Ramkrishna Forgings gains on bagging order

Ramkrishna Forgings rose 1.52% to Rs 979 after the company said it won a domestic order worth Rs 72 crore from an Indian OEM in the MHCV segment to be executed over a four-year period.

Lalit Khetan, executive director & CFO, Ramkrishna Forgings said: "We are excited about the growth opportunities in the Indian CV market. We expect the volumes in the domestic CV market to move northwards in coming quarters. We have built a strong and diverse customer base in India and are now looking to strengthen our presence and gaining market share. This order from the Indian OEM in the MHCV segment is a booster to our growth story. We are seeing an increase in interest in our products from a variety of customers, not just domestically, but globally as well, because of our quality and consistency. As a strategy, we will continue to increase content per vehicle by offering better products and adding new clients, resulting in higher capacity utilization and profitability in the future."

The company reported a consolidated net profit of Rs 44.06 crore in Q2 FY22 as against a net profit of Rs 1.45 crore in Q2 FY21. Net sales during the quarter increased by 129.7% year-on-year to Rs 578.82 crore.

Ramkrishna Forgings is a manufacturer & supplier of closed die forgings of carbon and alloy steel, micro alloy steel and stainless steel forgings. The company supplies to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining, both in India & overseas markets.

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