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Ramkrishna Forgings announced that a reputed Swedish OEM major has awarded a long-term supply contract worth 15 million euros (Rs 121.50 crore) for 2 components for an electric vehicle (EV) for supplies till 2030.
Commenting on the order win Lalit Khetan, executive director & CFO, Ramkrishna Forgings said: "We are pleased to announce that we have been awarded long-term Electric Vehicle components contract to supply Tie Rod Arm Tag and Spring Link from a well-known OEM based in Sweden. This order will be carried out in stages and supplies will ramped-up till 2030. This order signifies not only our strong product development capability, but also the trust that large OEMs have in Ramkrishne Forgings. in the emerging era Electric Vehicles, we have demonstrated our competence in this space through this contract. We are confident in our ability to use this contract to strengthen our foothold into the EV space going forward."
Ramkrishna Forgings manufactures forged products. The company is suppliers to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining, both in India & overseas markets.
The company reported a 92% jump in standalone net profit to Rs 47.26 crore on a 56% rise in revenue from operations to Rs 650.75 crore in Q1 FY23 over Q1 FY22.
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