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Dolat Capital Report
Varroc Engineering Ltd. displayed a disappointing performance in Q2 FY22 dragged by weak performance of Varroc Lighting Systems.
Revenue grew by 4% YoY, 36% increase in India business was offset by 13% decline in Varroc Lightings.
The company recorded negative Ebitda dragged by weak performance of Varroc Lightings (severely impacted by semiconductor shortages and commodity inflation).
Varroc Engineering's management expects semiconductor shortages issue to ease off gradually in ensuing quarters led to rebound in revenue and margin.
We expect FY23 would be a strong year for passenger vehicles given strong waiting period and low inventory worldwide. As 65% revenue comes from the PV segment.
Revival in volume of its key clients like Volkswagen, Tesla, FCA, Ford, Renault to stimulate earnings.
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