It won orders worth €462 million in FY19, 20 per cent more than last year, from Volkswagen and Ford.Revenue share from Volkswagen rose to 14 per cent in FY19, and constitutes around 27 per cent of the order book. This should benefit Varroc, since sales volumes of mainstream car makers in Europe are less impacted compared with luxury car makers amid the recent weakness in demand. Varroc expects Volkswagen to be its largest customer by FY21.In China, it got new orders worth €60 million from strong local automakers such as Geely, SAIC and FAW. Besides, volume ramp-up at new plants in Morocco, Bulgaria, and Brazil will help the company’s lighting segment.In the current fiscal, Varroc will commission plants in Poland and Chennai. The revenue potential from them at full utilisation will be around €620 million (Rs 5,000 crore).The lighting business grew by 15 per cent to Rs 7,266 crore in FY19 and by 7 per cent to €897 million.

Source: Economic Times June 11, 2019 02:03 UTC