Varroc Lighting Systems Says Business To Grow On New Order Wins
The order book for automotive lighting products has grown due to new business wins, Varroc Engineering MD Tarang Jain says.
Varroc Lighting Systems India Pvt. Ltd., a global supplier of innovative exterior vehicle lighting systems, expects its core business to grow, led by an increase in order book.
The company has been doing “very well” in its core business in India, said Tarang Jain, managing director at the wholly owned subsidiary of Varroc Engineering Ltd.,. The order book for automotive lighting products has grown due to new business wins, he told BloombergQuint, adding the company’s market share, too, has increased.
Varroc Lighting Systems received orders worth 462 million euros in the financial year ended March 2019. Of this, 26 percent came from Volkswagen AG, which according to Equirus Capital Pvt. Ltd. is set to become the company’s largest customer in 2020-21 from the fourth largest in 2018-19. Varroc Lighting Systems, which has businesses in Morocco, Brazil and Poland, grew at an annualised rate of 15 percent over fiscals 2016-2019, the research firm said in a report.
Watch | Varroc MD Tarang Jain on the company’s lighting business