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Ramkrishna Forgings Ltd has registered 23 per cent drop in standalone net profit at ₹67 crore for the quarter ended March 31, 2023, against ₹87 crore in the same period last year.
Revenue from operations on a standalone basis grew 22 per cent during the quarter under review at ₹835 crore (₹683 crore).
The company’s board declared an interim dividend of Re 0.50/- per equity share of ₹2 each for 2022-23.
For the year ended March 31, 2023, net profit grew 14 per cent to ₹236 crore (₹207 crore). Revenue from operations increased 31 per cent to ₹3,001 crore (₹2,285 crore).
The EBITDA margin declined to 22.3 per cent (23.1 per cent).
The company is well positioned to capture future growth in the sector, it said in the analyst presentation on the BSE on Friday.
Capacity addition
The forging capacity of the company will be augmented by 56,300 tonnes by addition of warm forging press, upset forgings, 6000 tonnes press line. The capacities for the warm forgings and new technology totalling 18,200 tonnes is expected to be commissioned by June 2023 and hot forging capacities of 38,100 tonnes will be commissioned by September 2023. The company has sufficient capacity for the next phase of growth. Capacity ramp-up along with operating leverage will result in faster improvement in profitability, it said.
The company’s scrip closed at ₹324.70, down 0.75 per cent on the BSE on Friday.
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