Usher Agro Limited (UAL), incorporated in 1996, is a Mathura-based agro-food processing company. The company`s products offering includes rice, wheat, wheat products, foodstuffs and food grains. UAL products are marketed under umbrella brand, `Rasoi Raaja`. Its products are sold in Maharashtra, Gujarat, Uttar Pradesh and Bihar. The company has its two rice mill plants located at Mathura in Uttar Pradesh and has one unit at Buxar in Bihar. Rice mill plant at Mathura has an installed capacity of 10,800 TPA while at Buxar the plant operates at a capacity of 46,800 TPA. The company had come out with an IPO in September 2006 offering 12 million equity shares of Rs 10 each, at a premium of Rs 5 to raise Rs 180.2 million.
The proceeds of the public issue were to partly go into funding of its wheat roller flour mill at Mathura, modernization of its existing rice mill plant and setting up a new 1-MW co-generation power plant based on rice husk at Mathura for captive consumption. Financials The company announced a marginal decline in standalone net profit for the quarter ended March 2009. During the quarter, the profit of the company declined 7.38% to Rs 42.68 million from Rs 46.08 million in the same quarter previous year. Net sales for the quarter rose 13.37% to Rs 497.68 million, while total income for the quarter rose 13.38% to Rs 499.58 million, when compared with the prior year period. It reported earnings of Rs 2.01 a share during the quarter, registering 21.48% decline over previous year period.
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