HMA Agro shares rebound as company reports 74% rise in net profit

Shares of HMA Agro Industries rebounded during the early trading session on Tuesday after the company reported a strong performance on a sequential basis in the June 2023 quarter. The meat seller and exporter company got listed at the bourses about less than a month ago.

HMA Agro reported a 74 per cent jump in the net profit on a quarter-on-quarter (QoQ) basis at 35.08 crore in the quarter ended on June 30, 2023. The company had clocked a net profit of Rs 20.12 crore in the quarter ended on March 31, 2023.

HMA Agro's revenue from operations increased 17 per cent sequentially to Rs 881 crore in Q1FY24 from Rs 753.8 crore in the previous three months ended on March 31, 2023.

Following the announcement of Q1 results, shares of HMA Agro Industries rebounded about 4 per cent from early cuts at Rs 587.90 to Rs 610.75 on Tuesday. The company commanded a total market capitalization of Rs 3,030 crore. The scrip had settled at Rs 603.70 on Monday.

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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 5 per cent above its issue price but trading below 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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