The board of directors of Ramkrishna Forgings Ltd is scheduled to meet on Friday to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2023. The board will also consider and approve the payment of interim dividend, if any, for FY23.
The company has been witnessing a steady improvement in turnover and profitability over the last few quarters and expects around 15-20 per cent growth in business on a year-on-year basis over the next three-to-four years. It had witnessed 24 per cent growth in revenues at ₹752 crore during the quarter ended December 2022.
In an earlier interaction with businessline, it said that it is hopeful of closing the current fiscal with a turnover of ₹2,900-3,000 crore, up from ₹2,285 crore it had recorded in FY22, a growth of over 31 per cent.
The company has been working towards rejigging its product portfolio with an aim to grow its share of non-auto business. Nearly 80 per cent of its business comes from the auto segment, while the remaining 20 per cent comes from non-auto verticals. It expects the share of non-auto to grow to 30 per cent in the next three years, backed by steady demand from the Railways, oil and gas, highways and the farm equipment sectors.
The company’s scrip opened at ₹329.90 on Friday, up 0.84 per cent from its previous close on on the BSE.