Ramkrishna Forgings advanced 3.02% to Rs 203 after the company won an export order for supply of metal bars in non-auto segment worth Rs 20.5 crore ($2.58 million) per annum.
The company said that the order is received from a market leader in rubber tracks for farm equipment and snowmobiles, as well as in solid and bias tyres for material handling equipment. It added that this order has a potential to become an annual business of Rs 80 crore ($10 million).Commenting on the order win, Lalit Khetan, executive director & CFO of Ramkrishna Forgings said: In order to significantly diversify our presence across various industries, we have secured another order in the non-auto segment. Because of our diverse product line and technology, we have been awarded a significant order worth Rs 20.5 crore ($2.58 million) per year for the supply of metal bars.
This order demonstrates the international markets' acceptance of our product quality and technological capability. Our continuous R&D has resulted in a significant expansion of our product portfolio in international and domestic markets, which will undoubtedly open more doors for future growth.
Ramkrishna Forgings is primarily engaged in manufacturing and sale of forged components of automobiles, railway wagons & coach and engineering parts.
The company reported a 92% jump in standalone net profit to Rs 47.26 crore on a 56% rise in revenue from operations to Rs 650.75 crore in Q1 FY23 over Q1 FY22.
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