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Ramkrishna Forgings Results: Latest Quarterly Results & Analysis

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Ramkrishna Forgings Ltd. 17 Jan 2025 16:44 PM
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Q3FY25 Quarterly Result Announced for Ramkrishna Forgings Ltd.

Industrial Products company Ramkrishna Forgings announced Q3FY25 results

Standalone Financial Highlights:

  • Revenue from Operation: Rs 95,272 lakh, change 5.5% YoY.
  • EBITDA & Margin: Rs 21,545 lakh, change 22.6% YoY, Margin 22.6% for Q3FY25.
  • ROCE: 15.5% for Q3FY25.

Consolidated Financial Highlights:

  • Revenue from Operation: Rs 1,07,378 lakh, change 7.9% YoY.
  • EBITDA & Margin: Rs 23,152 lakh, change 5.4% YoY, Margin 21.6% for Q3FY25.
  • ROCE: 15.5% for Q3FY25.

Naresh Jalan, Managing Director, Ramkrishna Forgings, said: We are pleased to report a strong performance in the third quarter with Consolidated Revenues higher by 8% on a YoY basis. This is despite de-growth growth in domestic CV volumes of 4%. Our growth has been driven by higher share of business across existing customers supported by ramp up of new components and order wins awarded in recent quarters. We have also witnessed sustained momentum in exports this quarter. In terms of order wins, we have received orders amounting to Rs 697 crore to be executed over a period of four years across from Non Auto segment including Railways.

The outlook remains exciting both for the near and medium term on the back of multiple growth levers of new products, new customers, new verticals being served and new capacities. We are set to commence offerings towards two-wheelers and passenger vehicles, in the coming months and quarters. This will enable further growth coming from the automotive sector, as we have not catered to these segments earlier. We are also excited by the prospects from new components as well as new assemblies. Capacity augmentation in cold forging and aluminum forging will aid growth, while newer, more automated lines and more value engineered lines, will enable higher value addition.

Our plan for streamlining of our subsidiaries is progressing well and we are set to scale up our offerings in casting which will complement our robust track record in forged products. With our recent entry into aluminum forging, we are also well positioned to address the opportunities from EV and hybrid vehicles. Our strategy of diversified growth, underpinned by a balanced approach to risk and return, will help us to drive sustained value creation for all stakeholders.”

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Industrial Products company Ramkrishna Forgings announced Q2FY25 results

Financial Highlights:

  • Revenue: Rs 952 crore, compared to Rs 865 crore during Q2FY24, change 10.1% YoY.
  • EBITDA: Rs 212 crore, compared to Rs 198 crore during Q2FY24, change 7.0% YoY.
  • PAT: Rs 183 crore, compared to Rs 80 crore during Q2FY24, change 129.8% YoY.

Naresh Jalan, Managing Director, Ramkrishna Forgings said: “We continue to undertake steps to solidify our growth prospects. In addition to sustained momentum in order wins, we are engaging more deeply with our existing and prospective customers to offer comprehensive solutions. The addition of capacity and capabilities will ensure that we are well positioned to enhance wallet share across our customer set even as we build out several new offerings and further diversify the industries we serve. This multi-dimensional approach will not only allow us to scale efficiently but will also position us to lead in emerging sectoRs In this quarter, your company has received a significant order inflow, amounting to Rs 1,522 crore to be executed over a period of four years across various geographies and segment.

During the quarter, we have divested our stake in Hospitality Company - Globe All India Services Limited to Yatra Online Limited for an all cash consideration of Rs 128 crore. Further, our Board has approved investment of Rs 57.5 crore towards setting up of Aluminium forging capacity at Jamshedpur, which will cater primarily to EV segment, significantly enriching our presence in the EV market. This will ensure more optimum capital allocation with capital from non-core businesses being unlocked and divested into core, growth oriented areas. Further, our capacity expansion plans and initiatives to streamline our corporate structure continue to progress well.

At the heart of our strategy is a relentless focus on operational excellence. We are committed to executing with precision, ensuring that every aspect of our business delivers value, from manufacturing to service delivery. By deepening our engagement with high-quality customers and partners, we will continue to provide the exceptional solutions and support that our stakeholders expect. This disciplined approach to business execution will drive not only top-line growth but also enhance the overall customer experience, further solidifying our market position.

Throughout this journey, we remain committed in creating sustained value for our shareholdeRs As we diversify our growth initiatives, we will maintain a balanced approach to risk and return, ensuring that every decision we make contributes to long-term value creation. Our focus will be on generating consistent returns, optimizing capital allocation, and enhancing operational efficiencies, all while staying true to our mission of delivering superior performance and shareholder value."

