Ramkrishna Forgings won an export order worth Rs 11.2 crore per year for its precision forging plant from an Asian truck brand.
Commenting on the order win, Lalit Khetan, the executive director and chief financial officer (CFO) of Ramkrishna Forgings, said, "With this order, we are expanding our international presence. This order allows us to strengthen our relationship with the global OEM while also establishing a strong presence in the Asian market. This order was placed with our Precision Forging Plant (Warm Forging Plant), and the product would be delivered to one of Asia's most reputable Truck Brands, a part of a global major corporation. In the first phase, this order would generate Rs 11.2 crore in revenue per year, with orders for an additional Rs 15 crore per year being discussed. This approval will significantly increase capacity utilisation and revenue growth at this new plant in the coming years. We are very focused on expanding our international business by entering newer geographies as part of our strategy of de-risking, and this order win reinforces our confidence."
Ramkrishna Forgings' standalone net profit jumped 170.59% to Rs 45.12 crore on a 50.70% surge in revenue from operations to Rs 606.05 crore in Q3 FY22 over Q3 FY21.
Shares of Ramkrishna Forgings shed 0.73% to Rs 947 on BSE. Ramkrishna Forgings is one of the leading suppliers of rolled, forged and machined products.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
