HMA Agro posts over 70% increase in net profit in June quarter

HMA Agro Industries, a food trade company, has released its first quarter results for the financial year 2023-24. This is also the first result by the company after its listing in July. One of the leading exporters of packaged frozen meat in India, HMA's profit in the June quarter increased by 74 per cent QoQ to Rs 35.08 crore, according to a filing by the company.

The company had logged a net profit of Rs 20.1 crore in the preceding quarter (Q4FY23).

The total income in the quarter under review stood at Rs 881 crore as against Rs 753 crore in a year-ago period.

The frozen meat exporter had in March 2022 filed preliminary papers with the markets regulator Securities and Exchange Board of India (SEBI) for an initial share sale. But its shares were listed on bourses in July this year.

This was the first quarterly result by HMA Agro after its strong secondary market debut on July 4. The firm had raised Rs 480 crore from the initial public offering (IPO). 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. It had mobilised Rs 144 crore from anchor investors.

Its shares got listed at a premium of 7 per cent at Rs 625 over the issue price of Rs 585.

HMA Agro Industries is an exporter of meat products, offering a range of products under the brands Black Gold, Kamil and HMA. The Agra-based firm is a government-recognised exporter of buffalo meat. The company exports its products to 40 different countries. 

The firm accounting for more than 10 per cent of the country's export of frozen buffalo meat. The company has a market capitalisation of Rs 3,015 crore as on August 1, according to the BSE website.