Shares of Ramakrishna Forgings gained 5 per cent intraday on February 20 after the company secured a contract worth $220 million in the North American market. This contract spans over a decade and marks the company’s foray into a new vertical within the forging sector, focusing on supplying Tier 1 customers in the Light Vehicle segment across North America, the company said in a release.
With this venture, Ramkrishna Forgings says it is poised to further expand its offering in key markets and contribute significantly to the automotive industry’s supply chain and aims to deliver products that meet and exceed the rigorous standards of the automotive industry.
Lalit Kumar Khetan, Whole Time Director & CFO, Ramkrishna Forgings said, “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. We are honoured to collaborate with our esteemed Tier 1 customer and are fully committed to delivering superior quality forgings that drive value and innovation in the North American Light Vehicle segment. With this, the company is poised to further strengthen its foothold in the automotive forging market while continuing to explore avenues for growth and expansion.”
Earlier in February, the company was awarded a contract valued at $ 13.16 million (Rs 1,092 million) for the supply of rear axle components and services for the off-highway sector for the next four years.
The company’s net profit jumped 42 per cent in the quarter ended December 31, 2023 at Rs 86.86 crore.
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