About M.V.K. Agro Food Product Limited

M.V.K. Agro Food Product Limited is an India-domiciled public company engaged across the agro-commodities value chain, primarily focused on manufacturing jaggery from sugarcane. The company operates from Nanded, Maharashtra, and presents its financial statements in Indian Rupees. It is incorporated under the Companies Act, 2013 and is classified under the manufacture of food products. The registered office is at Gut No. 44 & 46, Kusumnagar, Waghalwada, Umari, Nanded – 431 807, Maharashtra.

Its product mix, reflected in revenue disclosures, spans sugar, jaggery powder, raw sugar and by-products such as bagasse, pressmud, ash and molasses. The company also reports domestic taxable and tax-free sales lines as part of its operating revenues. Operations are concentrated in India, with the financial statements prepared on a single geographical segment basis. The company has 1 subsidiary consolidated in its accounts.

M.V.K. Agro Food Product Limited Milestone

A key milestone in the latest year was the successful maiden IPO: 54,90,000 equity shares were allotted on March 05, 2024, at an issue price of Rs 120 per share (face value Rs 10), with the equity shares listed on NSE Emerge on March 07, 2024. The offer opened on February 29, 2024 and closed on March 04, 2024, aggregating Rs 65.88 crores; the company confirmed there was no deviation in utilisation of proceeds from the stated objects.

M.V.K. Agro Food Product Limited Key Management

• Marotrao Vyankatrao Kawale – Managing Director
• Sagarbai Marotrao Kawale – Non-Executive Director
• Ganeshrao Vyankatrao Kawale – Non-Executive Director
• Kishanrao Vyankatrao Kawale – Non-Executive Director
• Shubham Govindprasad Jakhotiya – Independent Director
• Brijesh Jaynarayan Didvaniya – Independent Director
• Inayat Khan Azmat Khan – Independent Director
• Sandip Marotrao Kawale – Chief Financial Officer
• Swapna Rajaram Bansode – Company Secretary and Compliance Officer

Latest Updates on M.V.K. Agro Food Product Limited

• Maiden IPO Completion and Listing: Completed the maiden IPO aggregating Rs 65.88 crores; 54,90,000 equity shares were allotted on March 05, 2024, and the company listed on NSE Emerge on March 07, 2024. Trading symbol: MVKAGRO.
• Share Capital and Corporate Conversion: As on March 31, 2024, the authorised share capital stood at Rs 22,00,00,000 and the paid-up share capital at Rs 15,49,00,000. During FY 2023-24, the company increased authorised capital from Rs 5,00,00,000 to Rs 17,00,00,000 and adopted a new set of Articles upon conversion to a public limited company.
• Dematerialisation of Shares: The company entered into tripartite agreements for dematerialisation; as on March 31, 2024, 100% of the issued and paid-up capital was in demat form.
• Operational and Financial Performance: On operations, management reported no change in the nature of business during the year; consolidated performance included 51% growth in revenue from operations and 131% growth in PAT in FY 2023-24 versus FY 2022-23.
• Internal Financial Controls: The independent auditors opined that internal financial controls over financial reporting were adequate and operating effectively as at March 31, 2024.