Ramkrishna Forgings jumped 2.76% to Rs 768.00 after the company received $220 million contract to supply to light vehicle segment across North America.
The contract spans over a decade along with marking the companys foray into a new vertical within the forging sector, focusing on supplying tier I customers in the light vehicle segment across North America.With this venture, the company is poised to further expand its offering in key markets and contribute significantly to the automotive industrys supply chain and aims to deliver top-notch products that meet and exceed the rigorous standards of the automotive industry.
This contract reaffirms the company's position as an industry leader known for its reliability, innovation, and commitment to delivering exceptional results. Over the next decade, the company will leverage its extensive expertise, state-of-the-art facilities, and relentless pursuit of innovation to fulfill the requirements of this contract.
Lalit Kumar Khetan, whole time director & CFO, Ramkrishna Forgings, said, Securing this substantial contract is a testament to our relentless pursuit of excellence, customer-first approach and our dedication to delivering exceptional products and services. We are honored to collaborate with our esteemed Tier 1 customer and are fuily committed to delivering superior quality forgings that drive value and innovation in the North American Light Vehicle segment. With this, the Company is poised to further strengthen its foothold in the automotive forging market while continuing to explore avenues for growth and expansion.
Ramkrishna Forgings is engaged in manufacturing and sale of forged components of automobiles, railway wagons & coach and engineering parts.
The company reported 42.30% increase in consolidated net profit to Rs 86.86 crore on 36.1% rise in revenue from operations to Rs 1,057.79 crore in Q3 FY24 over Q3 FY23.
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