You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

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

Capital Market 

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.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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