VARROC Q2 : CONS NET PROFIT DOWN 47.1% AT 33.47 CR (YOY), DOWN 56.9% (QOQ). WEAK (On 1st Look)

Revenue up 33.5% at 2,947.93 Cr (YOY), up 11.9% (QOQ). Pre-exceptional PBT up 53.6% at 140.10 Cr (YOY), up 23.9% (QOQ). Margins: operating 5.85% v 5.40% (YOY), 5.26% (QOQ); net profit margin 1.14% v 2.87% (YOY). Caution: Q2 PAT hit by ₹63.10 Cr exceptional charge - ₹49.39 Cr Italy restructuring provision and ₹13.72 Cr Italian tax settlement; auditors flagged a qualified conclusion on ₹44.17 Cr erstwhile JV income.

Varroc Engineering Limited

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