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Industrial Products company Ramkrishna Forgings announced Q1FY25 results:

Financial Highlights:

  • Revenue: Rs 868 crore, up by 4% YoY
  • EBITDA: Rs 201 crore, up by 7% YoY
  • PAT:  Rs 73 crore, down by 5% YoY

Operational Highlights:

  • The Board of Directors have approved the acquisition of Resortes Libertad, S.A. de C.V. in Mexico. The new entity in Mexico is proposed to be named as Ramkrishna Forgings Mexico S.A. DE C.V. and the registered office will be in Monterrey Mexico. The Company has taken a factory space on lease at Monterrey, Mexico and will start its machining & warehousing operations from Q3FY25 onwards.
  • The Board of Directors have approved the merger of ACIL Ltd with the company. Both the entities bring unique strengths, and the merger will enhance market presence, operational efficiency, innovation and excellence
  • Overall capacity utilization stood at 86% for Q1FY25 vs 91% in Q4FY24 and 92% in Q1FY24. The drop in utilization is due to addition of capacity in during the quarter.
  • Domestic Markets (Standalone):
    • In Q1FY25, sales volume was 23,217 T, as compared to 24,182 T in Q1FY24.
    • Revenue for Q1FY25 stands at Rs 46,745 Lakh as compared to Rs 48,243 Lakh in Q1FY24.
  • Exports Markets (Standalone)
    • In Q1FY25, sales volume was 15,322 T as compared to 13,963 T in Q1FY24 representing a YoY increase of 9.7%.
    • Revenue grew by 13.6% in Q1FY25 to Rs 39,267 Lakh as compared to Rs 34,564 Lakh in Q1FY24. 

Commenting on the results Naresh Jalan, Managing Director, Ramkrishna Forgings said: “I am pleased to share our financial performance and strategic milestones for this quarter. Our revenues on a standalone basis stood at Rs 868 crore, reflecting our strong market presence and operational efficiency. Our adjusted EBITDA was Rs 201 crore, yielding an impressive EBITDA margin of 23.1%. Our Profit After Tax (PAT) for the quarter was Rs 73 crore.

We received a significant order inflow, amounting to Rs 1,679 crore to be executed over a period of four years. The order book also includes an undercarriage business order from a metro car in the railway segment, contributing to our diversification into the non-auto space.

The Board of directors approved the merger of ACIL Limited with the company. The merger will provide the significant synergies & cost savings and opportunities to expand market drive further growth. In addition, the Board of Directors have also approved the acquisition of Resortes Libertad, S.A. DE C.V. in Mexico. This acquisition marks a significant step in our strategic expansion, and the new entity is proposed to be named as Ramkrishna Forgings Mexico S.A. DE C.V. We plan to commence our machining and warehousing operations from Q3 FY25 onwards.

These developments underscore our commitment to expanding our global footprint, diversifying our business portfolio, and delivering sustainable growth. We are confident that these strategic initiatives will position us for continued success and create long-term value for our stakeholders.

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Industrial products company Ramkrishna Forgings announced consolidated Q4FY24 & FY24 results:

Financial Highlights:

  • Revenue: Ramkrishna Forgings reported a substantial increase in revenue to Rs 3,490 crore, marking a 16% year-over-year growth.
  • EBITDA: EBITDA followed suit with an impressive surge, reaching Rs 794 crore, corresponding to a 19% increase compared to the previous year.
  • Profit After Tax (PAT): The company witnessed a significant jump in PAT, climbing to Rs 326 crore, a 38% rise from the preceding year.

Domestic markets operational highlights:

  • Sales volume saw a moderate decline quarter over quarter from 24,611 MT (Q4 FY23) to 23,412 MT (Q4 FY24), with revenue for Q4FY24 at Rs 47,660 Lakhs against Rs 49,037 Lakhs in Q4FY23. However, a 13.7% year-over-year revenue growth was reported in FY24.

Export markets operational highlights:

  • Exports sales volume increased by 18.3% for Q4FY24 and 22.5% for the full year compared to the same periods of the previous year. There was an 18.5% revenue increase for the same quarter and a 19.3% rise annually.

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

We continued with our relentless pursuit of excellence and strategic growth initiatives. In the quarter gone by, we successfully secured a notable Rs 270 crore order for the Vande Bharat Train Set, a pivotal achievement in our ongoing rail infrastructure development efforts. Furthermore, our recent contract worth USD220 million in the North American market reflects our strategic expansion and focused approach.

