Varroc Engineering News and Updates

Name: Latest research reports of Varroc Engineering Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Varroc Engineering Ltd.
Rating: 4
Author: ICICI Securities Limited

Keep track of all breaking news on Varroc Engineering from all sources in a single place.

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Varroc Engineering Ltd.

07 Feb 2024

669.95

1.60%

to see Rapid results content

Varroc Engineering Ltd.

08 Nov 2023

669.95

1.60%

In-line operating performance; key focus on debt reduction

Accumulate: Varroc Engineering Ltd.

Recommendation Target

ICICI Securities Limited

Varroc Engineering’s (VAR) EBITDAM for Q2FY24 stood at 10.3%, up ~80bps QoQ, and 70bps higher than consensus estimate though revenue was in line. VAR is operating at ~60-65% capacity utilisation, with margin improvement ahead being driven by operating leverage and focus on fixed cost/GM.

Varroc Engineering Ltd. is trading above all available SMAs

Varroc Engineering Ltd.

07 Nov 2023

669.95

1.60%

to see Rapid results content

Varroc Engineering Ltd.

04 Oct 2023

669.95

1.60%

Varroc Engineering shares jump 3%, hit 52-week high

Moneycontrol

Varroc Engineering shares hit a fresh 52-week high on October 4, trading above all key moving averages.

Varroc Engineering has gained 25.38% in the last 3 Months

Varroc Engineering Ltd.

14 Aug 2023

669.95

1.60%

Buy Varroc Engineering; target of Rs 406: ICICI Direct

Moneycontrol

ICICI Direct is bullish on Varroc Engineering recommended buy rating on the stock with a target price of Rs 406 in its research report dated August 10, 2023.

Varroc Engineering L.. has an average target of 660.50 from 2 brokers.

Varroc Engineering Ltd.

10 Aug 2023

669.95

1.60%

Varroc Engineering jumps 12% on Q1 profit, debt reduction

Moneycontrol

During the April-June quarter, Varroc Engineering Ltd. announced a reduction in its debt by Rs 50 crore. This reduction in debt has consequently led to a quarter-on-quarter decrease in interest costs

Varroc Engineering L.. has an average target of 660.50 from 2 brokers.

Varroc Engineering Ltd.

10 Aug 2023

669.95

1.60%

Profitability improvement continues; debt reduction the key ahead

Buy: Varroc Engineering Ltd.

Target

ICICI Securities Limited

Varroc Engineering’s (VAR) EBITDAM for Q1FY24 was at 9.5%, up 20bps QoQ, and higher than our estimate of 8.7%. The beat was due mainly to better business mix, operating leverage and continued cost-reduction efforts. Revenue increased 6% QoQ to INR 17.9bn due to higher 2W volumes, which accounted for ~70% of revenue.

Varroc Engineering has gained 29.00% in the last 1 Year

Varroc Engineering Ltd.

09 Aug 2023

669.95

1.60%

to see Rapid results content

Varroc Engineering Ltd.

25 May 2023

669.95

1.60%

Business tailwinds getting ready to drive the much awaited debt reduction

Buy: Varroc Engineering Ltd.

Target

ICICI Securities Limited

Varroc Engineering’s (VAR) EBITDA margin for Q4FY23 came in at 9.2%, 139bps higher QoQ, and higher than our estimate of 7%, mainly due to business mix, recoveries and operating leverage other than specific benefits of retrospective cost pass through in Q4.