Ramkrishna Forgings gained 1.28% to Rs 946.50 after the company received a letter of intent worth Rs 22.5 crore (approx. $ 3 million) per annum from major tier 1 axle manufacturer in Mexico for manufacturing of front axle beam.
Commenting on the order win, Lalit Khetan, executive director & CFO of Ramkrishna Forgings said, It gives us immense pleasure to announce our new business acquisition in Front Axle Beams. This notable addition of a major part in the Front Axle will help us strengthen our exports revenue growth and improve content per vehicle as well. We are excited about the future growth opportunities this new business brings in. We continue to diversify our product portfolio by introducing new and high-quality products, as well as moving up the value chain. We will continue te explore new geographies with potential for expansion in order to broaden our reach and sustain our growth in exports business.Ramkrishna Forgings is a manufacturer & supplier of closed die forgings of carbon and alloy steel, micro alloy steel and stainless steel forgings. The company supplies to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining, both in India & overseas markets.
The company reported a consolidated net profit of Rs 44.06 crore in Q2 FY22 as against a net profit of Rs 1.45 crore in Q2 FY21. Net sales during the quarter increased by 129.7% year-on-year to Rs 578.82 crore.
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