India's largest exporter of frozen buffalo meat products, HMA Agro Industries has announced its first-quarter earnings. The company said that its profit after tax (PAT) stood at Rs 44.05 crore as compared to Rs 4.93 crore in June 2022 quarter. 

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On a sequential basis, the company's net profit increased almost 400 per cent from Rs 11.3 crore. The increase in the quarterly profit was mainly driven by an increase in revenue and export.

The revenue from operations in the quarter was seen at Rs 971 crore. This is an increase of 1075 per cent from Rs 82.62 crore in the corresponding quarter of the previous year. The total income of the company for the quarter ended June 30 stood at Rs 980 crore. 

For the year ended on March 31, 2023, the company said that its net profit came in at Rs 123.4 crore.

"HMA posted good numbers in the first quarter. Its profit increased fourfold on a QoQ basis while sales jumped 18 per cent. The company retained the gross margin at 41 per cent in the quarter," Varinder Bansal, founder, Omkara Capital, said during Zee Business' show 'Results X-RAY'.

Incorporated in 2008, HMA Agro floated its IPO in June this year. The IPO comprised fresh issuance worth Rs 150 crore as well as an offer for sale (OFS) worth Rs 330 crore by promoters and existing shareholders. 

On July 4, its shares made a positive market debut, listing with a premium of nearly 7 per cent, against the issue price of Rs 585. The stock is listed at Rs 615 on BSE and Rs 625 on NSE.

On August 16 (Wednesday), HMA Agro shares finished in green at Rs 640.05. The company has a market capitalisation of Rs 3,213 crore.

HMA is a food trade organisation for handling food and agro products, including prepared and frozen natural products, vegetables, and cereals, in India. The company serves around 40 nations worldwide, offering a range of products under the brands Black Gold, Kamil and HMA. It accounts for more than 10 per cent of India's total export of frozen buffalo meat.