Village Voice News

After securing a $220 million order from a North American customer, Ramkrishna Forgings saw a 5% increase

<p>On February 20, Ramakrishna Forgings’ stock increased by 5% intraday after the firm was awarded a $220 million contract in the North American market. According to a statement from the firm, this contract, which is for more than ten years, represents the company’s entry into a new vertical within the forging industry, with a focus on servicing Tier 1 clients in the Light Vehicle market throughout North America.</p>
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<p>With this project, Ramkrishna Forgings believes it is well-positioned to broaden its product offering in important areas, make a substantial contribution to the automobile industry’s supply chain, and provide goods that both meet and surpass the industry’s exacting requirements.</p>
<p>“Securing this substantial contract is a testament to our relentless pursuit of excellence, customer-first approach, and our dedication to delivering exceptional products and services,” said Lalit Kumar Khetan, Whole Time Director & CFO, Ramkrishna Forgings. We consider it an honor to work with our valued Tier 1 client, and we are totally dedicated to providing forgings of the highest caliber that lead the way in value and innovation for the North American light vehicle market. With this, the business is well-positioned to maintain its lead in the automotive forging industry while looking for new development and expansion opportunities.</p>
<p>The firm was given a contract earlier in February for the delivery of rear axle components and services to the off-highway sector for the next four years, valued at $13.16 million (Rs 1,092 million).</p>
<p>In the quarter that concluded on December 31, 2023, the company’s net profit increased by 42% to Rs 86.86 crore.</p>