VARROC Q2 : CONSOLIDATED REVENUE UP 33.6% AT RS 261 CR (YOY), UP 11.9% (QOQ); STRONG

• PBT before exceptionals and JV profit up 54% at Rs 140.1 Cr (YoY); 4.7% of revenue vs 4.1% (YoY), 4.3% (QoQ). • EBITDA at Rs 261.1 Cr; margin 8.9% vs 8.5% (QoQ). • EV-linked revenue ~19% of consolidated revenue vs ~16% (QoQ); EV-related revenue up ~130% (YoY). • H1 revenue up 31.8% at Rs 5,582.2 Cr (YoY); net new business wins with annualised peak revenue of Rs 1,012.7 Cr, over 48% linked to EV. • Caution: input-cost timing gap hit Q2 EBITDA margin by ~80 bps; over Rs 114 Cr of agreed customer recoveries unrealised in cash at H1 end. • Impact: Q2 revenue and PBT growth strong, but EBITDA margin pressured by input-cost timing gap and pending customer recoveries.

Varroc Engineering Limited

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