Varroc Engineering announced the joining of K Mahendra Kumar as the Group’s Chief Financial Officer on September 29.
Before joining Varroc, he served as an Executive Vice President and Chief Financial Officer of Tube Investments of India. He has also worked with Ford India, Vestas India and as Finance Director (India) at Kone Elevator India.
K Mahendra Kumar comes on board with over 2 decades of experience working with large European and American MNCs and Indian Conglomerates in diverse sectors such as chemicals, automotive, information technology, wind energy and elevators
A chartered accountant by profession and a Management Accountant from the Certified Institute of Management Accountants (CIMA), UK, Mahendra started his career with Southern Petrochemical Industries Corporation.
Speaking on his appointment, Tarang Jain, Managing Director and Chairman, Varroc Engineering, said, “Mahendra’s expertise in leadership, risk management, digital transformation, cost reduction, long-term strategies, debt reduction, stakeholder wealth creation, profitability improvement and M&A amongst others will further enhance the resilience of the continued operations of Varroc.”
Varroc Group is a global Tier I automotive component manufacturer and supplier of exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components to passenger car, commercial vehicle, two-wheeler, three-wheeler and off-highway vehicle OEMs.
The company clocked strong order wins for new business in Q1FY2023 across business units. During Q1FY2023, its lifetime revenue from new orders was at Rs 1,467 crore, and out of that, the order wins from 3 EV customers were over Rs 483 crore.