Ramkrishna Forgings Q4 profit falls 23% to Rs 68 cr; income up Rs 893 cr

Ramkrishna Forgings on Saturday reported a profit after tax of Rs 68.45 crore during the March 2023 quarter, on account of higher expenses.

At Rs 68.45 crore, the profit after tax (PAT) was 23 per cent lower from Rs 83.93 crore in January-March period of the preceding 2021-22 fiscal, Ramkrishna Forgings said in a statement.

For the whole financial year (FY) 2022-23, the company's PAT rose to Rs 248.10 crore from Rs 198.02 crore during FY22.

Its total income, however, increased to Rs 893.43 crore from Rs 718.72 crore in the year-ago quarter.

During January-March 2023, the company's expenses also rose to Rs 786.98 crore from Rs 643.69 crore in the corresponding quarter of the preceding fiscal.

According to the statement, the company's board has approved an interim dividend of Re 0.50 per equity share of Rs 2 each for financial year 2022-23.

Naresh Jalan, Managing Director, Ramkrishna Forgings Limited, said: "Our strategy to expand our product offering in conjunction with the high customer demand has led to a 31 per cent year-on-year increase in revenues for this fiscal year. As of March 31, 2023, we reduced gross debt by 21 per cent and it currently stands at Rs 1,24,100 lakh."

During the year, the company in consortium with Titagarh Wagons received a letter of award for manufacturing and supplying of forged wheels for the Indian Railways. The order size is Rs 12,226.50 crore.

Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed die forgings of carbon and alloy steel, micro-alloy steel and stainless steel forgings.