Ramkrishna Forgings soars after bagging multi-year order from multinational tier-1 OEM

Ramkrishna Forgings jumped 5.76% to Rs 879.20 after the company received domestic order worth Rs 51 crore from a foreign multinational Tier-1 original equipment manufacturer (OEM).

The order is to be implemented over the period of 3 years distributed equally. The announcement was made during market hours today, 2 August 2021.

Naresh Jalan, managing director, Ramkrishna Forgings, said: This order strengthens our domestic orderbook further. Post the lockdown restrictions implemented in face of 2nd wave of COVID, domestic markets have gradually started opening and order allocation activity has been resumed.

We estimate better sales and improvement in profitability from both domestic as well as international markets in future based on the orderbook that we have aided by our ability to customise products as per clients' requirements.

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 33.89 crore in Q4 FY21 as against a net loss of Rs 7.57 crore in Q4 FY20. Net sales during the quarter increased by 117.25% YoY to Rs 520.44 crore.

Powered by Capital Market - Live News