Ramkrishna Forgings acquires contract for the supply of gearbox and engine parts worth Rs 156 crore

24 Aug 2023 , 02:20 PM

Ramkrishna Forgings revealed on Thursday that a Eurasian client in the farm equipment sector had just awarded them a business deal for 17.2 million euros, or roughly Rs 156 crore. Over the course of four years, the deal will cost an estimated 4.31 million euros every year.

Specifically for its Eurasian client’s gearbox and engine parts, the company will provide forged and machined components under the conditions of this agreement.

‘This deal not only demonstrates our ability as a leading supplier of forged & and machined components, but it also strengthens the confidence our clients have in our knowledge. According to Lalit Kumar Khetan, Whole Time Director and CFO of Ramkrishna Forgings, who talked to ET, ‘We are committed to providing products of the highest quality and assisting in the expansion of the Eurasian Farm Equipment industry.’

Last week, a European original equipment manufacturer awarded the business another contract for differential components valued approximately Rs 145 crore. In a recent interview with CNBC-TV18, Ramkrishna Forgings’ Naresh Jalan discussed their recent European rail order worth 5 million euros and stated that the business anticipates 50–60% of its order book of European rail orders to generate income. He also said that the 60-40 split between domestic and foreign companies will continue.

Ramkrishna Forgings reported good financial results for the first quarter of FY24, with operating profit increasing by more than 28% and revenue increasing by over 30%.

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