Balaji Amines soars 16% on margin expansion in Q4, 550% dividend bounty

Balaji Amines Q4 results: Ebitda margin expanded to 23.5 per cent from 19.7 per cent Y-o-Y in Q4FY24

Balaji Amines stock price zoomed 16 per cent to Rs 2,422.45 apiece on the BSE in Wednesday's intraday trade, after the chemical company reported strong results for the March quarter of fiscal 2023-24 (Q4FY24).

At 2:14 PM, Balaji Amines stock was ruling around 11 per cent higher at Rs 2,314 per share as against a 0.11-per cent dip in the benchmark S&P BSE Sensex.

In the March quarter, Balaji Amines reported consolidated net profit of Rs 68 crore as against a profit of Rs 47.41 crore in the corresponding quarter a year ago (Q4FY23).

For the whole financial year, however, net profit slipped to Rs 204.85 crore compared with Rs 325.5 crore in FY23.

Operationally, revenue slipped to Rs 413.93 crore in Q4FY24, down from Rs 471.39 crore in Q4FY23. For FY24, the revenue slipped to Rs 1,641.5 crore from Rs 2,355.39 crore in FY23.

Earnings before interest, tax, depreciation, and amortisation (Ebitda) climbed 4.7 per cent to Rs 97.4 crore year-on-year (Y-o-Y), with margin expanding to 23.5 per cent from 19.7 per cent Y-o-Y in Q4FY24.

Balaji Amines dividend announcement

The Board of Directors of Balaji Amines also recommended a final dividend of Rs 11 per equity share i.e. 550 per cent on face value of Rs 2 per share.

Balaji Amines is a specialty chemical company engaged in manufacturing of Methylamines, Ethylamines, Derivatives of Specialty Chemicals and Pharma Excipients. Besides, it has facilities for the manufacture of derivatives, which are downstream products for various Pharma /Pesticide industries apart from user specific requirements.

On the bourses, Balaji Amines stock hit a 52-week high of Rs 2,736.35 on January 1, 2024. It hit an all-time high of Rs 5,220 on September 15, 2021. So far in the current calendar year, Balaji Amines stock price has plunged 22 per cent as against around 2 per cent gain in the benchmark S&P BSE Sensex.