Ramkrishna Forgings on Thursday posted profit for the third quarter of FY24 at Rs 86.86 crore, up 42.3 per cent in comparison to Rs 61.04 crore during the corresponding quarter of previous year. It posted revenue from operations for the quarter ended December 2023 at Rs 1057.79 crore, up 36.1 per cent as against Rs 777.48 crore during the third quarter of FY23. The company EBITDA stood at Rs 225 crore, up 31 per cent on-year.
While the total income recorded by the company during the quarter in review was at Rs 1059.32 crore, total expenses incurred during Q3FY24 stood at Rs 941.84 crore. Naresh Jalan, Managing Director, Ramkrishna Forgings Limited, said, “During the quarter, the company registered a strong performance across segments & geographies, with YoY growth of 20 per cent in revenues and 43 per cent in profitability. EBITDA margins stood at 23 per cent driven by operating leverage and a sharp focus on cost control. We are committed to maintaining a sound financial position.”
During the quarter in review, Ramkrishna Forgings successfully raised Rs 1,000 crore through first ever QIP. It also stated that the capacity utilisation has improved on quarter-on-quarter basis. “Overall capacity utilization stood at 96 per cent for Q3FY24, 88 per cent in Q2FY24 and 86 per cent in Q3FY23,” it said.
“The success of our QIP of 1,000 crores further strengthens our financial foundation, providing additional resources for strategic initiatives. The recent approval by NCLT Delhi for the acquisition of ACIL Limited aligns with our strategies, positioning us for a healthy and robust expansion in the next phase. The commercial vehicle segment, especially post the festive season, has seen steady growth due to increased fleet utilization amid heightened economic and infrastructure activities. We expect this positive momentum to continue in the coming quarters,” said Naresh Jalan.
“We’re committed to global expansion, diversifying products, exploring high-margin niche products, and increasing productivity through automation. Despite potential global disruptions affecting demand, we remain optimistic about sustaining momentum, supported by strong cash flow. We appreciate the continued trust and support of our stakeholders in this exciting growth phase,” he added.
In the domestic markets, Ramkrishna Forgings recorded sales volume for Q3FY24 at 28,263 MT, representing a YoY increase of 35.6 per cent over Q3FY23. Revenue, meanwhile, grew by 32.3 per cent in Q3FY24 to Rs 55,456 lakh as compared to Rs 41,911 lakh in Q3FY23.
For exports markets, sales volume was 13,323 MT, representing a YoY increase of 6.2 per cent over Q3FY23 and revenue grew by 4.1 per cent in Q3FY24 to Rs 34,047 lakh as compared to Rs 32,691 lakh in Q3FY23.
