Integrated Filing — IndAS



General information about company
Scrip Code 541578
NSE Symbol VARROC
MSEI Symbol NA
ISIN INE665L01035
Name of company VARROC ENGINEERING LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 29-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 22-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 29-May-2025   12:30:00
End date and time of board meeting 29-May-2025   14:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 20992010000 81540840000
Other income 48390000 176820000
Total income 21040400000 81717660000
2 Expenses
(a) Cost of materials consumed 13073320000 52391040000
(b) Purchases of stock-in-trade 0 0
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 390040000 -298840000
(d) Employee benefit expense 2132770000 8877110000
(e) Finance costs 407920000 1702290000
(f) Depreciation, depletion and amortisation expense 814230000 3233210000
(f) Other Expenses
1 Foreign exchange (gain)/loss (net) -73890000 -120390000
2 Consumption of Stores, Spares and Tools 267150000 1030130000
3 Consumption of Packing Material 237390000 928970000
4 Water and Electricity Charges 517480000 2126670000
5 Contract Labour Cost 842550000 3327700000
6 Freight and Forwarding Expenses 293980000 1137850000
7 Legal and Professional Fees 178750000 812860000
8 Other Expenses 925070000 3440190000
Total other expenses 3188480000 12683980000
Total expenses 20006760000 78588790000
3 Total profit before exceptional items and tax 1033640000 3128870000
4 Exceptional items -564190000 -1473370000
5 Total profit before tax 469450000 1655500000
6 Tax expense
7 Current tax 45780000 159150000
8 Deferred tax 196840000 836680000
9 Total tax expenses 242620000 995830000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations 226830000 659670000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 3070000 37090000
16 Total profit (loss) for period 229900000 696760000
17 Other comprehensive income net of taxes -9480000 67810000
18 Total Comprehensive Income for the period 220420000 764570000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 205740000 612300000
Total profit or loss, attributable to non-controlling interests 24160000 84460000
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent -9320000 67970000
Total comprehensive income for the period attributable to owners of parent non-controlling interests -160000 -160000
21 Details of equity share capital
Paid-up equity share capital 152790000 152790000
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve 15497850000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.35 4.01
Diluted earnings (loss) per share from continuing operations 1.35 4.01
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 1.35 4.01
Diluted earnings (loss) per share from continuing and discontinued operations 1.35 4.01
24 Debt equity ratio 0.0059 0.0059
25 Debt service coverage ratio 0.0201 0.0176
26 Interest service coverage ratio 0.0554 0.0476
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results
Textual Information(1) Notes to Audited Consolidated Financial Results: n1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its nmeeting held on May 29, 2025 and were subjected to audit by the Statutory Auditors. n n2. The figures for the quarters ended March 31, 2025 and March 31, 2024 are the derived figures between the naudited figures in respect of full financial year and the unaudited published year-to-date figures upto the third nquarter of the respective financial year which were subjected to limited review. n n3. Pursuant to provisions of Section 230-232 of the Companies Act, 2013, the Board of Directors of the nCompany on May 17, 2024 had approved the scheme of amalgamation of Varroc Polymers Limited ('VPL') (a nwholly owned subsidiary of the Holding Company) with Varroc Engineering Limited ('VEL') (the Holding nCompany) with appointed date of April 01, 2024 ('the Scheme'). National Company Law Tribunal ('NCLT') napproved the above scheme vide its order dated January 10, 2025 and the merger became effective on nFebruary 1, 2025 on filing of the NCLT order with the Registrar of Companies. The merger has been naccounted as business combination of entities under common control as per Appendix C to Ind AS 103 - nBusiness Combinations. nThe aforesaid scheme has no impact on the Consolidated Financial Results of the Group since the scheme of nmerger was between the Holding Company and its wholly owned subsidiary. n n4. Exceptional items for the periods presented in the consolidated results include following: n n4a On December 11, 2024, the Group received an order from the International Chamber of Commerce, nSingapore ('ICC') in respect of the ongoing arbitration between VarrocCorp Holding B.V. ('VCHBV') jointly nwith Varroc Engineering Limited and Beste Motor Co. Ltd. ('TYC BVI Entity') jointly with TYC Brother nIndustrial Co. Ltd ('TYC Group') and Varroc TYC Corporation ('VTYC' or 'China JV'), wherein VCHBV has nbeen directed to transfer its 50% shareholding in VTYC to TYC