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Reliance Securities Report
Ramkrishna Forgings Ltd. delivered a strong performance in Q3 FY22 beating our estimates across parameters. Revenue grew by 51% YoY/5% QoQ to Rs 6.1 billion (versus our estimate of Rs 5.5 billion), on the back of a volume increase of 16% YoY/4% QoQ to 29,520 tonne, owing to healthy export volumes.
Ebitda increased by 79% YoY/1% QoQ to Rs 1.4 billion (surpassing our estimate by 19.3%), while Ebitda margin expanded by 370 bps YoY (down 91 bps QoQ) to 23.1% (versus our estimate of 21.3%) on better operating leverage and pricing power.
Better product mix with higher exports contribution led to better operating leverage, which benefited Ramkrishna Forgings’ margin, despite higher input cost.
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