Name: Latest research reports of Varroc Engineering Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Varroc Engineering Ltd.
Rating: 5
Author: ICICI Securities Limited

Decent Q4 performance adjusting for one-offs; already executing debt reduction

Buy: Varroc Engineering Ltd.

Recommendation Target

ICICI Securities Limited

Varroc Engineering’s (VAR) EBITDAM stood at 11.2%, up ~190bps QoQ, and 90bps higher than consensus estimate in
Q4FY24, though reported margin included multiple one-offs, including retrospective incentives and provisions from specific EV customer