Ramkrishna Forgings on Friday posted a 35% rise in its December quarter consolidated net profit to Rs 61.04 crore, mainly on account of higher revenues.
The firm had clocked a net profit of Rs 45.35 crore in the year-ago period, it said in a regulatory filing.
The company's revenue from operations rose 30% to Rs 777.48 crore in the October-December quarter of the ongoing fiscal from Rs 601.32 crore a year ago.
Naresh Jalan, MD of Ramkrishna Forgings Limited, said, "Our diverse and robust business model has led to a sustained growth momentum, primarily driven by our strategic decision to enhance product offering coupled with high customer demand. Our global geographical outreach helped us to secure new orders and further strengthen the order book".
In the first nine months of FY23, the company won contracts worth Rs 774.70 crore spanning across various geographies, including North America and Europe, and reduced gross debt by 23 per cent to Rs 1,286.89 crore, he said, adding the focus will remain on making the company a debt-free entity by FY25.
According to the statement, during the December 2022 quarter, the company entered into a share purchase agreement to acquire 51% shares of EV maker TSUYO Manufacturing Private Limited.
The company is also in the process to become an auto component manufacturer by acquiring JMT Auto.
"The Resolution plan to acquire JMT Auto has been approved by the Committee of Creditors. This acquisition is subject to obtaining necessary approval from the Principal Bench of the National Company Law Tribunal, New Delhi", it said.
The company also declared an interim dividend of Rs 0.50 per share for FY23. Jan. 31, 2023, has been fixed as the record date for payment of the third interim dividend to eligible shareholders.
Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed die forgings of carbon and alloy steel, micro-alloy steel and stainless steel forgings.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