BVI Entity for a consideration of RMB n310.50 million. nAccordingly, the Group has assessed that its investment in VTYC (a joint venture accounted for under the nequity method) satisfies the criteria prescribed under Ind AS 105 'Non-Current Assets Held for Sale and nDiscontinued Operations' for classification as 'Assets held for sale' and has written down this investment to nRs. 3,395.15 million which is its fair value less costs to sell. The resulting estimated impairment loss of Rs. n10.34 million, Rs. 796.48 million and Rs. 806.82 million for the quarters ended March 31, 2025 and nDecember 31, 2024, and the year ended March 31, 2025 respectively has been disclosed as an Exceptional nitem in the financial results. Subsequent to the year end, the Group has received above consideration on May n07, 2025 and transferred its investments in China JV. nFurther, the Group’s share of net profits of VTYC of Rs. 27.85 million (approx. 1.65% of Profit/(loss) before ntax) which is included in the Group’s consolidated profits is based on management certified accounts and was nnot subjected to audit. Due to the arbitration as explained above, the Group was unable to get the financial nand other information of VTYC audited from auditors. The auditors in their audit report have included a nqualification in respect of this matter. n n4b On April 21, 2025, the Group received final order from ICC in respect of the above arbitration wherein the nGroup has been directed to pay to TYC Group legal costs pertaining to the arbitration incurred by TYC nGroup amounting to Rs. 439.91 million. The group has recognised a provision for this cost as at March 31, n2025 and the same has been disclosed as an Exceptional item in the financial results for the quarter and year nended March 31, 2025. The Company is analyzing the Final Award, and is assessing the legal options navailable in this regard. n n4c Exceptional item also include estimated expenses directly attributable to merger of VPL with the Company namounting to Rs. 83.32 million, Rs. 112.70 million and Rs. 196.02 million for the quarters ended March 31, n2025 and December 31, 2024, and the year ended March 31, 2025 respectively. n n4d During the current year, KTM AG group, one of the customer of the Group, filed for insolvency and the nCourt admitted restructuring with self-administration in Austria. Considering these developments, the Group nrecognised a provision for expected credit loss of trade receivables of KTM AG Group amounting to Rs. n30.62 million in the quarter and year ended March 31, 2025. n n5 a) On November 5, 2024, the Group received a GST Order from Additional Commissioner of CGST & nCentral Excise for appropriation of GST dues amounting to Rs. 629 million along with equivalent penalty nand applicable interest relating to inappropriate classification of certain goods supplied during the period nfrom July 1, 2017 to September 30, 2023. The Group has paid the principal demand, however, considering nmerits of the case, management believes that it has grounds to successfully defend and litigate the GST Order with respect to applicable interest and penalty for the aforementioned period. The Group has initiated nappellate proceedings against this GST Order, pending conclusion of which no adjustments have been made nin respect of this matter in the financial results for the quarter and year ended March 31, 2025. n nb) On January 03, 2025, the Group received a GST Order from Commercial Tax Officer (Divisonal GST noffice, Karnataka) consisting of demand for GST dues amounting to Rs. 0.03 million along with interest of nRs. 302.67 million and penalty of Rs. 564.19 million relating to inappropriate classification of certain goods nsupplied during the period from July 1, 2017 to September 30, 2023. The Group has paid the principal ndemand, however, considering merits of the case, management believes that it has grounds to successfully ndefend and litigate the GST Order with respect to the interest and penalty for the aforementioned period. The nGroup has initiated appellate proceedings against this GST Order, pending conclusion of which no nadjustments have been made in respect of this matter in the financial results for the quarter and year ended nMarch 31, 2025. n n6 During the previous year ended March 31, 2024, the Group received eligibility certificates (ECs) in respect of three plants in Aurangabad/Pune under the Maharashtra Electronic Policy 2016 effective from April 1, 2022 nand valid for 10 years. Under these ECs, the Company is eligible to claim incentive in the form of refund of nSGST paid on eligible sales from the respective plants. The Group has considered these as grants related to nincome under Ind AS 20 by recognizing the same as income in profit and loss based on SGST paid for the nyear. The amount of income recognised in the quarter and year ended March 31, 2024 in respect of the naforesaid ECs was Rs. 989.71 million pertaining to the period April 1, 2022 to March 31, 2024. n