Ramkrishna Forgings Delivers Stellar FY2024 Results: Revenue Up 16 Percent, PAT Surges 38 Percent

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Ramkrishna Forgings Delivers Stellar FY2024 Results: Revenue Up 16 Percent, PAT Surges 38 Percent

Ramkrishna Forgings Ltd, one of the leading suppliers of rolled, forged, and machined products, has reported its unaudited financial results for the quarter and financial year ended March 31, 2024. Revenue surged to INR 3,490 crore, a 16 percent increase year-on-year (YoY); EBITDA rose to INR 794 crore, up 19 percent; and PAT soared to INR 326 crore, marking a remarkable 38 percent YoY growth.

Operational Highlights:

      Secured prestigious order worth INR 270 crore for Vande Bharat Train Set

      Secured US$ 220 Contract to Supply to Light Vehicle Segment Across North America

      Secured Board Approval for setting up Manufacturing Facility in Mexico Declared 2nd Interim Dividend of INR 1.0 per share

      Overall capacity utilization stood at 91 percent for Q4FY24 vs 96 percent in Q3FY24 and 103 percent in Q4FY23

 Domestic Markets

      In Q4FY24, sales volume was 23,412 MT, as compared to 24,611 MT in Q4FY23. In FY24, sales volume was 99,689 MT, representing a YoY increase of 15.0 percent over FY23.

      Revenue for Q4FY24 stands at INR 47,660 lakhs as compared to INR 49,037 lakhs in Q4FY23. Revenue grew by 13.7 percent on YoY basis in FY24 to INR 198,485 lakhs as compared to INR 174,498 lakhs in FY23.

Exports Markets

      In Q4FY24, sales volume was 16,528 MT as compared to 13,977 MT in Q4FY23 representing a YoY increase of 18.3 percent. In FY24, sales volume was 58,739 MT as compared to 47,944 MT in Q4FY23 representing a YoY increase of 22.5 percent.

      Revenue grew by 18.5 percent in Q4FY24 to INR 40,082 lakhs as compared to INR 33,811 lakhs in Q4FY23. Revenue grew by 19.3 percent on YoY basis in FY24 to INR 147,140 lakhs as compared to INR 123,351 lakhs in FY23.

On the results Naresh Jalan, Managing Director, Ramkrishna Forgings Ltd, commented, “During the year, on a standalone basis, the company registered a strong performance across segments & geographies, with YoY growth of 16 percent in revenues and 38 percent in profitability. EBITDA margin stood at 22.7 percent driven by operating leverage and a sharp focus on cost control.”

He continued, “We continued with our relentless pursuit of excellence and strategic growth initiatives. In the quarter gone by, we successfully secured a notable INR 270 crore order for the Vande Bharat Train Set, a pivotal achievement in our ongoing rail infrastructure development efforts. Furthermore, our recent contract worth US$ 220 million in the North American market reflects our strategic expansion and focused approach. In Q4FY24, our board gave approval for a manufacturing facility in Mexico. This will facilitate our ability to serve newer geographies more efficiently.”

Jalan concluded, “Our continued focus on improving financial metrics such as ROCE and ROE, alongside efforts to reduce debt, positions us for sustainable growth and increased flexibility in pursuing opportunities. Overall, our performance emphasizes our commitment to excellence and long-term value creation for stakeholders.”

 

For more information: www.ramkrishnaforgings.com