Happy Forgings gets new international order of Rs 350 crore

3 May 2024 , 01:52 PM

On Friday, May 3, Happy Forgings Ltd.’s stock increased by more than 3% in the morning following the company’s announcement that it had secured an order worth ₹350 Crore from an international company to supply E Axle components for electric SUVs sold in the US.

The manufacturer of auto components said in a disclosure to the stock exchanges that the contract was won by a foreign business via its domestic affiliate.

The company told the bourses that the order is valued at around ₹50 Crore annually at full supply capacity, or ₹320–350 Crore over the course of the contract.

Under the terms of the deal, machined axle seats and steering knuckles for electric SUVs will be supplied.

According to the corporation, supply are expected to start in Q3FY25 and last until FY2032.

Happy Forgings marked a significant turning point in its expansion and growth journey in February when it revealed that it had acquired an order for ₹400 Crore from a leading passenger vehicle manufacturer in India.

With these orders, the business is ready to enter the passenger car market, which is a calculated move to increase the company’s income sources in both home and international markets.

With more than 40 years of experience, Happy Forgings is an Indian business that specializes in creating and delivering complex heavy forge and highly accurate machined components. The company works with both domestic and foreign OEMs, providing a wide range of components through engineering, testing, manufacturing, and process design.

December 2023 marked the company’s exchange debut.

Around 1:45 pm, Happy Forgings’ shares were trading 0.11% higher on the BSE at ₹957.95 a share.

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