Ramkrishna Forgings rises after order win

Ramkrishna Forgings gained 0.88% to Rs 1,210 after the company won an export order worth Rs 52 crore in mining & earthmoving segment for supply of engine component.

The scope of the order is to supply of engine components to one of the biggest engine component manufacturers in the world. The announcement was made during market hours today, 20 October 2021.

Commenting on the order win, Lalit Khetan, executive director & CFO of Ramkrishna Forgings said, This order win further substantiates our technical capabilities for Mining & Earthmoving segment. With this order win we are able to further strengthen our presence in this segment and we are very optimistic that this segment will grow with current buoyancy in the sector. This order is a testimony of acceptance of our product quality and technological ability in the international markets. Our continuous R&D has resulted in marking additional and strong foray for us in the engine components segment in the overseas markets and is bound to open more doors in the future.

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.

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.

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