5.6	-52	1.3	2.6	2.1	3.5	25

Varroc Engineering Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	4210	6116	6770	7909	9299	10279	12036	11122	11303	5844	6863	7254
Other Income	15	23	88	148	94	39	91	99	127	34	58	73
Total Income	4225	6140	6858	8057	9393	10317	12127	11221	11430	5878	6921	7328
Total Expenditure	3958	5717	6153	7338	8717	9398	10978	10301	10906	5485	6316	6577
Operating Profit	267	423	705	719	675	919	1150	920	524	393	605	751
Interest	84	101	475	84	90	86	97	139	163	118	190	202
Depreciation	179	238	254	292	337	386	566	732	895	305	337	346
Exceptional Income / Expenses	0	0	88	50	0	0	0	0	0	0	0	0
Profit Before Tax	4	84	63	392	327	516	519	39	-498	-30	83	204
Provision for Tax	30	41	47	22	14	65	90	37	130	48	44	-284
Profit After Tax	-26	43	17	370	313	451	429	3	-629	-78	39	488
Adjustments	1	-1	-4	-0	-0	-1	-3	-2	-3	-1032	-859	22
Profit After Adjustments	-25	42	13	369	313	450	425	0	-632	-1110	-820	509
Adjusted Earnings Per Share	-2.6	4	1.3	38.4	27.3	36.6	31.5	0	-41.4	-72.6	-53.7	33.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	17%	-15%	-8%	5%
Operating Profit CAGR	54%	-13%	-8%	9%
PAT CAGR	0%	135%	-39%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	71%	9%	-0%	NA%
ROE Average	3%	-7%	-1%	5%
ROCE Average	9%	2%	4%	9%

Varroc Engineering Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	711	1095	1082	1763	2185	2828	3066	3005	3028	1989	976
Minority's Interest	23	31	21	20	20	21	24	25	28	25	28
Borrowings	878	637	1023	763	755	636	457	900	936	250	416
Other Non-Current Liabilities	127	125	160	126	91	91	229	857	896	248	319
Total Current Liabilities	1658	2078	2142	2560	2795	3173	4771	5997	6159	3029	2874
Total Liabilities	3396	3966	4428	5233	5847	6749	8548	10784	11047	10989	4614
Fixed Assets	1277	1509	1843	2111	2381	2790	3546	5283	5231	2033	2051
Other Non-Current Assets	410	435	568	763	748	899	1664	1360	1509	645	786
Total Current Assets	1710	2022	2017	2359	2718	3060	3338	4141	4307	1428	1776
Total Assets	3396	3966	4428	5233	5847	6749	8548	10784	11047	10989	4614

Varroc Engineering Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	49	168	98	11	112	305	312	146	1033	741	280
Cash Flow from Operating Activities	348	460	128	290	677	1075	474	1414	474	636	661
Cash Flow from Investing Activities	-705	-341	-245	-579	-565	-601	-1757	-1268	-644	-763	-260
Cash Flow from Financing Activities	434	-81	70	386	94	-523	1129	733	-152	-335	-216
Net Cash Inflow / Outflow	77	38	-47	98	205	-50	-154	879	-322	-462	185
Closing Cash & Cash Equivalent	168	235	11	112	305	312	146	1033	741	280	302

