Published on 14/08/2020 5:20:38 PM | Source: Dion Global Solutions Ltd

Varroc Engineering posts Q1 net loss of Rs 31.39 cr

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The company reported standalone net loss during the quarter stood at Rs 31.39 crore compared to net profit of Rs 18.75 crore in the previous year quarter.  Net revenue of the company declined substantially by 65.96 per cent at Rs 213.12 crore in April-June quarter of this fiscal as against Rs 626.05 crore in the corresponding period last year.

During April-June quarter, operating expenses dropped by 60.85 per cent to Rs 221.14 crore from Rs 564.87 crore in year ago period. Other Income grew by 11.88 per cent at Rs 8.10 crore versus (Jun'19 Rs 7.24 crore).

Operating Profit slipped by 113.13 per cent to Rs -8.03 crore as against Rs 61.18 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 138.59 per cent in June quarter. Interest grew by 14.34 per cent y-o-y to Rs 12.76 crore, while Taxation decreased by 331.97 per cent at Rs -17.63 crore (Jun'19 Rs 7.60 crore).