Ramkrishna Forgings gains on bagging order worth Rs 65 cr from Indian arm of Hitachi

Ramkrishna Forgings rose 1.51% to Rs 1,031.35 after the company won a non-auto segment order worth Rs 65 crore for supply of mining and earthmoving components from an Indian arm of Hitachi.

This order will be supplied in FY22 and FY23. Commenting on the order win, Naresh Jalan, the managing director (MD) of Ramkrishna Forgings, said: "With this order win we are moving closer to our target of strengthening our non-auto business further. Mining and earthmoving sector is an important part of this diversification strategy. This order win is a testimony of our product quality and technology prowess as the equipments operates in tough environment and the components should be able to perform flawlessly under these conditions continuously. Looking at the current buoyancy in the sector, we expect not only to bag further repeat orders but also the order size to increase in the coming years."

The company reported a consolidated net profit of Rs 24.69 crore in Q1 FY22 as against a net loss of Rs 29.48 crore in Q1 FY21. Net sales during the quarter increased by 267.1% Y-o-Y (year-on-year) to Rs 417.11 crore.

Ramkrishna Forgings is a manufacturer of supplier of open and closed die forgings of carbon and alloy steel, micro alloy steel and stainless-steel forgings.

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