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."