n7 During the year ended March 31, 2024, Varroc Engineering Limited ('VEL') and Varroc Polymers Limited n('VPL') had derecognised (written-off) loans given to VarrocCorp Holding B.V. (‘VCHBV’), Netherlands nincluding interest on such loans aggregating to Rs. 13,533.33 million after making requisite submissions to nAD Bank. The Group had claimed this write-off of loans as an allowable business loss, considering that these nloans extended to VCHBV were in the nature of trade investments to derive benefits for the Group's nbusinesses rather than for earning dividend/capital appreciation. The Group obtained legal opinions from two nindependent senior counsels who supported their view on claiming this write-off of loans as an allowable nbusiness loss. n nAccordingly, the group considered this loss as tax deductible for computation of current tax provision to the nextent of Rs. 437.14 million and for recognition of deferred tax asset of Rs. 2,968.93 million in VPL & VEL nrespectively, towards the loss during the year ended March 31, 2024. n nThese loans pertained to funding of Varroc Lighting Systems (‘VLS’) entities (erstwhile subsidiaries of nVCHBV) which were fully provided for during the period ended September 30, 2022, in respective nstandalone financial statements of VEL and VPL when the VLS business was sold to Compagnie Plastic nOmnium SE, France. n nFurther, VEL shifted to new tax regime under section 115BAA of Income Tax Act, 1961 from financial year nended March 31, 2024. As a result, MAT credit of Rs. 265.34 million was written off and deferred tax nliability to the extent of Rs. 254.54 million was reversed on account of lower tax rate under new regime, nwhich were included in the total tax expense for the year ended March 31, 2024. n n8 During the year ended March 31, 2024, the Company had issued 25,000 number of listed Non-Convertible nDebentures (‘NCD’) of face value of Rs. 1,00,000 each aggregating to Rs. 2,500 million on a private nplacement basis. The NCDs are repayable in 16 equal quarterly instalments beginning from December 07, n2024. Further, NCD holders have a put option after 30 months and 42 months respectively from date of nallotment, requiring the Company to redeem all the NCDs. The Company shall at all times until the Final nSettlement Date maintain a minimum Security Cover of at least 1.1x. The proceeds from the issue have been nutilised for repayment of existing listed NCDs, other outstanding debt and for general corporate purposes. nThese NCDs are secured by exclusive charge by way of hypothecation on the specific identified movable nproperties of the Company. nThe asset cover in respect of the Non-Convertible Debentures as at March 31, 2025 is 1.57 times of the total ndue amount which is higher than the requirement of 1.10 times as specified in the Debenture Trust Deed. n n9 The 'Automotive' segment consists of the business of automobile products consisting of auto parts for twowheelers, three-wheelers and four-wheelers and related design, development and engineering activities and other services. 'Others' comprise of forging components for off road vehicles and components for mining and oil drilling industry which is below the thresholds for reporting as separate operating segment. Investment in joint ventures and corresponding share of profit/loss from joint ventures is considered under unallocated assets and profit/loss respectively. n n10 Varroc Engineering Limited ('VEL') and VarrocCorp Holding BV, Netherlands ('VCHBV', wholly owned nsubsidiary of VEL) (together referred to as 'Sellers') entered into a Securities Purchase Agreement dated April n29, 2022 as amended dated July 01, 2022, October 05, 2022 and May 12, 2023 (collectively referred to as n'SPA') with Compagnie Plastic Omnium SE, France (referred to as 'Buyer'), to divest the Sellers 4-Wheeler nlighting business in the Americas and Europe ('VLS Business'). The equity value agreed under the SPA was nEuro 69.5 million (subject to closing adjustments as provided under the SPA). nSubsequently, both the Buyer and the Sellers entered into Settlement Agreement on July 14, 2023 whereby nboth the parties agreed to settle the disagreements on closing adjustments and the final equity value agreed nunder the Settlement Agreement was Euro 54.5 million. Accordingly, VCHBV received the remaining nconsideration amount of Euro 13 million on July 17, 2023 pursuant to this final settlement with Buyer. nLoss from discontinued operations for the year ended March 31, 2024 of Rs. 209.20 million pertains to nadjustments pursuant to revised equity value as per above settlement agreement and expenses directly related to sale of investment in VLS business. n n11 The Board of Directors at its meeting held today has considered and recommended a final dividend of Re. 1 per equity share (nominal value of Re. 1 per share) for the year ended March 31, 2025. The final dividend is nsubject to approval of shareholders at the ensuing Annual General Meeting of the Company.