In Q4FY24, our board gave an approval for a manufacturing facility in Mexico. This will facilitate our ability to serve newer geographies more efficiently.

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”

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Industrial Products company Ramkrishna Forgings announced Q3FY24 results:

Financial Performance Highlights:

  • Total Income: Ramkrishna Forgings reported a significant increase in total income, reaching Rs 90,288 lakh, a 20% YoY improvement.
  • EBITDA: Earnings before interest, tax, depreciation, and amortization amounted to Rs 20,750 lakh, marking a substantial 25% growth from the previous year.
  • EBITDA Margin: The margin for the quarter stood at 23.0%, a positive change of 90 basis points on a YoY basis.
  • PAT (Profit After Tax): PAT escalated to Rs 8,226 lakh, with a YoY gain of 43%, with margins increasing by 140 basis points to 9.1%.

Operational Highlights:

  • Capacity Utilization: The company achieved a capacity utilization of 96% in Q3FY24, showing continued improvement from 88% in Q2FY24 and 86% in Q3FY23.
  • Sales Volume: Q3FY24 sales volume increased by 35.6% YoY to 28,263 MT, and 9MFY24 sales volume rose by 22.8% to 76,277 MT.
  • Domestic Market Revenue: Revenue in the domestic market surged by 32.3% in Q3FY24 to Rs 55,456 lakh, and the revenue over the nine months grew by 20.2% to Rs 150,825 lakh.
  • Export Market Sales: In the export market, the sales volume in Q3FY24 rose by 6.2% YoY to 13,323 MT, and revenue for the quarter increased by 4.1% to Rs 34,047 lakh.

Strategic and Corporate Developments:

  • Fundraising Through QIP: The company successfully raised Rs 1,000 crore through its first-ever Qualified Institutional Placement (QIP).
  • Acquisition Update: Received a written order from NCLT New Delhi approving the resolution plan for acquiring ACIL Limited.

Commenting on the results Naresh Jalan, Managing Director, Ramkrishna Forgings, said: “During the quarter, the company registered a strong performance across segments & geographies, with YoY growth of 20% in revenues and 43% in profitability. EBITDA margins stood at 23% driven by operating leverage and a sharp focus on cost control.

We are committed to maintaining a sound financial position. The success of our QIP of 1,000 crore 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.

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.”

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Other Industrial Products company Ramkrishna Forgings announced Q1FY24 results:

  • Q1FY24 vs Q1FY23:
    • Revenue: Rs 83,595 crore vs Rs 65,075 crore, up 28% YoY
    • EBITDA: Rs 18,754 crore vs Rs 14,370 crore, up 31% YoY
    • EBITDA Margin: 22.4% vs 22.1%
    • PAT: Rs 7,697 crore vs Rs 4,726 crore, up 63% YoY
    • PAT Margin: 9.2% vs 7.3%
  • Overall capacity utilization was 92% for Q1FY24, 103% in Q4FY23 and 78% in Q1FY23
  • The board has approved an investment to acquire Multitech Auto Private Limited and its wholly-owned subsidiary Mal Metalliks Private Limited

Commenting on the results Naresh Jalan, Managing Director, Ramkrishna Forgings said: “Our company is committed to stringent capital allocation practices, aimed at improving return ratios and generating higher shareholder value. We prioritize sustainable growth and profitability by carefully evaluating investment opportunities and integrating sustainability principles into our operations. Through automation and artificial intelligence, we are in the process of enhancing operational efficiency, increasing productivity, and addressing evolving customer demands. Our focus on improving return on capital employed (ROCE) and return on equity (ROE) drives financial performance.

We remain vigilant and closely monitor macroeconomic risks, proactively mitigating them by prioritizing customer relationships and delivering excellent service. We are dedicated to proactively positioning ourselves for future growth and increasing our market share. Our strategic focus revolves around preparing for improved market conditions, ensuring that we are well-prepared to seize opportunities. This includes our efforts to enhance our capacity, aligning our actions with our long-term vision to thrive and succeed in the future.

Additionally, we are actively working towards reducing our debt burden, targeting a Debt to EBITDA level of 1:1 by FY25. This disciplined approach will strengthen our financial position, reduce risks, and provide us with the flexibility to pursue growth opportunities.”

