India's Varroc Engineering falls after posting Q3 loss

Varroc Engineering

10/02/2021 04:46

** The Indian automotive components maker's shares  VARE.NS 
fall as much as 13.1% to 395.25 rupees, their biggest intraday
pct loss since March 13, 2020
    ** VARE on Tuesday posted Dec-qtr consol. net loss of 1.39
bln rupees ($19.08 mln) vs a profit of 287.1 mln rupees a yr ago
 urn:newsml:reuters.com:*:nFWN2KF0CS
    ** VARE Dec-qtr profit hurt by 27.3% rise in total expenses
and an exceptional tax asset impairment of 1.08 bln rupees
related to co's Czech unit  
    ** VARE Dec-qtr EBITDA margins fell 260 bps y/y, mainly due
to lower margins in co's lighting systems business
    ** "COVID-19-induced high absenteeism rate, mainly in our
Czech plants, led to delivery backlogs, overtime and premium
freight costs impacting margins adversely" - VARE MD Tarang Jain
    ** Stock fell 4.9% in 2020



($1 = 72.8570 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))