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Dolat Capital Report
Ramkrishna Forgings Ltd. printed impressive numbers in Q3 FY22 led by strong growth in domestic (up 41% YoY) and export revenue (up 67% YoY).
Despite slowdown in North America class eight trucks orders export dispatches remain strong led by incremental demand from Europe, and new orders for light commercial vehicles.
Inventory level is slightly higher than normal; management expects it will liquidate sharply as the semiconductor supply accelerates.
Standalone Ebitda jumped 79% QoQ to Rs 1.4 billion with strong Ebitda margin at 23% due to better geography mix and cost cutting measures.
Ramkrishna Forgings' management anticipates Q4 domestic revenue to be stable and class eight trucks demand to improve from March 2022 onwards as supply challenges ease off. European heavy truck market will also continue to be on a strong growth trajectory for near to medium term.
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