6 days ago
Balaji Amines Ltd on Thursday (November 14) reported an 18.2% year-on-year (YoY) increase in net profit at ₹41 crore for the second quarter that ended September 30, 2024.
In the corresponding quarter of the previous fiscal, Balaji Amines posted a net profit of ₹34.7 crore, the company said in a regulatory filing. The company's revenue from operations dipped 8.8% to ₹347 crore as against ₹380.5 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA rose 13% to ₹60.9 crore in the second quarter of this fiscal over ₹53.8 crore in the corresponding period in the previous fiscal.
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EBITDA margin stood at 17.5% in the reporting quarter as compared to 14.1% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Balaji Amines reported total volumes of 26,348 MT for Q2 FY25, compared to 28,071 MT in Q1 FY25. This quarter's breakdown included 7,616 MT for Amines, 8,685 MT for Amines Derivatives, and 10,046 MT for Specialty Chemicals.
The company successfully commissioned its Methyl Amines plant at Unit IV on November 10, 2024. Built with the latest technology, this plant is expected to provide a cost advantage over competitors.
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Looking ahead, Balaji Amines plans to establish a plant to produce N-(N-Butyl) Thiophosphoric Triamide (NBPT) with an annual capacity of 2,500 TPA. This project is scheduled for the next financial year. Additionally, the company aims to expand its ACN production capacity by setting up a new plant with a 60 MT/day capacity at Unit-III in MIDC, Chincholi.
Final discussions on acquiring advanced technology to reduce production costs are underway, with an agreement anticipated by the end of November 2024. The new equipment will be integrated with the existing ACN plant at Unit-III.
In a separate development, Balaji Speciality Chemicals, a subsidiary of Balaji Amines, has planned a major expansion with an investment of approximately ₹750 crore. This project will focus on a range of products, including Hydrogen Cyanide (HCN), Sodium Cyanide (NaCN) in both 30% solution and 100% solid forms, EDTA, EDTA-2Na, Benzyl Cyanide (BnCN), Phenylacetic Acid (PAA), and Tri Ethyl Ortho Formate (TEOF)/Tri Methyl Ortho Formate (TMOF).
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The results came after the close of the market hours. Shares of Balaji Amines Ltd ended at ₹2,042.40, up by ₹45.75, or 2.29% on the BSE.
