Varroc Engg incorporates subsidiary for R&D activities
Varroc Engineering on Saturday announced that it incorporated a wholly-owned subsidiary, VL Lighting Solutions, on 24 June 2022.
The subsidiary will carry out research and development activities in the field of automotive products.
Varroc Engineering is a global tier-1 automotive component manufacturing organization. The organization designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components to passenger cars, commercial vehicles, two-wheelers, three-wheelers, and off-highway vehicle OEMs directly worldwide.
On a consolidated basis, VEL reported net loss of Rs 285.32 crore in Q4 FY22 as against net loss of Rs 145.50 crore in Q4 FY21. Net sales rose 9.8% to Rs 1,651.99 crore in Q4 FY22 over Q4 FY21.
Shares of Varroc Engineering were down 1.35% to Rs 307.70 on the BSE.
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First Published: Jun 27 2022 | 12:59 PM IST