HMA Agro Industries Ltd, a notable exporter of frozen buffalo meat, has approved a 1:10 stock split, aiming to enhance liquidity and affordability. The board’s decision, made in light of the unaudited financial results for the July-September 2023 quarter, involves splitting one equity share with a face value of Rs 10 into ten equity shares with a face value of Rs 1 each.
The stock split announcement comes merely four months after the company’s listing on the stock exchanges on July 4, 2023. While the exact record date for the stock split is pending, HMA Agro Industries shareholders are advised to stay attentive for the company’s upcoming exchange filing, which will provide clarity on this crucial detail.
The Q2FY24 financial results indicate significant growth for the company. HMA Agro Industries reported a total income of Rs 1,184.79 crore, marking a robust year-on-year (YoY) growth of 56.3% and a quarter-on-quarter (QoQ) increase of 23.3%.
Despite the impressive income growth, the net profit for Q2FY24 stood at Rs 38.17 crore, reflecting a slight decrease from the previous quarter’s Rs 42.72 crore.
HMA Agro Industries is a government-approved exporter of buffalo meat to 40 different countries. Shares of HMA Agro fell to an intraday low of Rs 655, down 6.3% from the previous closing price on the National Stock Exchange (NSE). The stock closed at 5.63% lower at Rs 659.85.