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Balaji Amines Ltd

Company details

2,252.30
2,399.70
2,250.10
3,841.85
6M Return -29.75%
1Y Return -26.58%
Mkt Cap.(Cr) 7,734.93
Volume 11,531
Div Yield 0.25%
OI
-
OI Chg %
-
Volume 11,531

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Balaji Amines Ltd.

Q2FY23 Quarterly Result Announced for Balaji Amines Ltd.

Specialty chemicals company Balaji Amines announced Q2FY23 results:

  • Revenue from Operations for Q2FY23 stood at Rs 630.41 crore, up by 18.95%, compared to Rs 529.99 crore in Q2FY22. Total volumes stood at 28,498 MT in Q2FY23, against 28,360 MT in Q2FY22.
  • EBITDA for Q2FY23 was Rs 175.96 crore, up by 31.06%, compared to Rs 134.26 crore in Q2FY22. EBITDA margin for Q2FY23 stood at 27.91%, against 25.33% in Q2FY22. The improvement in operating margins was primarily on account of better product mix.
  • PAT for Q2FY23 was Rs 118.64 crore, up by 34.71%, compared to Rs 88.07 crore in Q2FY22.
  • Diluted EPS for Q2FY23 stood at Rs 28.57 per equity share, against Rs 24.61 in Q2FY22.

On the performance, Mr. D Ram Reddy, Managing Director, commented, "Despite headwinds in pharma and API industries globally, we have delivered decent quarterly results. The improvement in the margins was primarily on the account of better product mix. Additionally, some of the older plants along with newly started plants had improved capacity utilisation, which resulted in better operating leverage. Revenues from the new plants will start contributing to our top line in the coming quarters, which in turn can improve the margin profile of the company.

As announced earlier, phase 1 of the 90-acre Greenfield Project (Unit IV) has been completed and the DMC/PC and PG Plant started commercial production by the end of September 2022. This is with installed annual production capacity of 15,000 tons of Dimethyl Carbonate (DMC)/Propylene Carbonate (PC) and 15,000 tons Propylene Glycol (PG). We believe this will also provide a strategic advantage of being the sole manufacturer of Dimethyl Carbonate (DMC) and Propylene Carbonate (PC) in India. Currently the annual domestic demand of Di-methyl Carbonate (DMC) is about 8,000 to 9,000 tons with main usage in Pharma and others, Propylene Glycol (PG) is about 170,000 to 180,000 tons & Propylene Carbonate (PC) is about 3,000 to 4,000 tons, which are completely met by imports. DMC is used in pharma and also in the production of Polycarbonate and Lithium Batteries – the consumption of which will exponentially grow in India, backed by various government initiatives. In the first year of operations, the company is confident of achieving capacity utilization of 60-70% at the DMC/PC and PG plant.

In addition to commencement of the installed capacity mentioned above, the company has also started construction for Methyl Amine.

Environmental Clearance for the same has been received well in advance. The company expects to start operations at these state-of-the-art manufacturing facilities around the closure of this financial year

Coming to our capex plans for the future growth journey, we would start initiating capex for installation of the below plants in FY23 and FY24 subject to the Government approvals / permissions / environment clearance:

1) Methylamine plant with a capacity of 40,000 tons
2) N-Butylamines plant with a capacity of 15,000 tons per annum
3) DMAHCL plant with a capacity of 12,000 tons
4) Acetonitrile plant with a capacity of 15,000 tons and
5) DMF plant with a capacity of 30,000 tons

The total capex over FY23 and FY24 will be about Rs 300-350 crore. The production at above plants will commence between mid FY24 till end of FY25 subject to the Government approvals / permissions / environment clearance. 

For our new Acetonitrile plant, we plan to undertake production through a new upgraded technology, where we envisage to have cost advantage, which will enable us to withstand higher prices of acetic acid and shall lead to healthy operating margins. Over medium to long-term we foresee a substantial demand for this product as ‘China Plus One’ strategy takes centre stage and the PLI incentives provided by the Government of India gives further impetus leading to substantial capex by pharmaceutical and agrochemical companies.

Upon smoother accessibility of raw materials for matching products at our clients’ end in coming quarters, we expect to witness an increase in capacity utilization for our legacy products in FY23. We expect substantial improvement in volume offtake in FY23 from improved capacity utilization at our various plants.”

