Ramakrishna Forgings bags first export order worth Rs 130 crore in CIS region

Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products has won an export order worth Rs 130 crore (Euro 15 million) from an OEM (original equipment manufacturer) in a CIS (Commonwealth of Independent States) country for a period of three years, it said in a statement on Wednesday.

CIS comprises nine member countries namely - Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, and Uzbekistan. The company, however, did not mention the name of the OEM it won the contract from.

Also Read: Ramkrishna Forgings share hits 52-week high on order win from European OEM

Commenting on the order win Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said, "With this order win we continue to strengthen our international business. This is our first order from this OEM which is a testimony to our product quality and strong technical capabilities."

"The order marks a beginning of a long-term relationship with a new customer and into a new geography as this is also our first order from CIS region. As a strategy, we are very focused on expanding our international business by entering newer geographies and this order win reinforces our confidence," he added.

Ramakrishna Forgings posted a consolidated profit after tax (PAT) of Rs 24.68 crore in Q1FY22.

The company's total income stood at Rs 417.68 crore during the period ended June 30, 2021, as compared to Rs 522.80 crore during the period ended March 31, 2021.

Also Read: India's services activity rebounds at fastest pace in 18 months in Aug amid rising business orders