Balaji Amines shoots up 7% after Q3 net profit increases 29% yoy at Rs101.59cr

3 Feb 2022 , 09:46 AM

Balaji Amines Limited, a leading manufacturer of Aliphatic Amines & Speciality Chemicals in India, specialized in manufacturing of Methyl Amines, Ethyl Amines, Derivatives of Amines and other Specialty Chemicals, announced its unaudited financial results for the quarter and nine months ended December 31, 2021.

Profit After Tax (PAT) for Q3FY22 was Rs101.59cr, up by 28.74%, as compared to Rs78.91cr in Q3FY21. EBITDA for Q3FY22 was Rs159.67cr, up by 35.45%, as compared to Rs117.88cr in Q3FY21. EBITDA margin for Q3FY22 stood at 28.22% as against 30.02% in Q3FY21. The fall in operating margin was primarily due to lower operating leverage on account of a dip in volume offtake. Diluted EPS for Q3FY22 stood at Rs27.64 per equity share.

Revenue from Operations for Q3FY22 stood at Rs565.83cr, up by 44.11%, as compared to Rs392.64cr in Q3FY21. Total volumes stood at 27,589 MT for Q3FY22 as against 31,993 MT in Q3FY21.

At around 9.48 am, Balaji Amines Ltd was trading at Rs3,588.80 per piece up by Rs222.7 or 6.62% from its previous closing of Rs3,366.10 per piece on the BSE. The scrip opened at Rs3,535 and has touched a high and low of Rs3,711.35 and Rs3,535 respectively.

The revenue growth was muted sequentially as compared to previous quarter due to sluggish demand for few products – because few of our clients couldn’t procure Key Starting Materials (KSMs) for some of our matching products. At the same time, the company had to shut down the plants of DMF & Acetonitrile for a brief period to carry out the de-bottlenecking exercise, which were completed in the month of November 2021, company said in a filing on Wednesday.

For Q3FY22,

• Amines volumes stood at 6,460 MT
• Amines Derivatives volumes stood at 9,912 MT
• Specialty Chemicals volumes stood at 11,217 MT

D. Ram Reddy, Managing Director, commented, “The demand remained sluggish due to the unavailability of KSMs for same of our matching products at our customers’ end in Q3FY22. However, this constraint is now over, and we are witnessing a substantial pick-up in these products. Our sales volumes were also affected on account of temporary shutdowns we had to undertake at our DMF and Acetonitrile plants for the debottlenecking exercise, which was completed in November 2021.”