FMCG Stock Posts 793% Jump In Q1 PAT, Revenue Surges Over 1000%: Do You Own?

HMA Agro Industries has declared its quarterly result. The company said that it has reported a 793 per cent YoY increase in consolidated net profit in the first quarter of FY 2023-24 at Rs 44.03 crore. The profit had come in at Rs 4.93 crore for the quarter ended June 30, 2022.

According to the balance sheet of the company on BSE, the total revenue from operations in the reporting quarter soared 1,075 per cent YoY to Rs 971 crore. It had posted Rs 82.62 crore in revenue in the same three-month last fiscal.

HMA Agro Industries is based out of Agra. It is the largest exporter of frozen buffalo meat products in India.

Shares of frozen meat exporter HMA Agro Industries made a positive market debut on July 4 this year, listing with a premium of nearly 7 per cent, against the issue price of Rs 585. The stock began the trade at Rs 615, a jump of 5.12 per cent, from the issue price on the BSE. At the NSE, shares of the company started the trade at Rs 625, a gain of 6.83 per cent.

The Initial Public Offer (IPO) of HMA Agro Industries was subscribed 1.62 times. The Rs 480-crore IPO had a fresh issue aggregating up to Rs 150 crore and an offer-for-sale of up to Rs 330 crore.The price range for the offer was Rs 555-585 a share.

The company had proposed to utilise the net proceeds of the fresh issue for funding working capital requirements and other general corporate purposes.

On Wednesday, the shares of HMA Agro Industries closed on the BSE at Rs 641.70 apiece up by 0.52% over the previous close of Rs 638.35. During Q1FY24, the company reported promoters shareholding of 83.61%, FIIs stake of 8.05%, DIIs stake of 0.20% and public stake of 8.14%.