Ramkrishna Forgings on Tuesday announced that it has received PPAP clearance (Parts Production Approval Process) and confirmation to launch order worth EUR 15 million from a European OEM (Original Equipment Manufacturer).
The said order is to be implemented over the period of three years distributed equally.Commenting on the order win, Naresh Jalan, MD of Ramkrishna Forgings said, We continue building strong order book in international markets given our business operations that are meticulously aligned to stringent global benchmarks. Generally the margin in exports business tend to be better and now since domestic market have also started opening up after second wave of Covid. The company hopes to achieve better sales and profitability both from domestic as well as international markets in upcoming quarters. This order improves revenue visibility and profitability over the next three years. Our ability to develop customised products coupled with technology spending and efficient utilization of our facilities is leading us to develop our business and we continue to expand domestically and internationally at this pace in the coming 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 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.
Shares of Ramkrishna Forgings were down 0.26% at Rs 734.05 on BSE.
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