Ramkrishna Forgings on Tuesday announced that it has received PPAP clearance (Parts Production Approval Process) and confirmation to launch order worth EUR 15 million from a European OEM (Original Equipment Manufacturer).
The said order is to be implemented over the period of three years distributed equally.Commenting on the order win, Naresh Jalan, MD of Ramkrishna Forgings said, We continue building strong order book in international markets given our business operations that are meticulously aligned to stringent global benchmarks. Generally the margin in exports business tend to be better and now since domestic market have also started opening up after second wave of Covid. The company hopes to achieve better sales and profitability both from domestic as well as international markets in upcoming quarters. This order improves revenue visibility and profitability over the next three years. Our ability to develop customised products coupled with technology spending and efficient utilization of our facilities is leading us to develop our business and we continue to expand domestically and internationally at this pace in the coming future.
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.
The company reported a consolidated net profit of Rs 33.89 crore in Q4 FY21 as against a net loss of Rs 7.57 crore in Q4 FY20. Net sales during the quarter increased by 117.25% YoY to Rs 520.44 crore.
Shares of Ramkrishna Forgings were down 0.26% at Rs 734.05 on BSE.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU