HMA Agro share rebound as company reports manifold rise in profit and revenue

Shares of HMA Agro Industries rebounded from early cuts and rose about 3 per cent on Thursday after the company reported a strong performance in the June 2023 quarter, wherein its net profit and revenue of the company jumped manifold in the first quarter of the ongoing financial.

For the three months ended on June 30, 2023, HMA Agro reported a 794 per cent rise in the net profit on a year-on-year (YoY) basis to Rs 44.05 crore. The Agra-based company had clocked a net profit of Rs 4.93 crore in the same quarter previous year, the company said.
 

Revenue from operations jumped more than 1,075 per cent to Rs 971.24 crore in the April-June 2023 period. The company had clocked a revenue of Rs 82.62 crore in the year ago period. EBITDA of the company surged sharply about 911 per cent to Rs 73.05 crore, compared to Rs 7.23 crore in the year-ago period.

HMA Agro Industries, India's largest exporter of frozen buffalo meat products, had clocked a net profit of Rs 11.3 crore in the March 2023 quarter. The increase in the quarterly profit was mainly driven by an increase in revenue and export.

Shares of HMA Agro Industries rebounded 3 per cent from day's low to Rs 648 on Thursday, commanding a total market capitalization of more than Rs 3,200 crore. The stock had settled at Rs 641.70 on Wednesday, rising about a per cent. The stock is up 6 per cent in the last two sessions.

Shares of HMA Agro Industries were listed on the bourses on July 4 after the company raised about Rs 480 crore from its initial public offering (IPO) by selling its shares at Rs 585 apiece. The stock is currently 11 per cent above its issue price and trading 4 per cent above its listing price of Rs 625.

Incorporated in 2008, HMA Agro Industries is a food trade organisation for handled food and agro products including frozen fresh deglanded buffalo meat, prepared/frozen natural products, vegetables, and cereals in India. HMA Agro Industries is one of the largest exporters of frozen buffalo meat products from India, which are exported to over 40 countries all over the globe.

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