 

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FINANCIALS

Sales

Operating Profit

Profit after Tax

Equity

Reserves and Surplus

Debt

Sales

Operating Profit

Profit after Tax

PE

Debt/Equity

P BV

COMPARISION

INSIDER & INSTITUIONAL ACTIVITY

Equity Capital: 1,249.85 Cr FV: 2.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 9,798.25 -25,291.97
LAST 3M 27,044.95 -25,544.90
LAST 6M 49,131.67 47,902.81
LAST 12M 178,925.96 -114,950.83

INFORMATION

Stock PE (TTM)

18.69

Promoter Holding

53.7%

Book Value

445.8064

ROCE

49.41%

ROE

38.98%

Description

  • Balaji Amines Limited is an Indian company belonging to the chemical sector. It is engaged in the business of manufacturing and distributing Methylamines, Ethylamines, and their derivatives. The company also deals in speciality chemicals and pharma excipients apart from its main products. The company was founded in 1988 and has its headquarters in Solapur, Maharashtra. As of 13 October 2022, the market capitalisation of the company is Rs 9,846 crore.

    The company got listed as a public company in 1995. It is listed on the National Stock Exchange (NSE) under the code BALAMINES as well as the Bombay Stock Exchange (BSE) under the code 530999.

    Balaji Amines also runs a five-star hotel in Solapur and manufactures CFL lamps. It is an ISO 9001: 2015 certified company, and its amines products include Monomethylamine (MMA), Dimethylamine (DMA), and Trimethylamine (TMA). Its derivatives include Di-Methyl Acetamide (DMAC), Di-Ethyl Amine Hydrochloride (DEA HCL), and Tri-Methyl Amine Hydrochloride (TMA HCL). For the quarter that ended June 2022, the company has reported consolidated sales of Rs 670.17 crore and a net profit of Rs 122.97 crore.

    In June 2022, the shareholding pattern of the company reflected a 53.70% stake in the company was held by promoters, a 41.75% stake was held by retail investors and others, a 4.51% stake was held by Foreign Institutional Investors (FIIs), and the remaining 0.04% was invested in mutual funds. The management team of the company includes Mr A Prathap Reddy (Executive Chairman), Mr N Rajeswar Reddy (Joint Managing Director), Mr D Ram Reddy (Managing Director), Mr G Hemanth Reddy (Chief Financial Officer), and Mr T Naveen Chandra (Independent Director), among others.

    On 13 October 2022, Balaji Amines Limited’s share price closed at Rs 3038.75 per share at the NSE and Rs 3031.85 at the BSE. Balaji Amine shares’ 52-week high and 52-week low prices are Rs 4,645.00 and Rs 2,692.75, respectively. The one-year return of the share is -31.67%, and the dividend yield is 0.20%. The PE and PE ratio of this share, as of 13 October 2022, are 24.553 and 7.878, respectively.

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose

Registered Address

Balaji Towers No 9/1A/1, Hotgi Road Aasara Chowk, Solapur, Maharashtra, 413224

Tel : 91-217-2310824
Email : cs:balajiamines.com
Website : http://www.balajiamines.com

Registrar

Venture Capital & Corp. Inv.

AGM Date (Month) : Aug
Face Value Equity Shares : 2
Market Lot Equity Shares : 1
BSE Code : 530999
NSE Code : BALAMINES
Book Closure Date (Month) : Aug
BSE Group : A
ISIN : INE050E01027

ICICIdirect Balaji Amines Ltd FAQ

You can buy Balaji Amines Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Balaji Amines Ltd Share.
Company share prices and volatile and keep changing according to the market conditions. As of Jan 31, 2023 04:01 PM the closing price of Balaji Amines Ltd was ₹ 2,387.25.
Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Jan 31, 2023 04:01 PM, the market cap of Balaji Amines Ltd stood at ₹ 7,734.93.
The latest PE ratio of Balaji Amines Ltd as of Jan 31, 2023 04:01 PM is 18.69
The latest PB ratio of Balaji Amines Ltd as of Jan 31, 2023 04:01 PM is 0.19
The 52-week high of Balaji Amines Ltd is ₹ 3,841.85 while the 52-week low is ₹ 2,250.10

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