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January 18
The board of directors of Ramkrishna Forgings Ltd on Tuesday approved the sub-division or split of the company’s equity shares from face value of ₹10 each to face value of ₹2 each.
The stock split would be subject to approval of the members through postal ballot. The record date for the proposed split would be intimated in due course subject to compliance of necessary laws, the company said in a notification to the stock exchange on Tuesday. Explaining the rationale behind the stock split, the company said it would help improve the liquidity of the company’s share and broad base the investor base.
The board has also declared the third interim dividend of ₹0.50 per equity share of face value of ₹10 each for the year 2021-22. It has further approved January 28 as the record date for the purpose of payment of interim dividend to the eligible shareholders.
Q3 Result
Ramkrishna Forgings registered 165 per cent growth in net profit at ₹45 crore for the quarter ended December 31, 2021, as against ₹17 crore same period last year.
Revenue increased by around 51 per cent at ₹606 crore during the quarter under review as against ₹402 crore same period last year. EBITDA increased by nearly 79 per cent on a year-on-year basis at ₹140 crore (₹78 crore).
The company is one of the leading suppliers of rolled, forged, and machined products. It is a supplier to various sectors including automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining, both in India and overseas markets.
The Kolkata-based company received contracts worth around ₹220 crore from six contracts during the quarter from various geographies and business verticals. It also had new business acquisition in front axle beams, it said.
The company has set a target to be net debt free by FY25.
Shares of Ramkrishna Forgings closed at 1010.75, down 3.20 per cent, on the BSE on Tuesday.
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