Ramkrishna Forgings bags Rs 90cr contract in oil and gas sector
Ramkrishna Forgings said that it has bagged a domestic contract worth INR 90 million ($ 1.2 million) from a multinational oil and gas Tier-1 component supplier in India.
Lalit Khetan — Executive Director and CFO of Ramkrishna Forgings Limited said that the contract validates the company’s oil and gas technical capabilities and represents its foray into a new product segment.
According to Lalit Khetan, the component supplier, who has awarded the contract, will export the components supplied by the firm to major oil and gas machinery and equipment OEMs in the US.
The Ramkrishna Forgings CFO added: “We are also expecting an additional order of approximately USD 2.50 million during the current fiscal year which improves revenue visibility for the segment.
“This order win is in line with our strategy to strengthen our non-auto business and new product offerings that will enable us to increase content per vehicle and sustainably improve our profitability in the future.”
Last month, Ramkrishna Forgings secured a supply contract worth INR 150 million for fabrication parts from an undisclosed firm engaged in the energy industry.