Varroc Engineering Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-2.56	4.02	1.35	38.42	27.32	36.57	31.54	0.01	-41.36	-72.64	-53.66
CEPS(Rs)	14.61	26.84	28.17	68.86	56.76	68	73.76	54.47	17.44	14.81	24.58
DPS(Rs)	0.09	0.07	0.29	0.35	0.35	0.5	4	3	0	0	0
Book NAV/Share(Rs)	67.9	101.75	112.6	181.64	190.5	229.58	227.46	222.87	198.17	130.16	63.89
Core EBITDA Margin(%)	5.99	6.53	8.87	6.95	6.05	8.49	8.79	7.37	3.5	6.12	7.93
EBIT Margin(%)	2.09	3.02	7.75	5.79	4.35	5.8	5.11	1.6	-2.96	1.5	3.96
Pre Tax Margin(%)	0.1	1.38	0.91	4.77	3.41	4.97	4.3	0.35	-4.4	-0.51	1.2
PAT Margin (%)	-0.62	0.7	0.24	4.5	3.26	4.34	3.56	0.02	-5.55	-1.33	0.56
Cash Profit Margin (%)	3.63	4.59	3.9	8.06	6.77	8.07	8.25	6.59	2.35	3.85	5.45
ROA(%)	-0.77	1.17	0.4	7.66	5.66	7.16	5.6	0.03	-5.76	-0.71	0.5
ROE(%)	-3.67	4.83	1.57	26.15	15.95	17.99	14.55	0.08	-20.84	-3.12	2.62
ROCE(%)	4.52	8.95	21.93	15.62	11.83	15.58	12.91	2.96	-5.34	1.85	8.88
Receivable days	70.97	47.5	48.43	50.11	44.13	44.68	41.69	39.97	43.99	67.11	29.51
Inventory Days	46.3	39.14	35.81	28.18	27.28	28.44	26.58	32.22	37.58	58.21	34.06
Payable days	134.66	105.44	92.39	79.5	82.32	99.66	96.64	114.86	129.63	198.51	99
PER(x)	0	0	0	0	0	0	18.41	9119.72	0	0	0
Price/Book(x)	0	0	0	0	0	0	2.55	0.58	1.84	2.66	3.9
Dividend Yield(%)	0	0	0	0	0	0	0.69	2.32	0	0	0
EV/Net Sales(x)	0.25	0.14	0.24	0.18	0.13	0.09	0.84	0.38	0.69	1.15	0.75
EV/Core EBITDA(x)	3.98	2.06	2.26	2.02	1.74	0.96	8.79	4.59	14.93	17.1	8.46
Net Sales Growth(%)	0	45.27	10.69	16.83	17.57	10.54	17.1	-7.6	1.63	-48.29	17.43
EBIT Growth(%)	0	109.52	191.67	-11.62	-12.32	44.16	2.22	-70.97	-287.84	126.31	209.38
PAT Growth(%)	0	264.31	-60.82	2100.15	-15.23	43.8	-4.9	-99.42	0	87.55	149.55
EPS Growth(%)	0	257.06	-66.45	2750.65	-28.89	33.86	-13.74	-99.95	0	-75.64	26.13
Debt/Equity(x)	1.74	0.99	1.53	0.91	0.69	0.42	0.8	1.18	0.99	0.78	1.67
Current Ratio(x)	1.03	0.97	0.94	0.92	0.97	0.96	0.7	0.69	0.7	0.47	0.62
Quick Ratio(x)	0.71	0.6	0.67	0.65	0.7	0.69	0.51	0.51	0.5	0.27	0.38
Interest Cover(x)	1.05	1.84	1.13	5.64	4.62	6.99	6.35	1.28	-2.06	0.75	1.44
Total Debt/Mcap(x)	0	0	0	0	0	0	0.31	2.03	0.54	0.29	0.43

Varroc Engineering Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	75	75	75	75	75	75	75	75	75	75
FII	3.48	3.92	3.28	3.51	4.67	5.04	5.07	4.99	4.57	4.22
DII	14.18	14.92	15.07	14.31	12.22	12.02	12.21	12.43	11.44	12.15
Public	7.34	6.16	6.65	7.18	8.11	7.94	7.72	7.57	8.99	8.63
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	11.46	11.46	11.46	11.46	11.46	11.46	11.46	11.46	11.46	11.46
FII	0.53	0.6	0.5	0.54	0.71	0.77	0.77	0.76	0.7	0.64
DII	2.17	2.28	2.3	2.19	1.87	1.84	1.86	1.9	1.75	1.86
Public	1.12	0.94	1.02	1.1	1.24	1.21	1.18	1.16	1.37	1.32
Others	0	0	0	0	0	0	0	0	0	0
Total	15.28	15.28	15.28	15.28	15.28	15.28	15.28	15.28	15.28	15.28

Pros

Debtor days have improved from 198.51 to 99days.

Cons

Company has a low return on equity of -7% over the last 3 years.
Stock is trading at 5.5 times its book value.
The company has delivered a poor profit growth of -38% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.