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Varroc Engineering tumbles 13% on disappointing December quarter results


Shares of Varroc Engineering, on Wednesday, crashed 13 per cent intra-day to Rs 397.25 on the BSE after the company reported a disappointing set of numbers for the December 2020 quarter (Q3FY21).
The company’s consolidated Ebitda (earnings before interest, taxes, depreciation, and amortisation) declined 8.8 per cent year on year (YoY) at Rs 245.60 crore. Ebitda margins declined 260 basis points (bps) YoY, mainly due to lower margins in Varroc Lighting Systems (VLS).
The company said the VLS margin declined due to Covid second wave-related heavy absenteeism, coupled with higher OEM demand for Czech plants, resulting in high overtime and premium freight to be able to meet the delivery schedules. The continued losses in new plants – Poland and Morocco – due to slower ramp-up in production volumes. ....

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Varroc Lighting Systems expands electronics capabilities with the full acquisition of joint venture with Elba


Varroc Lighting Systems expands electronics capabilities with the full acquisition of joint venture with Elba
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Varroc Lighting Systems has announced the acquisition of the 30 percent stake of Elba in Varroc-Elba Electronics (VEE) joint venture.
PLYMOUTH, Mich. (PRWEB)
December 16, 2020
Varroc Lighting Systems has announced the acquisition of the 30 percent stake of Elba in Varroc-Elba Electronics (VEE) joint venture. The full consolidation of VEE within Varroc Lighting Systems demonstrates the company’s commitment to grow its electronic business as a key part of their strategy.
“Varroc already designs and develops all of its own electronics hardware and software,” said Stephane Vedie, president and chief executive officer of Varroc Lighting Systems. “The full acquisition of our joint venture and the expansion of our manufacturing capacity will further support our profita ....

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