Earnings | Balaji Amines Ltd. (NSE:BALAMINES): Q3FY23 Results Out; Total Income rise 4% YoY

Balaji Amines Ltd. (NSE:BALAMINES) is a leading manufacturer of specialty chemicals such as methylamines, ethylamines, and derivatives, which are used in various industries including pharmaceuticals, agrochemicals, and water treatment. The company is based in India and exports its products to over 40 countries worldwide. Balaji Amines is also involved in power generation through wind turbines and has plans to expand its renewable energy portfolio.

Balaji Amines Ltd reported its Q3FY23 results. The company’s revenue from operations for Q3FY23 was Rs 588.47 crore, up by 3.48% compared to Q3FY22. Total volumes for Q3FY23 stood at 28,147 MT. However, EBITDA for Q3FY23 was Rs 130.30 crore, down by 18.05% compared to Q3FY22, and EBITDA margin for Q3FY23 stood at 22.14% as against 27.96% in Q3FY22. The fall in operating margin was mainly due to degrowth in the pharma and API sector. The PAT for Q3FY23 was Rs 83.79 crore, down by 17.64% compared to Q3FY22, and diluted EPS for Q3FY23 stood at Rs 19.31 per equity share as against Rs 27.64 in Q3FY22.

The company’s newly commenced plants will start contributing to its top line in the coming quarters, which can improve the margin profile of the company from Q1FY24. Balaji Amines Ltd completed Phase 1 of the 90-acre Greenfield Project (Unit IV), where Ethylamines Plant with an installed annual production capacity of 16,500 tons started commercial production in May 2021, and DMC/PC and PG Plant started commercial production at the end of September 2022, with an installed annual production capacity of 15,000 tons of Di-methyl Carbonate (DMC)/Propylene Carbonate (PC) and 15,000 tons of Propylene Glycol (PG). The company believes this will also provide a strategic advantage of being the sole manufacturer of Dimethyl Carbonate (DMC) and Propylene Carbonate (PC) in India.