Ramkrishna Forgings rose 1.67% to Rs 995 after the company won an export order worth Rs 130 crore (15 million euros) from an original equipment manufacturer (OEM) in a CIS (Commonwealth of Independent States) country for the period of 3 years.
Commenting on the order win, Naresh Jalan, the managing director (MD) of Ramkrishna Forgings, said "With this order win we continue to strengthen our international business. This is our first order from this OEM which is a testimony to our product quality and strong technical capabilities. The order marks a beginning of a long-term relationship with a new customer and into a new geography as this is also our first order from CIS region."
"As a strategy, we are very focused on expanding our international business by entering newer geographies and this order win reinforces our confidence. With festive season round the corner and the recent uptrend in commercial vehicle sales in domestic market, we expect operating leverage to kick-in leading to a strong performance for the year."
The company reported a consolidated net profit of Rs 24.69 crore in Q1 FY22 as against a net loss of Rs 29.48 crore in Q1 FY21. Net sales during the quarter increased by 267.1% Y-o-Y to Rs 417.11 crore.
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.
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