Buy Varroc Engineering, target price Rs 529: ICICI Securities

ICICI Securities has buy call on Varroc Engineering with a target price of Rs 529. The current market price of Varroc Engineering Ltd. is Rs 322.9. Time period given by analyst is one year when Varroc Engineering Ltd. price can reach defined target.

Varroc Engineering Ltd., incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 4927.36 Crore) operating in Auto Ancillaries sector.

Varroc Engineering Ltd. key Products/Revenue Segments include Electrical Motors & Spares, Steel Forgings, Auto Parts, Polymer Products, Tools, Other Operating Revenue, Wind Power, Job Work for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 1661.55 Crore, down -47.25 % from last quarter Total Income of Rs 3149.75 Crore and down -54.49 % from last year same quarter Total Income of Rs 3651.27 Crore. Company reported net profit after tax of Rs -282.84 Crore in latest quarter.


Promoter/FII Holdings
Promoters held 75.0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 3.28 per cent, DIIs 15.06 per cent.