Q4 2024 Varroc Engineering Ltd Earnings Call Transcript
Key Points
- India operations outperformed industry growth with over 14.5% growth in FY '24.
- Full year revenue reached INR75,519 million, with a 9.6% year-over-year growth.
- PBT margin improved by 300 basis points to 4.2% year-over-year.
- Net debt reduced to below INR10,000 million, improving the net debt-to-equity ratio to 0.63.
- Lifetime new business wins in FY '24 amounted to over INR87 billion, with 40% in the EV category.
- Overseas business was impacted due to a decline in 2-wheeler automotive sales and dependency on a single customer.
- Provision of INR160 million created for doubtful recovery of receivables from an EV customer.
- Interest costs remained similar to FY '23 despite a reduction in total debt.
- Increase in long-term debt from INR415 crore to INR651 crore, causing liquidity stress.
- Sharp increase in other expenses due to one-off provisions and write-offs.
Ladies and gentlemen, good day, and welcome to Varroc Engineering Q4 FY '24 earnings conference call hosted by Investec Capital Services. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Aakash Gopani. Thank you, and over to you, Mr. Aakash.
Thank you, Steve. Good evening, everyone. Welcome to the Q4 FY '24 Earnings Conference Call of Varroc Engineering Limited. We have with us the senior management represented by Mr. Tarang Jain, Chairman and Managing Director; Mr. Arjun Jain, whole-time Director and CEO, Business Development One; Mr. Mahendra Kumar, Group CFO; and Mr. Bikash Dugar, Head of Investor Relations.
With that, I would now like to hand over the call to Mr. Tarang Jain for his initial opening remarks. Over to you, sir.
Yes. Thank you, Aakash, and team Investec for hosting the call, and good evening to
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