Ramkrishna Forgings manufacturing plant in Jamshedpur gets a nod from European OEM

Ramkrishna Forgings, a supplier of rolled, forged and machined products, has started mass production of heavy fabrications for excavator parts at its factory VII in Jamshedpur, Jharkhand.

This plant is a manufacturing plant that has been approved by one of the leading Original Equipment Manufacturers (OEM) in the mining and earthmoving industry based in Europe.

Commenting on the approval, Lalit Khetan, Executive Director and Chief Financial Officer (CFO) of Ramkrishna Forgings, said: “The approval of the manufacturing facility at Jamshedpur is a step in the right direction as we strive to strengthen our presence in non-automotive countries. This approval will give a significant boost to the capacity utilization of this new plant and will increase revenues in the years to come. The approval of the installation by a European OEM industry and the subsequent start of mass production is a strong testament to our state of the art facility and reinforces our rationality behind the investment decision.This order follows an order recently won by a branch of a Japanese construction equipment company The growing acceptance of our products by global majors in the automotive and non-automotive is an affirmation of our product quality and technical expertise.”

The company reported a consolidated net profit of Rs 44.06 crore in Q2 FY22 compared to a net profit of Rs 1.45 crore in Q2 FY21. Net sales in the quarter increased by 129.7% year on year (year-on-year) to Rs 578.82 crore.

Shares of Ramkrishna Forgings gained 0.11% to Rs 1,188.40 on BSE. Ramkrishna Forgings is a manufacturer and supplier of open and closed die forgings in carbon and alloy steel, microalloy steel and stainless steel.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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