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Ramkrishna Forgings gains after bagging order from US trailer maker

Ramkrishna Forgings has received a multi-year export order from a manufacturer of chassis systems and components primarily for trailers as well as for trucks and buses in the US

May 10, 2022 / 11:37 AM IST
Ramkrishna Forgings:

Ramkrishna Forgings:

 
 
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Ramkrishna Forgings share price gained on May 10 after the firm received an order worth Rs 105 crore per annum.

Ramkrishna Forgings has received a multi-year export order from a manufacturer of chassis systems and components primarily for trailers as well as for trucks and buses in the US, the company said in its release.

Supplies are expected to commence from 2023.

“We have received another order in the United States from one of the largest trailer manufacturers thereby cementing our strong presence in the country," said Lalit Khetan, executive director and finance chief.

"We are witnessing an increasing acceptance of products by a diverse range of customers across segments and geographies," he added.

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The company has posted a 147.6 percent year on year jump in March quarter consolidated net profit at Rs 83.93 crore.

Revenue was up 38 percent at Rs 718.72 crore. The board has recommended a final dividend of Rs 0.20 per share of Rs 2 each.

Broking house Sharekhan maintained a buy with a revised price target of Rs 238, led by strong revenue growth, improved margin profile and attractive valuation.

Results beat expectations on all fronts, said Sharekhan.

Over FY22-24E, earnings are likely to clock strong 29.3% compound annual growth rate driven by 14.7% CAGR in domestic revenue, 27% CAGR in export revenue and 15.9% growth in EBITDA, it added.

At 11:18 hrs Ramkrishna Forgings was quoting at Rs 173.95, up Rs 1.55 or 0.90 percent on the BSE.

The share touched a 52-week high of Rs 251.92 and a 52-week low of Rs 115.10 on 11 October 2021 and 10 May 2021 respectively.

Currently, it is trading 30.95 percent below its 52-week high and 51.13 percent above its 52-week low.
Moneycontrol News
first published: May 10, 2022 11:37 am
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