Ramkrishna Forgings gains on engaging with PwC for ESG Roadmap integration & implementation

Ramkrishna Forgings rose 1.04% to Rs 1,175.55 after the firm entered into an agreement with Price Waterhouse Coopers (PwC) to make materiality assessment, ESG vision document and implementation roadmap.

Price Waterhouse Coopers (PwC) will develop a ESG Roadmap and integrate it with overall corporate strategy along with implementation of the same. PwC has customised its ESG Strategic Framework to deliver a diagnostic benchmarking study for Ramkrishna Forgings focusing on identifying gaps, shortlisting various initiatives, and designing an implementation of this ESG roadmap.

Commenting on the occasion, Lalit Khetan, the executive director (ED) and chief financial officer (CFO) of Ramkrishna Forgings, stated: "We at Ramkrishna Forgings would like to assess the current market practices, review competitive behaviour and understand what gaps lie in our approach to ESG factors. With PwC coming on board, we would strive to improve on each of the ESG parameters enabling us to be an ideal corporate citizen. With integration of ESG strategy in our corporate strategy, we are working towards long-term business sustainability which is expected to result in operational and financial outperformance. Our commitment towards ESG will be reflected in our business practice which will be environmentally sustainable along with socially responsible and supported by strong corporate governance."

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% Y-o-Y (year-on-year) to Rs 578.82 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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