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Ramkrishna Forgings bags order worth $1.2 mn in Oil & Gas segment

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Ramkrishna Forgings said that it has won a domestic order worth Rs 9 crore ($1.2 million) from a multinational oil & gas tier-1 component supplier in India.

Commenting on the order win, Lalit Khetan, executive director & CFO, Ramkrishna Forgings, said: This order validates our oil and gas technical capabilities and marks our entry into a new product category. The component supplier will export these components to major oil & gas machinery and equipment OEMs in the USA which reiterates our commitment towards maintaining international quality standards.

We are also expecting an additional order of approximately $2.50 million during the current fiscal year which improves revenue visibility for the segment. This order win is in line with our strategy to strengthen our non-auto business and new product offerings that will enable us to increase content per vehicle and sustainably improve our profitability 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.

The scrip fell 3.64% to currently trade at Rs 941.05 on the BSE. It traded in the range of 932.55 and 975.75 so far during the day.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 26 2021. 10:57 IST