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Shares of Ramkrishna Forgings climbed nearly 2 percent in early morning trade after receiving a long-term supply contract for two electric vehicle components from a Swedish original equipment manufacturer. The contract, worth Rs 121.5 crore, is for supplies till 2030.

At 10:51 am, shares of Ramkrishna Forgings were trading at Rs 231, up by 1.1 percent from the previous close on the BSE. Ramkrishna Forgings manufactures and sells forged components for automobiles, railway wagons and coaches, and engineering components.

This order is Ramkrishna Forgings' third in nearly two months. Last week the company received an order worth Rs 131.50 crore ($15.9 million) from a tier 1 rear and front axle maker client in the vehicle industry for its application in North America HCVs.

In August, the company bagged an export order worth Rs 20.5 crore ($2.58 million) per annum for the supply of metal bars in the non-auto segment.

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“This (Swedish OEM) order signifies our strong product development capability and the trust that large OEMs have in us. We are confident in our ability to use this contract to strengthen our foothold into the EV space,” said Lalit Khetan, Executive Director and CFO of Ramkrishna Forgings.

The company reported a 92 percent jump in standalone net profit to Rs 47.26 crore for the April-June quarter as compared to the corresponding period a year ago. The revenue from operations for the quarter stood at Rs 650.7 crore, increasing 56 percent from the quarter that ended in June 2021.

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