 

 

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Industrial Products company Ramkrishna Forgings announced Q4FY23 & FY23:

  • Q4FY23 vs Q4FY22:
    • Total Income: Rs 83,540 lakh vs Rs 68,324 lakh, up 22%
    • EBITDA: Rs 18,816 lakh vs Rs 15,102 lakh, up 25%
    • EBITDA Margin: 22.5% vs 22.1%
    • PAT: Rs 6,682 lakh vs Rs 8,665 lakh, down 23%
    • PAT Margin: 8.0% vs 12.7%
  • FY23 vs FY22:
    • Total Income: Rs 3,00,100 lakh vs Rs 2,28,537 lakh, up 31%
    • EBITDA: Rs 66,819 lakh vs Rs 52,697 lakh, up 27%
    • EBITDA Margin: 22.3% vs 23.1%
    • PAT: Rs 23,559 lakh vs Rs 20,650 lakh, up 14%
    • PAT Margin: 7.9% vs 9.0%

Commenting on the results Naresh Jalan, Managing Director, Ramkrishna Forgings said: “Our business model is both diverse and robust, which has resulted in a sustained growth momentum. Our strategy to expand our product offering in conjunction with the high customer demand has led to a 31% year-on-year increase in revenues for this fiscal year. Our global geographical outreach has enabled us to secure new orders and strengthen our order book.

As of March 31, 2023, we have successfully reduced our gross debt by 21%, and it currently stands at Rs. 1,24,100 lakhs. We remain committed to reduce debt. The commercial vehicle segment has experienced steady growth following the festive season due to high fleet utilization resulting from increased economic and infrastructure activity.

I am delighted to announce that we have renewed our long-term contract with an Overseas Tier 1 customer based in North America, which includes an additional new product range. Furthermore, the consortium of Ramkrishna Forgings Limited and Titagarh Wagons Limited has received the LOA from the Ministry of Railways, Government of India, for 'Manufacturing and Supply of Forged Wheels under long-term agreement under Aatma Nirbhar Bharat.'

We anticipate that the commercial vehicle market will continue to grow, and we are committed to maintaining our strong market share by focusing on a customer-centric approach that offers advanced and value-added products worldwide.”

 

 

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Other industrial products company Ramkrishna Forgings announced Q3FY23 results:

  • Q3FY23:
    • Total income EBITDA at Rs 75,231 lakh, up 24% YoY
    • EBITDA at Rs 16,628 lakh, up 19% YoY
    • PAT Rs 5,757 lakhs, up 28% YoY
  • Domestic Markets:
    • In Q3FY23, sales volume was 20,842 MT, a YoY increase of 8.7%. In 9MFY23, sales volume was 62,099 MT, a YoY increase of 31.6% over 9MFY22
    • Revenue grew by 22.3% in Q3FY23 to Rs 41,911 lakh as compared to Q3FY22. Revenue grew by 52.4% YoY in 9MFY23 to Rs 125,462 lakh
    • Realization per tonne improved by 8.8% to Rs 1.90 lakh per tonne in Q3FY23 as compared to Rs 1.75 lakh per tonne in Q3FY22 and improved by 11.3% to Rs 1.94 lakh per MT in 9MFY23 as against Rs 1.74 lakh per tonne in 9MFY22
  • Exports Markets
    • In Q3FY23, sales volume was 12,548 MT, a YoY increase of 21.3% over Q3FY22. In 9MFY23, sales volume was 33,967 MT, a YoY increase of 4.5% over 9MFY22.
    • Revenue grew by 25.9% in Q3FY23 to Rs 32,691 lakh, as compared to Q3FY22. Revenue grew by 16.8% YoY in 9MFY23 to Rs 89,539 lakh
    • Realization per tonne improved by 7% to Rs 2.43 lakh per tonne in Q3FY23, as compared to Rs 2.27 per tonne in Q3FY22 and improved by 10.9% to Rs 2.46 lakh per tonne in 9MFY23 as against Rs 2.22 lakh per tonne in 9MFY22.

Commenting on the results, Naresh Jalan, Managing Director, Ramkrishna Forgings Limited, said: “Our diverse and robust business model has led to a sustained growth momentum, primarily driven by our strategic decision to enhance product offering coupled with high customer demand. These efforts have enabled us to achieve a 24% increase in operating revenues year-over-year.

Our global geographical outreach helped us to secure new orders and further strengthen the order book. In the first nine months of FY23, we won contracts worth Rs 77,470 lakh from 8 contracts spanning various geographies including North America & Europe.

As of December 31, 2022, we have reduced our gross debt by 23% and it currently stands at Rs 1,28,689 lakh. We will continue to focus on reducing debt with the goal to become net debt-free by FY25.

