Commenting on the order win Naresh Jalan, MD of Ramkrishna Forgings said, “Our foray into oil & gas exploration sector is reaping rich dividends. We have bagged a significant order of Rs 300 million (USD 4 Million per annum) one of the biggest OEM majors in Oil & Gas for pipe fitting parts in North America. This order further strengthens our penetration into this sector and is in line with the strategy to diversify its portfolio across sectors and geographies. With the pandemic behind us and all global markets are back to pre-Covid levels, this bodes well for us as a brand and opens lots of opportunities within this sector. We expect to receive repeat orders considering the current buoyancy in the market.”
Earlier on 15 September, Ramkrishna Forgings announced that it has bagged an export order worth Rs 25 crore (i.e. $3.5 million per annum) from a North American customer in Oil & Gas segment.
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 24.69 crore in Q1 FY22 as against a net loss of Rs 29.48 crore in Q1 FY21. Net sales during the quarter increased by 267.1% Y-o-Y (year-on-year) to Rs 417.11 crore.
Shares of Ramkrishna Forgings were trading 0.67% lower at Rs 1,029.65 on BSE.
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