HMA Agro Industries declares 1:10 stock split after four months of share listing

Stock split 2023: The board of directors of HMA Agro Industries Ltd has considered and approved stock split in 1:10 ratio. This means one HMA Agro share with a face value of ₹10 each will be subdivided into ten HMA Agro shares with face value of Re 1 per equity share. The company board approved stock split proposal while considering its un-audited financial results for July to September 2023 quarter. Interestingly, the company has announced stock split after listing four months of its listing. HMA Agro Industries shares listed on BSE and NSE on 4th July 2023.

Informing Indian stock market exchanges about stock split, HMA Agro Industries said, "The Board considered the proposal for sub-division of 1(one) equity share of the Company having face value of 10/~- each into 10 (Ten) equity shares having face value of T+1/- each, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company. The record date for the sub-division of equity shares shall be decided by the Board and will be intimated to the exchanges."

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The board of directors of HMA Agro Industries Limited is yet to announce stock split record date. So, HMA Agro Industries shareholders are advised to remain vigilant about the upcoming exchange filing of the company.

HMA Agrp Industries Q2FY24 results

The company board also approved its un-audited financial results for Q2FY24. In Q2 FY 2023-24, company's total income stood at ₹1,184.79 crore, which is 56.3 per cent higher against its total income of ₹757.7 crore in Q2 FY2022-23. On QoQ basis, company's company's total income grew 23.3 per cent against its total income of ₹960.75 crore in April to June 2023 quarter.

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HMA Agro Industries net profit in Q2FY24 stood at ₹38.17 crore, recording over 15 per cent YoY rise agaist net profit of ₹33.18 crore in Q2FY23. However, on QoQ basis, company's net profit went down as its net profit in April to June 2023 quarter stood at ₹42.72 crore.

HMA Agro share history

The initial public offering (IPO) of HMA Agro Industries Limited was launched in June 2023 and it listed on BSE and NSE on 4th July 2023. So, the company has decided to split the stock in 1:10 ratio just after four months of its share listing date. The IPO was offered at upper price band of ₹585 apiece and it listed on BSE at ₹615 per equity share on BSE and at ₹625 per share on NSE. This means the stock listed at a premium of near 6 per cent.