Other industrial products company Ramkrishna Forgings announced Q3FY23 results: Q3FY23: Total income EBITDA at Rs 75,231 lakh, up +24% YoY EBITDA at Rs 16,628 lakh, up +19% YoY PAT Rs 5,757 lakhs, up +28% YoY Domestic Markets: In Q3FY23, sales volume was 20,842 MT, a YoY increase of 8.7%. In 9MFY23, sales volume was 62,099 MT, a YoY increase of 31.6% over 9MFY22 Revenue grew by 22.3% in Q3FY23 to Rs 41,911 lakh as compared to Q3FY22. Revenue grew by 52.4% YoY in 9MFY23 to Rs 125,462 lakh Realization per tonne improved by 8.8% to Rs 1.90 lakh per tonne in Q3FY23 as compared to Rs 1.75 lakh per tonne in Q3FY22 and improved by 11.3% to Rs 1.94 lakh per MT in 9MFY23 as against Rs 1.74 lakh per tonne in 9MFY22 Exports Markets In Q3FY23, sales volume was 12,548 MT, a YoY increase of 21.3% over Q3FY22. In 9MFY23, sales volume was 33,967 MT, a YoY increase of 4.5% over 9MFY22. Revenue grew by 25.9% in Q3FY23 to Rs 32,691 lakh, as compared to Q3FY22. Revenue grew by 16.8% YoY in 9MFY23 to Rs 89,539 lakh Realization per tonne improved by 7% to Rs 2.43 lakh per tonne in Q3FY23, as compared to Rs 2.27 per tonne in Q3FY22 and improved by 10.9% to Rs 2.46 lakh per tonne in 9MFY23 as against Rs 2.22 lakh per tonne in 9MFY22. Commenting on the results, Naresh Jalan, Managing Director, Ramkrishna Forgings Limited, said: “Our diverse and robust business model has led to a sustained growth momentum, primarily driven by our strategic decision to enhance product offering coupled with high customer demand. These efforts have enabled us to achieve a 24% increase in operating revenues year-over-year. Our global geographical outreach helped us to secure new orders and further strengthen the order book. In the first nine months of FY23, we won contracts worth Rs 77,470 lakh from 8 contracts spanning various geographies including North America & Europe. As of December 31, 2022, we have reduced our gross debt by 23% and it currently stands at Rs 1,28,689 lakh. We will continue to focus on reducing debt with the goal to become net debt-free by FY25. The commercial vehicle segment has seen steady growth following the festive season, due to high utilization of fleets resulting from increased economic and infrastructure activity. The momentum is expected to continue, and the overall commercial vehicle market is predicted to remain strong. Also, with the acquisition of Tsuyo & JMT Auto, we plan to expand and diversify our Company, resulting in increased scale and market reach. Our efforts are focused on customer-centric approach to offer advanced and value-added products across the globe and maintain our strong market share.” Result PDF
Other Industrial Products company Ramkrishna Forgings Announced Q1FY23 Result : Revenue of Rs. 65,074.59 Lakhs, YoY growth of 57.62% EBITDA of Rs. 14,369.56 Lakhs, YoY growth of 50.75% PAT of Rs. 4,725.84 Lakhs, YoY growth of 92.01% Quarterly EPS for Q1FY23 is Rs 2.96 per share Declared Interim dividend of Rs. 0.50 per share Commenting on the results Mr. Naresh Jalan, Managing Director said, Ramkrishna Forgings Limited said: “Our company has delivered strong results during the period in all key parameters despite being impacted by global challenges. We won contracts worth Rs. 38,800 lakhs during the quarter, expanded our global footprint and progressed on our sectorial diversification strategies. Our robust order book and strong customer relationships give us the confidence to continuously deliver results. Increased offtakes from our existing contracts and execution of new contracts have led to optimal utilisation of our capacity which has resulted in margin expansion and improved operating leverage. Going forward, we are confident about winning new contracts, which will further enhance the same. Our strategy of strengthen our balance sheet by reducing debt and becoming Net Debt Free within the next three years is on track. This is reflected by the rating agency’s upgrade of our bank facilities outlook from Stable to Positive. We are seeing a good uptick in the commercial vehicle space, and demand is expected to remain robust as the economy opens up, rebound in freight movement, and pick up in construction activity. Global dynamic changes, such as the China+1 strategy, supply chain constraints, and strict Covid restrictions in some countries, are likely to benefit India. This along with our strong relationships with leading CV manufacturers across the key regions offers us a great opportunity to optimally utilize our expanded capacities. We anticipate that the current strong performance of all our business segments will be sustained in the coming years, allowing us to report a strong growth in short to medium term. We continue to look for new opportunities domestically in both the auto and non-auto industries, while also focusing on increasing our export revenues and in the EV space, which should result in long-term profit improvement." Result PDF