Ramkrishna Forgings rallies on securing an export deal worth Rs 25 cr

Ramkrishna Forgings advanced 3.25% to Rs 1,051.60 after the company bagged an export order worth Rs 25 crore (i.e. $3.5 million per annum) from a North American customer in Oil & Gas segment.

Commenting on the order win, Naresh Jalan, the managing director (MD) of Ramkrishna Forgings, has said that: "This order substantiates our technical capabilities for Oil & Gas sector. This is a supply contract of new product to our existing customer in North America which will deepen our relationship further. This is in-line with our strategy to improve our revenue share of non-auto segment and strengthen our exports business further. We hope the current buoyancy in the market continues as this would entail additional repeat business for us. We continue to explore newer opportunities to strengthen our non-auto business overall with an eye to improve our exports revenues which will enable us to improve our profitability sustainably going forward."

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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