Ramkrishna Forgings gains on bagging export order worth Rs 131.5 cr

Ramkrishna Forgings advanced 2.18% to Rs 215.90 after the company said that it has secured an order worth Rs 131.5 crore for its application in North America HCVs from a tier 1 rear & front axle manufacturer customer in the auto segment.

The company said that the order will be executed over a period of four years.

Commenting on the order win Lalit Khetan, executive director & CFO of Ramkrishna Forgings said, Our strong technical capabilities in the commercial vehicle segment assisted us in obtaining this business order from one of the largest TIER-1 manufacturers for use in the North American HCV segment. This is in line with our strategy of increasing our revenue share and strengthening our exports. We continue to look for new ways to strengthen our exports business and deepen our relationships with customers.

Ramkrishna Forgings is primarily engaged in manufacturing and sale of forged components of automobiles, railway wagons & coach and engineering parts.

The company reported a 92% jump in standalone net profit to Rs 47.26 crore on a 56% rise in revenue from operations to Rs 650.75 crore in Q1 FY23 over Q1 FY22.

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