Ramkrishna Forgings rose 3.03% to Rs 806.35 after the company said it entered business association from USA axle manufacturer for light vehicle segment.
A leading Axle manufacturer in the USA has encouraged Ramkrishna Forgings for an estimated business of Rs 70 crore over a 5-year period. The products will be used in the rear axle applications.Milesh Gandhi, vice president. (marketing), Ramkrishna Forgings said: "It gives us great pleasure to announce that a major US axle manufacturer has expressed strong support for our LV business. This significant recognition of our project in Rear Axle applications will help us to promote continued export revenue growth. Our ongoing efforts to expand in the global market have assisted us in increasing our export sales and improving our relationships with global customers. The order win in future will give us an estimated business of Rs. 700 Million over a period of 5 years. This will help us strengthen our presence in the Light Commercial Vehicle segment and also help in improving our presence in the global market."
Ramkrishna Forgings makes forged products. It is a supplier to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining, both in India & overseas markets.
On a consolidated basis, net profit of Ramkrishna Forgings surged 206.42% to Rs 45.35 crore on 49.27% increse in net sales to Rs 601.32 crore in Q3 December 2021 over Q3 December 2020.
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