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 19236720000
Capital work-in-progress 1000470000
Investment property 0
Goodwill 473060000
Other intangible assets 450180000
Intangible assets under development 32220000
Biological assets other than bearer plants 0
Investments accounted for using equity method 166200000
Non-current financial assets
Non-current investments 147270000
Trade receivables, non-current 0
Loans, non-current 0
Other non-current financial assets 201560000
Total non-current financial assets 348830000
Deferred tax assets (net) 863040000
Other non-current assets 922190000
Total non-current assets 23492910000
2 Current assets
Inventories 7327620000
Current financial asset
Current investments 374310000
Trade receivables, current 6797600000
Cash and cash equivalents 1114770000
Bank balance other than cash and cash equivalents 518590000
Loans, current 120000
Other current financial assets 143390000
Total current financial assets 8948780000
Current tax assets (net) 0
Other current assets 3554670000
Total current assets 19831070000
3 Non-current assets classified as held for sale 3395150000
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 46719130000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 152790000
Other equity 15497850000
Total equity attributable to owners of parent 15650640000
Non controlling interest 328720000
Total equity 15979360000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 3195320000
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 0
Other non-current financial liabilities 1459670000
Total non-current financial liabilities 4654990000
Provisions, non-current 187720000
Deferred tax liabilities (net) 46790000
Deferred government grants, Non-current 226250000
Other non-current liabilities 250000
Total non-current liabilities 5116000000
Current liabilities
Current financial liabilities
Borrowings, current 6292440000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 1804560000
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 12120600000
Total Trade payable 13925160000
Other current financial liabilities 3220410000
Total current financial liabilities 23438010000
Other current liabilities 1766650000
Provisions, current 304940000
Current tax liabilities (Net) 10230000
Deferred government grants, Current 103940000
Total current liabilities 25623770000
3 Liabilities directly associated with assets in disposal group classified as held for sale 0
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 30739770000
Total equity and liabilites 46719130000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Automotive 20356250000 79338940000
2 Others 635760000 2201900000
Total Segment Revenue 20992010000 81540840000
Less: Inter segment revenue 0 0
Revenue from operations 20992010000 81540840000
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Automotive 1326050000 4811260000
2 Others -29990000 -257130000
Total Profit before tax 1296060000 4554130000
i. Finance cost 407920000 407920000
ii. Other Unallocable Expenditure net off Unallocable income 415620000 415620000
Profit before tax 472520000 1692590000
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Automotive 38310660000 38310660000
2 Others 2260650000 2260650000
Total Segment Asset 40571310000 40571310000
Un-allocable Assets 6147820000 6147820000
Net Segment Asset 46719130000 46719130000
4 Segment Liabilities
Segment Liabilities
1 Automotive 20582860000 20582860000
2 Others 590300000 590300000
Total Segment Liabilities 21173160000 21173160000
Un-allocable Liabilities 9566610000 9566610000
Net Segment Liabilities 30739770000 30739770000
Disclosure of notes on segments



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement of defined benefit obligation (net of tax) -23170000 -23240000
Total Amount of items that will not be reclassified to profit and loss -23170000 -23240000
2 Income tax relating to items that will not be reclassified to profit or loss 0 0
3 Amount of items that will be reclassified to profit and loss
1 Exchange differences in translating the financial statements of foreign operations 13690000 91050000
Total Amount of items that will be reclassified to profit and loss 13690000 91050000
4 Income tax relating to items that will be reclassified to profit or loss 0 0
5 Total Other comprehensive income -9480000 67810000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 1655500000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 1702290000
Adjustments for decrease (increase) in inventories -551700000
Adjustments for decrease (increase) in trade receivables, current -1883340000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets -398690000
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 1519920000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities 775760000
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 3233210000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 0
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 0
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains -120390000
Adjustments for dividend income 0
Adjustments for interest income 55170000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow -62900000
