Ramkrishna Forgings Q1 net profit grows 63 pc to ` 77 cr

New Delhi: Ramkrishna Forgings Ltd on Sunday reported a 63 per cent jump in its net profit at Rs 76.97 crore during the June quarter, on account of higher income.

It had clocked Rs 47.26 crore net profit in the April June period of the preceding 2022-23 fiscal, Ramkrishna Forgings said in a statement. The company's total income also rose to Rs 835.95 crore from Rs 650.75 crore in the year-ago quarter, posting a rise of 28 per cent. Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said: "We are actively working towards reducing our debt burden, targeting a debt to EBITDA level of 1:1 by FY 2024-25. This will strengthen our financial position, reduce risks, and provide us with flexibility to pursue growth opportunities." Further, the company through automation and artificial intelligence, is in process of enhancing operational efficiency, increase productivity, and address evolving customer demands, he said. On market risks, he said the company closely monitors macroeconomic risks, proactively mitigating them by prioritizing customer relationships and delivering excellent service. Our strategic focus revolves around preparing for improved market conditions, ensuring that we are well-prepared to seize opportunities," Jalan said.