Ramkrishna Forgings on Saturday reported an after-tax profit of Rs 68.45 crore for the March 2023 quarter due to higher charges.

Ramkrishna Forgings said that the profit after tax (PAT) was 68.45 crore rupees, 23% lower than the 83.93 crore rupees recorded in the January-March period of the previous 2021-22 financial year.

For the full fiscal year, FY22-23, the company’s PAT rose to Rs 248.10 crore from Rs 198.02 crore in FY22.

However, its total revenue rose to Rs 893.43 crore from Rs 718.72 crore a year earlier.

The company’s expenses also increased to Rs 786.98 crore for January-March 2023 from Rs 643.69 crore in the same period of the previous fiscal year.

According to the statement, the company’s board of directors has approved an interim dividend of Rs 2 per share at Rs 0.50 per equity share for FY22-23.

Naresh Jalan, Managing Director of Ramkrishna Forgings Limited, said, “Our strategy to expand our product offerings in conjunction with high customer demand has resulted in a 31% year-on-year revenue growth for the financial year. As of March 31, 2023, we have reduced our total debt by 21% to Rs 1,24,100 lakh.”

During the year, the company, jointly with Titagarh Wagons, was awarded a tender to manufacture and supply forged wheels to Indian Railways. The order size is Rs 12,226.50 crore.

Kolkata-based Ramkrishna Forgings manufactures and supplies closed die forgings in carbon and alloy steels, micro-alloy steels and stainless steel forgings.