This plant is a fabrication facility which has been approved by one of the leading original equipment manufacturers (OEMs) in the mining & earth moving industry based out of Europe.

Commenting on the approval, Lalit Khetan, the executive director and chief financial officer (CFO) of Ramkrishna Forgings, has said that: "The approval of fabrication facility at Jamshedpur is a step in right direction as we move to strengthen our presence in non-auto sectors. This approval will provide significant impetus to capacity utilization of this new plant and will add to revenues in coming years. The facility approval by a leading European OEM and subsequent commencement of serial production acts as a strong testimony for our state-of-the-art facility and reinforces our rational behind the capex decision. This order follows a recently won order from an Indian arm of Japanese construction equipment company. Increasing acceptance of our products by global majors across auto and non-auto sectors is an assertion of our product quality and technical expertise."

The company reported a consolidated net profit of Rs 44.06 crore in Q2 FY22 as against a net profit of Rs 1.45 crore in Q2 FY21. Net sales during the quarter increased by 129.7% Y-o-Y (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 of supplier of open and closed die forgings of carbon and alloy steel, micro alloy steel and stainless-steel forgings.