VARROC2024-07-012024-09-30 VARROC2024-07-012024-09-30 VARROC2024-07-012024-09-30in-bse-fin:OneOperatingExpenses01Member VARROC2024-07-012024-09-30in-bse-fin:OneOperatingExpenses02Member VARROC2024-07-012024-09-30in-bse-fin:OneOperatingExpenses03Member VARROC2024-07-012024-09-30in-bse-fin:OneOperatingExpenses04Member VARROC2024-07-012024-09-30in-bse-fin:OneOperatingExpenses05Member VARROC2024-07-012024-09-30in-bse-fin:OneOperatingExpenses06Member VARROC2024-07-012024-09-30in-bse-fin:OneOperatingExpenses07Member VARROC2024-07-012024-09-30in-bse-fin:OneOperatingExpenses08Member VARROC2024-07-012024-09-30in-bse-fin:FourOperatingExpenses01Member VARROC2024-07-012024-09-30in-bse-fin:FourOperatingExpenses02Member VARROC2024-07-012024-09-30in-bse-fin:FourOperatingExpenses03Member VARROC2024-07-012024-09-30in-bse-fin:FourOperatingExpenses04Member VARROC2024-07-012024-09-30in-bse-fin:FourOperatingExpenses05Member VARROC2024-07-012024-09-30in-bse-fin:FourOperatingExpenses06Member VARROC2024-07-012024-09-30in-bse-fin:FourOperatingExpenses07Member VARROC2024-07-012024-09-30in-bse-fin:FourOperatingExpenses08Member VARROC2024-09-30 VARROC2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue01Member VARROC2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue02Member VARROC2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue01Member VARROC2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue02Member VARROC2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults01Member VARROC2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults02Member VARROC2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults01Member VARROC2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults02Member VARROC2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets01Member VARROC2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets02Member VARROC2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities01Member VARROC2024-09-30in-bse-fin:OneReportableSegmentLiabilities01Member VARROC2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities02Member VARROC2024-09-30in-bse-fin:OneReportableSegmentLiabilities02Member VARROC2024-07-012024-09-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member VARROC2024-07-012024-09-30in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss01Member VARROC2024-07-012024-09-30in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member VARROC2024-07-012024-09-30in-bse-fin:FourItemsThatWillBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 541578 VARROC NOTLISTED Varroc Engineering Limited Equity 2024-04-01 2025-03-31 2024-11-13 2024-11-07 INR Millions Half yearly 12:21:00 14:38:00 2024-11-13 2024-11-13 true Cash Flow Indirect Not applicable Multi segment 2024-07-01 2024-09-30 Unaudited Consolidated 20807700000.00 66850000.00 20874550000.00 13650110000.00 0.00 -295560000.00 2244560000.00 431970000.00 815450000.00 3126960000.00 19973490000.00 901060000.00 0.00 901060000.00 165120000.00 164990000.00 330110000.00 0.00 570950000.00 0.00 0.00 0.00 7050000.00 578000000.00 304630000.00 882630000.00 556760000.00 21240000.00 861390000.00 21240000.00 152790000.00 1 3.64 3.64 0.00 0.00 3.64 3.64 0.01 0.02 0.05 Notes 1. Above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 13, 2024 and were subjected to review by the Statutory Auditors. 2. The Group’s investment in Varroc TYC Corporation BVI (‘VTYC’ or ‘China JV’), a joint venture accounted for under the equity method, which is carried at Rs. 4,210.09 million (approx. 8.90% of the total assets) as at September 30, 2024, and the Group’s share of VTYC’s net profit of Rs. 27.85 million (approx. 1.90% of the total net profit/ (loss) before tax) which is included in the Group’s income for the half year then ended are based on management certified accounts and were not subjected to review. The Group is currently undertaking negotiations with the JV partner for resolution of certain matters regarding operation of the JV, pending which the Group is unable to get the financial and other information of VTYC reviewed from auditors. The auditors in their review report have included a qualification in respect of this matter. 3. On November 5, 2024, the Group received an Order from Additional Commissioner of CGST & Central Excise for appropriation of GST dues amounting to Rs. 629 million along with equivalent penalty and applicable interest relating to inappropriate classification of certain goods supplied during the period from July 1, 2017 to September 30, 2023. The Group has paid the principal demand, however, considering merits of the case, management believes that it has grounds to successfully defend and litigate the Order with respect to applicable interest and penalty for the aforementioned period. The Group intends to initiate legal procedure within the time limit prescribed under the GST Law, pending which no adjustments have been made in respect of this matter in the financial results for the quarter and half year ended September 30, 2024. 4. During the previous year ended March 31, 2024, the Company received eligibility certificates (ECs) in respect of three plants in Aurangabad/Pune under the Maharashtra Electronic Policy 2016 effective from April 1, 2022 and valid for 10 years. Under these ECs, the Company was eligible to claim incentive in the form of taxes payable under SGST on finished goods eligible for incentives from the respective plants. The Company has considered these as grants related to income under Ind AS 20 by recognizing the same as income in profit and loss based on SGST collected for the period/year. The amount of income recognised in the year ended March 31, 2024, in respect of the aforesaid ECs was Rs. 989.71 million pertaining to the period April 1, 2022 to March 31, 2024. 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