VARROC2023-04-012023-06-30 VARROC2023-04-012023-06-30in-bse-fin:OneOperatingExpenses01Member VARROC2023-04-012023-06-30in-bse-fin:OneOperatingExpenses02Member VARROC2023-04-012023-06-30in-bse-fin:OneOperatingExpenses03Member VARROC2023-04-012023-06-30in-bse-fin:OneOperatingExpenses04Member VARROC2023-04-012023-06-30in-bse-fin:OneOperatingExpenses05Member VARROC2023-04-012023-06-30in-bse-fin:OneOperatingExpenses06Member VARROC2023-04-012023-06-30in-bse-fin:OneOperatingExpenses07Member VARROC2023-04-012023-06-30in-bse-fin:OneOperatingExpenses08Member VARROC2023-06-30 iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 541578 VARROC NOTLISTED Varroc Engineering Limited Equity 2023-04-01 2024-03-31 2023-08-09 2023-08-01 INR Millions First quarter 14:30:00 15:26:00 2023-08-09 2023-08-09 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. 2023-04-01 2023-06-30 Unaudited Standalone 10477620000.00 88760000.00 10566380000.00 7251270000.00 0.00 -130870000.00 961280000.00 444530000.00 474860000.00 1708020000.00 10709090000.00 -142710000.00 -45000000.00 -187710000.00 -54190000.00 1650000.00 -52540000.00 0.00 -135170000.00 0.00 0.00 0.00 0.00 -135170000.00 0.00 -135170000.00 -135170000.00 0.00 152790000.00 1 -0.88 -0.88 0.00 0.00 -0.88 -0.88 0.03 0.00 0.02 Notes to the Unaudited Standalone Financial Results: 1) The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on August 09, 2023 and were subjected to review by the Statutory Auditors. 2) The figures for the quarter ended March 31, 2023 are the derived figures between audited figures in respect of full financial year and the unaudited published year to-date figures upto the third quarter of that financial year which were subjected to limited review. 3) Foreign exchange loss/(gain) for the quarters ended June 30, 2023, March 31, 2023, and June 30, 2022, and the year ended March 31, 2023 includes amounts of Rs 1.90 million, Rs. (6.50) million, Rs. 239.60 million, and Rs. 529.62 million respectively in respect of unrealised foreign exchange loss on loans given to overseas subsidiary. 4) Other income for the quarters ended June 30, 2023, March 31, 2023, and June 30, 2022, and the year ended March 31, 2023 includes income from government grant of Rs. 62.59 million, Rs.60.20 million, Rs. 55.70 million and Rs.223.06 million respectively. 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 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 13,321.00 million was recognised as exceptional item during the year ended March 31, 2023. The Buyer submitted the final adjustments during the previous quarter 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 quarter ended June 30, 2023 pertains to expenses directly related to sale of investment in VLS business. 6) The total debt as at June 30, 2023 is Rs.14,522.92 million out of which amounts of Rs.4732.03 million are due for repayment in the next 12 months from balance sheet date (excluding working capital facilities of Rs.6,399.07 million and including NCDs of Rs. 2,500 million due in September 2023 for which the Company has procured binding term sheets with lenders for refinancing). Taking into account the expected cash generation from operations as well as the flexibility with the Company to refinance its loans maturing in next 12 months, the management does not foresee any risk of non-payment/default. Accordingly, the results for the quarter ended June 30, 2023 are prepared based on going concern assumption being appropriate for the next 12 months. Consumption of Packing Material 109820000.00 Consumption of Stores, Spares and Tools 146130000.00 Contract Labour Cost 362220000.00 Foreign Exchange Loss -13270000.00 Freight and Forwarding Expenses 129020000.00 Legal and Professional Fees 161320000.00 Other Expenses 526860000.00 Water and Electricity Charges 285920000.00 0.00 0.00