VARROC2023-10-012023-12-31 VARROC2023-10-012023-12-31 VARROC2023-10-012023-12-31in-bse-fin:OneOperatingExpenses01Member VARROC2023-10-012023-12-31in-bse-fin:OneOperatingExpenses02Member VARROC2023-10-012023-12-31in-bse-fin:OneOperatingExpenses03Member VARROC2023-10-012023-12-31in-bse-fin:OneOperatingExpenses04Member VARROC2023-10-012023-12-31in-bse-fin:OneOperatingExpenses05Member VARROC2023-10-012023-12-31in-bse-fin:OneOperatingExpenses06Member VARROC2023-10-012023-12-31in-bse-fin:OneOperatingExpenses07Member VARROC2023-10-012023-12-31in-bse-fin:OneOperatingExpenses08Member VARROC2023-10-012023-12-31in-bse-fin:FourOperatingExpenses01Member VARROC2023-10-012023-12-31in-bse-fin:FourOperatingExpenses02Member VARROC2023-10-012023-12-31in-bse-fin:FourOperatingExpenses03Member VARROC2023-10-012023-12-31in-bse-fin:FourOperatingExpenses04Member VARROC2023-10-012023-12-31in-bse-fin:FourOperatingExpenses05Member VARROC2023-10-012023-12-31in-bse-fin:FourOperatingExpenses06Member VARROC2023-10-012023-12-31in-bse-fin:FourOperatingExpenses07Member VARROC2023-10-012023-12-31in-bse-fin:FourOperatingExpenses08Member VARROC2023-12-31 iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 541578 VARROC NOTLISTED Varroc Engineering Limited Equity 2023-04-01 2024-03-31 2024-02-07 2024-01-18 INR Millions Third quarter 12:30:00 14:33:00 2024-02-07 2024-02-07 Not applicable Single segment In Accordance with paragraph 4 of the notified IND AS 108 The Company has disclosed segment information only on the basis of consolidated financial statement. 2023-10-01 2023-12-31 Unaudited Standalone 11695240000.00 52360000.00 11747600000.00 7799430000.00 0.00 28300000.00 1092710000.00 432630000.00 494820000.00 1689800000.00 11537690000.00 209910000.00 0.00 209910000.00 81380000.00 -2913470000.00 -2832090000.00 0.00 3042000000.00 0.00 0.00 0.00 0.00 3042000000.00 0.00 3042000000.00 0.00 0.00 152790000.00 1 19.91 19.91 0.00 0.00 19.91 19.91 0.02 0.01 0.03 5. Varroc Engineering Limited (“the Company”) and VarrocCorp Holding BV, Netherlands (“VCHBV”, wholly owned subsidiary of VEL) (together referred to as “Sellers”) entered into a Securities Purchase Agreement dated April 29, 2022 as amended dated July 01,2022, October 05, 2022 and May 12, 2023 (collectively referred to as “SPA”) with Compagnie Plastic Omnium SE, France (referred to as “Buyer”), to divest the Sellers 4-Wheeler lighting business in the Americas and Europe (“VLS Business”). The equity value agreed under the SPA was Eur 69.5 million (subject to closing adjustments as provided under the SPA) and accordingly the loss on equity investments and loans given to VLS business of Rs 13,321.90 million was recognised as exceptional item during the year ended March 31, 2023. The Buyer submitted the final adjustments but failed to provide the necessary supporting details to enable the Sellers to understand these adjustments. Hence, Sellers sent a Dispute Notice in accordance with the SPA disputing the proposed adjustments. Subsequently, both the Buyer and the Sellers have entered into Settlement Agreement on July 14, 2023 whereby both the parties have agreed to settle the disagreements on closing adjustments and the final equity value agreed under the Settlement Agreement is Eur 54.5 million. Accordingly VCHBV has received the remaining consideration amount of Eur 13 million on July 17, 2023 pursuant to this final settlement with Buyer. Exceptional item of Rs 45 million for the nine months ended December 31, 2023 pertains to expenses directly related to sale of investment in VLS business. 6. The total debt as at December 31, 2023 is Rs.13,011.27 million out of which amounts of Rs. 2,010.98 million are due for repayment in the next 12 months from balance sheet date (excluding working capital facilities and inter-corporate deposits of Rs. 4,452.41 million). Taking into account the expected cash generation from operations in next 12 months, the management does not foresee any risk of non payment/default. Accordingly, the results for the quarter and nine months ended December 31, 2023 are prepared based on going concern assumption being appropriate for the next 12 months. 7. In the previous quarter, the Company has issued 25,000 number of listed Non-Convertible Debentures (‘NCD’) of face value of Rs. 1,00,000 each aggregating to Rs. 2,500 million on a private placement basis. The NCDs will be repaid in 16 equal quarterly instalments beginning from December 07, 2024. Further, NCD holders have a put option after 30 months and 42 months respectively from date of allotment, requiring the Company to redeem all the NCDs. The Company shall at all times until the Final Settlement Date maintain a minimum Security Cover of at least 1.1x. The proceeds from the issue have been utilised for repayment of existing listed NCDs, other outstanding debt and for general corporate purposes. These NCDs are secured by exclusive charge by way of hypothecation on the specific identified movable properties of the Company. The asset cover in respect of the Non-Convertible Debentures as on December 31, 2023 is 1.42 times of the total due amount which is higher than the requirement of 1.10 times as specified in the Debenture Trust Deed. Single segment 2023-04-01 2023-12-31 Unaudited Standalone 33345160000.00 238390000.00 33583550000.00 22636960000.00 0.00 -190950000.00 3140680000.00 1349980000.00 1467990000.00 5080030000.00 33484690000.00 98860000.00 -45000000.00 53860000.00 40940000.00 -2915010000.00 -2874070000.00 0.00 2927930000.00 0.00 0.00 0.00 0.00 2927930000.00 0.00 2927930000.00 0.00 0.00 152790000.00 1 19.16 19.16 0.00 0.00 19.16 19.16 0.02 0.01 0.02 Consumption of Packing Material 103990000.00 Consumption of Stores, Spares and Tools 155060000.00 Contract Labour Cost 386850000.00 Foreign Exchange Loss -9500000.00 Freight and Forwarding Expenses 120820000.00 Legal and Professional Fees 126050000.00 Other Expenses 524360000.00 Water and Electricity Charges 282170000.00 Consumption of Packing Material 333740000.00 Consumption of Stores, Spares and Tools 450510000.00 Contract Labour Cost 1121210000.00 Foreign Exchange Loss -85870000.00 Freight and Forwarding Expenses 365980000.00 Legal and Professional Fees 469660000.00 Other Expenses 1573510000.00 Water and Electricity Charges 851290000.00 0.00 0.00 0.00 0.00