Ramkrishna Forgings Q2 Review - Growth Momentum Continues: Dolat Capital
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Dolat Capital Report
Ramkrishna Forgings Ltd.'s Q2 FY22 results were ahead of estimates, led by better mix and improving operational efficiencies.
Standalone Ebitda grew 46% QoQ to Rs 1.39 billion with expanded Ebitda margin at 24% (up 119 basis points QoQ) due to better mix (export contributed 50% of overall revenue) and improvement in realisation per tonne.
However Ramkrishna Forgings' consolidated Ebitda was 3% lower at 21% due to loss in U.S. subsidiary and Indian-accounting standard adjustment.
Management anticipate strong revenue in H2 FY22 aided by recovery in the domestic commercial vehicle volume and buoyant export volume.
Domestic commercial vehicle demand is improving, multi axle vehicle, tipper and intermediate commercial vehicle are showing good traction.
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