Ramkrishna Forgings Q4 profit falls 23% to Rs 68 cr; income up Rs 893 cr

Ramkrishna Forgings on Saturday reported profit after tax of Rs. 68.45 crore during the March 2023 quarter, due to higher expenses.

At Rs 68.45 crore, Profit After Tax (PAT) was 23 per cent lower than Rs 83.93 crore in January-March for the previous financial year 2021-22, Ramkrishna Forgings said in a statement.

For the whole financial year (FY) 2022-23, the company’s PAT increased to Rs.248.10 crore from Rs.198.02 crore during FY22.

However, its total income increased to Rs. 893.43 crore from Rs. 718.72 crore in the year-ago quarter.

During January-March 2023, the company’s expenses also increased to Rs. 786.98 crore from Rs. 643.69 crore in the corresponding quarter of the previous financial year.

According to the statement, the company’s board of directors has approved an interim dividend of Re 0.50 per share of stock worth Rs 2 for the financial year 2022-23.

Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said, “Our strategy to expand our product offerings in conjunction with higher customer demand has resulted in a 31 per cent year-on-year increase in revenue for this financial year. As of March 31, 2023, we have reduced total debt by 21 per cent and currently stands at Rs 1,24,100 lakh.”

During the year, the company in consortium with Titagarh Wagons received a letter of award for the manufacture and supply of forged wheels to the Indian Railways Company. The order size is Rs 12,226.50 crore.

Kolkata based Ramkrishna Forgings is a manufacturer and supplier of closed die forgings for carbon and alloy steels, small alloy steels and stainless steel forgings.