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Ramkrishna Forgings said that it secured a business contract valued at $13.65 million per year for supplying rear axle and transmission components. The awarded contract pertains to the production and supply of rear axle and transmission components for Class 5, 6, and 7 vehicles. With this, the company is strategically expanding its footprint in North America to strengthen its position within the light vehicle sector.
Lalit Khetan, whole time director & CFO, Ramkrishna Forgings said, "This significant business award is a testament to the company's commitment to excellence and our strong foothold in the North American market. As we extend our presence in the Class 5, 6 and 7 vehicle segments, we are excited about the opportunities this partnership brings to further strengthen our position and also, significantly bolster our presence in the Light Vehicle sector. The new business not only underscores our focus on meeting the evolving needs of the market but also highlights our unwavering dedication to delivering cutting-edge solutions that drive the industry forward."
Ramkrishna Forgings manufactures closed die forgings of carbon and alloy steel, micro alloy steel and stainless-steel forgings. It can supply the products in as forged + heat treated + machined and fully assembled condition. The company's preferred customers in India include TATA Motors, Ashok Leyland, VE Commercial and Daimler. It also supplies to Volvo, Mack Trucks, Iveco, DAF, Scania, MAN, UD Trucks and Ford Otosan. It also supplies globally to Tier 1 axle manufacturers like Dana, Meritor and American Axles.
On a consolidated basis, net profit of Ramkrishna Forgings rose 52.81% to Rs 78.53 crore on 27.60% increase in net sales to Rs 892.34 crore in Q1 June 2023 over Q1 June 2022.
Shares of Ramkrishna Forgings rose 2.10% to Rs 582.40 on 11 August 2023.
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