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VARROC2023-10-012023-12-31in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member VARROC2023-10-012023-12-31in-bse-fin:FourItemsThatWillBeReclassifiedToProfitAndLoss01Member 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 Multi segment 2023-10-01 2023-12-31 Unaudited Consolidated 18845880000.00 89280000.00 18935160000.00 12040590000.00 0.00 -40550000.00 2070860000.00 495630000.00 892740000.00 3019060000.00 18478330000.00 456830000.00 0.00 456830000.00 -195760000.00 -2935600000.00 -3131360000.00 0.00 3588190000.00 0.00 0.00 0.00 250680000.00 3838870000.00 268260000.00 4107130000.00 3826850000.00 12020000.00 4095110000.00 12020000.00 152790000.00 1 25.05 25.05 0.00 0.00 25.05 25.05 Multi segment 2023-04-01 2023-12-31 Unaudited Consolidated 55770820000.00 211570000.00 55982390000.00 35587740000.00 0.00 -236300000.00 6021230000.00 1487160000.00 2543220000.00 8872840000.00 54275890000.00 1706500000.00 0.00 1706500000.00 89170000.00 -2936460000.00 -2847290000.00 0.00 4553790000.00 -209200000.00 0.00 -209200000.00 392560000.00 4737150000.00 -13150000.00 4724000000.00 4691690000.00 45460000.00 4678540000.00 45460000.00 152790000.00 1 32.08 32.08 -1.37 -1.37 30.71 30.71 Consumption of packing materials 224520000.00 Consumption of stores and spares and loose tools 246790000.00 Contract labour cost 749900000.00 Foreign exchange (gain)/loss (net) -24880000.00 Freight and forwarding expenses 250610000.00 Legal and Professional Fees 296710000.00 Other Miscellaneous Expenses 767710000.00 Water and electricity charges 507700000.00 Consumption of packing materials 689270000.00 Consumption of stores and spares and loose tools 737070000.00 Contract labour cost 2227010000.00 Foreign exchange (gain)/loss (net) -122070000.00 Freight and forwarding expenses 751980000.00 Legal and Professional Fees 706920000.00 Other Miscellaneous Expenses 2302380000.00 Water and electricity charges 1580280000.00 Automotive 18427680000.00 Others 418200000.00 Segment from discontinued operation (automotive segment) 0.00 Automotive 54345310000.00 Others 1425510000.00 Segment from discontinued operation (automotive segment) 0.00 18845880000.00 55770820000.00 0.00 0.00 18845880000.00 55770820000.00 Automotive 968480000.00 Others -39910000.00 Segment from discontinued operation (automotive segment) 0.00 Automotive 3150240000.00 Others -20320000.00 Segment from discontinued operation (automotive segment) -209200000.00 928570000.00 2920720000.00 495630000.00 1487160000.00 -274570000.00 7. In the previous quarter, the Group 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 Group to redeem all the NCDs. The Group 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. 8. During the current quarter, Varroc Engineering Limited ('VEL') and Varroc Polymers Limited ('VPL') have derecognised (written-off) loans given to VarrocCorp Holding BV (‘VCHBV’), Netherlands including interest on such loans aggregating to Rs. 13,533.33 million after making requisite submissions to AD Bank. The Group has claimed this write-off of loans as an allowable business loss, considering that these loans extended to VCHBV were in the nature of trade investments to derive benefits for the Group's businesses rather than for earning dividend/capital appreciation. The Group has obtained legal opinions from two independent senior counsels who have supported their view on claiming this write-off of loans as an allowable business loss. Accordingly, the group has considered this loss as tax deductible for computation of current tax provision for the nine months ended December 31, 2023, to the extent of Rs. 437.14 million and for recognition of deferred tax asset of Rs. 2,968.93 million as at December 31, 2023 towards the loss. These loans pertain to funding of Varroc Lighting Systems (‘VLS’) entities (erstwhile subsidiaries of VCHBV which were fully provided for during the period ended September 30,2022, in respective standalone financial statements of VEL and VPL when the VLS business was sold to Compagnie Plastic Omnium SE, France. Further, VEL has decided to shift to new tax regime under section 115BAA of Income Tax Act, 1961 from current financial year ended March 31, 2024. As a result, MAT credit of Rs. 265.34 million has been written off and deferred tax liability to the extent of Rs. 254.54 million has been reversed on account of lower tax rate under new regime. -456300000.00 707510000.00 1889860000.00 Automotive 35753820000.00 Others 2174780000.00 Segment from discontinued operation (automotive segment) 0.00 37928600000.00 9267080000.00 47195680000.00 Automotive 17991990000.00 Others 618430000.00 Segment from discontinued operation (automotive segment) 0.00 18610420000.00 13869570000.00 32479990000.00 Remeasurement of defined benefit obligation (net of tax) 0.00 Remeasurement of defined benefit obligation (net of tax) -1430000.00 0.00 -1430000.00 0.00 0.00 Exchange differences in translating the financial statements of foreign operations 268260000.00 Exchange differences in translating the financial statements of foreign operations -11720000.00 268260000.00 -11720000.00 0.00 0.00