Other adjustments to reconcile profit (loss) 1473370000
Other adjustments for non-cash items -11980000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 5620380000
Net cash flows from (used in) operations 7275880000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) -91320000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities 7367200000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 0
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 167740000
Purchase of property, plant and equipment 2787990000
Proceeds from sales of investment property 625440000
Purchase of investment property 97210000
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 100910000
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 0
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 0
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 0
Interest received 50390000
Income taxes paid (refund) 0
Other inflows (outflows) of cash -320710000
Net cash flows from (used in) investing activities -2463250000
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 45730000
Repayments of borrowings 4588770000
Payments of lease liabilities 585100000
Dividends paid 0
Interest paid 1581880000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 1805530000
Net cash flows from (used in) financing activities -4904490000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -540000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 10940000
Net increase (decrease) in cash and cash equivalents 10400000
Cash and cash equivalents cash flow statement at beginning of period 1104370000
Cash and cash equivalents cash flow statement at end of period 1114770000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 S R B C & CO LLP Yes 28-Feb-2026


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 81717660000 0
2 Total Expenditure 78588790000 0
3 Net Profit/(Loss) 696760000 0
4 Earnings Per Share 4.01 0
5 Total Assets 46719130000 0
6 Total Liabilities 30739770000 0
7 Net Worth 15979360000 0


Audit qualification
Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


Text Block
Textual Information(1) Following qualification has been given by the Auditors in the audit report on Consolidated financial statements of the Company: n nAs disclosed in note 50 to the consolidated financial statements, the financial results and other financial information for the year ended March 31, 2025 in respect of Varroc TYC Corporation BVI (China JV), a joint venture accounted for under the equity method, considered for the purpose of preparation of the consolidated financial statements, is unaudited. Hence, we are unable to determine the impact of Groups share of profit/loss from China JV and of the impairment loss recognised for China JV on the consolidated profit/loss before tax, profit/loss after tax, total comprehensive income and earnings per share for the year ended March 31, 2025 and Groups share of net assets of China JV on the investment in China JV as at March 31, 2025, had the financial results/ other financial information of China JV been audited.
Textual Information(2) N/A
Textual Information(3) N/A
Textual Information(4) The Groups share of net profits of VTYC of Rs. 27.85 million (approx. 1.65% of Profit/(loss) before tax) which is included in the Groups consolidated profits is based on management certified accounts and was not subjected to audit. Due to the ongoing arbitration as explained below, the Group was unable to get the financial and other information of VTYC audited from auditors. nOn December 11, 2024, the Group received an order from the International Chamber of Commerce, Singapore ('ICC') in respect of the ongoing arbitration between VarrocCorp Holding B.V. ('VCHBV') jointly with Varroc Engineering Limited and Beste Motor Co. Ltd. ('TYC BVI Entity') jointly with TYC Brother Industrial Co. Ltd ('TYC Group') and Varroc TYC Corporation ('VTYC' or 'China JV'), wherein VCHBV has been directed to transfer its 50% shareholding in VTYC to TYC BVI Entity for a consideration of RMB 310.50 million. nSubsequent to the year end, the Group has received above consideration on May 07, 2025 and transferred its investments in China JV. n
Textual Information(5) As explained to us by the management, due to the ongoing arbitration with the JV partner for resolution of certain matters regarding the operation of the JV which were concluded on December 11, 2024, due to which the Group was unable to obtain audited financials and other information from China JV, in the absence of which we are unable to determine the possible impact of Group's share of profit/loss from China JV and of the impairment loss recognised for China JV on the consolidated profit/loss before tax, profit/loss after tax, total comprehensive income and earnings per share for the year ended March 31, 2025 and Groups share of net assets of China JV on the investment in China JV as at March 31, 2025.


Signatories detail
Name of CEO / Managing director Mr. Tarang Jain
Name of CFO Mr. K. Mahendra Kumar
Name of audit committee chairman Mr. Gautam Khandelwal
Name of statutory auditor Mr. Paul Alvares
Name of other signatory, if any, with designation
Place Pune
Date 29-May-2025