The commercial vehicle segment has seen steady growth following the festive season, due to high utilization of fleets resulting from increased economic and infrastructure activity. The momentum is expected to continue, and the overall commercial vehicle market is predicted to remain strong. Also, with the acquisition of Tsuyo & JMT Auto, we plan to expand and diversify our Company, resulting in increased scale and market reach. Our efforts are focused on customer-centric approach to offer advanced and value-added products across the globe and maintain our strong market share.”

Result PDF

Other Industrial Products company Ramkrishna Forgings Announced Q1FY23 Result :

  • Revenue of Rs. 65,074.59 Lakhs, YoY growth of 57.62%
  • EBITDA of Rs. 14,369.56 Lakhs, YoY growth of 50.75%
  • PAT of Rs. 4,725.84 Lakhs, YoY growth of 92.01%
  • Quarterly EPS for Q1FY23 is Rs 2.96 per share
  • Declared Interim dividend of Rs. 0.50 per share

Commenting on the results Mr. Naresh Jalan, Managing Director said, Ramkrishna Forgings Limited said: “Our company has delivered strong results during the period in all key parameters despite being impacted by global challenges. We won contracts worth Rs. 38,800 lakhs during the quarter, expanded our global footprint and progressed on our sectorial diversification strategies. Our robust order book and strong customer relationships give us the confidence to continuously deliver results. Increased offtakes from our existing contracts and execution of new contracts have led to optimal utilisation of our capacity which has resulted in margin expansion and improved operating leverage. Going forward, we are confident about winning new contracts, which will further enhance the same.

Our strategy of strengthen our balance sheet by reducing debt and becoming Net Debt Free within the next three years is on track. This is reflected by the rating agency’s upgrade of our bank facilities outlook from Stable to Positive. We are seeing a good uptick in the commercial vehicle space, and demand is expected to remain robust as the economy opens up, rebound in freight movement, and pick up in construction activity. Global dynamic changes, such as the China 1 strategy, supply chain constraints, and strict Covid restrictions in some countries, are likely to benefit India. This along with our strong relationships with leading CV manufacturers across the key regions offers us a great opportunity to optimally utilize our expanded capacities.

We anticipate that the current strong performance of all our business segments will be sustained in the coming years, allowing us to report a strong growth in short to medium term. We continue to look for new opportunities domestically in both the auto and non-auto industries, while also focusing on increasing our export revenues and in the EV space, which should result in long-term profit improvement."

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Ramkrishna Forgings announced Q4FY22 results:

  • Revenue of Rs. 68,323.99 Lakhs, YoY growth of 31.93%
  • EBITDA of Rs. 15,215.49 Lakhs, YoY growth of 41.32%
  • PAT of Rs. 8,665.27 Lakhs, YoY growth of 142.87%

Commenting on the results Mr. Naresh Jalan, Managing Director said, Ramkrishna Forgings Limited said: “Our performance for the year has been satisfactory given the overall challenging scenario. We have been able to improve our performance due to the addition of newer products and higher demand for our products led to improvement in better utilization of recently added capacities. We continue to win orders across segments and strengthen our geographical presence and we are confident that our performance will outpace the historical growth pace and expects growth in the range of 20-25% in topline for FY23.

We have always strived to improve our stature by constantly broadening our product portfolio, deepening our domain expertise and providing value addition to our customers. Furthermore, our unwavering commitment to innovation and R&D has allowed us to establish ourselves as a trusted partner to the world's leading corporations.

The commercial vehicle segment, which accounts for most of our sales, is expected to grow primarily on account of increased economic activity. Also, with government's emphasis on infrastructure investment and increased demand for residential real estate projects, demand for CVs is expected to remain robust. This would have a positive rub off effect on as we have strengthened our relationships leading CV manufacturers across the globe.

We are seeing strong demand for our products as we cement our presence in the Light Vehicle market. We will be able to strengthen our position in the Light Commercial Vehicle segment while also expanding our global market presence as a result of this.

Additionally, with the commissioning of our warm forging plant have begun shipping product samples and we are pleased with the progress so far on that front. This will enable us to add new products to our baskets and will open up a plethora of new opportunities for us in the future.

With the commissioning of new facilities during the 1st half of the year, we are ready for our next phase of growth. Our diverse quality product portfolio, recent capacity addition, long-standing relationships, and goodwill with consumers, suppliers, and other stakeholders, are expected to result in a strong performance in the coming years.

We are optimistic about the demand scenario from both domestic and international markets, and our product diversification strategy, combined with the addition of customers and increase content per vehicle from existing customers, enables us to maintain a positive outlook on revenue growth and profitability. We are well poised for newer opportunities in the automotive and non-automotive industries, as well as the EV space, which points to a solid future."

 

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