The company reported 29 percent year-on-year growth in consolidated profit at Rs 101.59 crore and the consolidated revenue saw a 44.1 percent increase to Rs 564.89 crore for December 2021 quarter
Chemicals
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Speciality chemicals manufacturer Balaji Amines share price gained 10 percent intraday on February 3 on strong earnings growth, though sales volume dropped on temporary plant shutdown during the quarter ended December 2021.
The company clocked nearly 29 percent year-on-year growth in consolidated profit at Rs 101.59 crore and the consolidated revenue saw a 44.1 percent YoY increase to Rs 564.89 crore for December 2021 quarter despite drop in sales volume.
The aliphatic amines amd speciality chemicals maker in its BSE filing said volumes at 27,589 million tonne for Q3FY22 were 13.77 percent lower from 31,993 million tonnes in the corresponding period of the last fiscal.
On a sequential basis, profit grew 15.4 percent and revenue increased 7.4 percent to Rs 564.89 crore for the quarter.
“The demand remained sluggish due to the unavailability of key starting materials (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,” Managing Director D Ram Reddy said.
The company had to shut down the plants of DMF & acetonitrile for a brief period for de-bottlenecking
exercise, which was completed in November 2021, the company said.
On the operating front, EBITDA for December 2021 quarter was Rs 159.67 crore, up 35.45 percent from Rs 117.88 crore in the year-ago period but margin contracted to 28.22 percent from 30.02 percent in the same period due to lower operating leverage on account of dip in volume offtake.
Capex
Balaji Amines’ DMC (di-methyl carbonate) plant’s Phase 1 is nearing completion. “We hope to commence operations during Q1FY23,” the company said.
The plant’s capacity would be about 10,000 to 12,000 tons per annum. The company would be the sole manufacturer of di-methyl carbonate in India. The annual domestic demand for the chemical is about 8,000 to 9,000 tons, which is completely met by imports.
The company is confident of achieving capacity utilisation of 60-70 percent at its DMC plant in the first year of operation.
DMC is used in the production of polycarbonate and lithium batteries, the consumption of which will exponentially grow in India backed by various government incentives. Also, “we see encouraging scope for exporting DMC to outside markets,” the company said.
At 1.07 pm, the stock was trading at Rs 3,626.20 on the BSE, up 7.73 percent.
