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Varroc Engineering Q3 results: PAT at Rs 384 cr, revenue rises 9.4%

Auto parts supplier Varroc Engineering on Wednesday reported a consolidated Profit After Tax (PAT) of Rs 383.9 crore in the December quarter, primarily driven by a tax benefit of Rs 313.1 crore. The company had reported a consolidated PAT of Rs 21.8 crore in the year-ago period. The revenue for the quarter rose 9.4 per cent to Rs 1,884.6 crore from Rs 1,722.8 crore a year back, the company said in a statement. The massive surge in PAT was on account of tax benefit amounting to Rs 313.1 crore, it said. "The tax benefit has come as we have written off the impairment-related losses pertaining to loan given to overseas entity of four-wheeler lighting business in Europe and America," Varroc said. "Despite de-growth in overseas markets in the quarter, the overall revenue from operations grew 9 per cent year-on-year to Rs 18,846 million, the reported PBT (Profit Before Tax) was Rs 708 million, which includes profit from our joint venture of Rs 250.7 million," Varroc Engineering Ltd CMD .

Varroc Engineering Q3 results: PAT at Rs 384 cr, revenue rises 9.4%
Updated On : 07 Feb 2024 | 9:05 PM IST