You are here: Home » Markets » News
Business Standard

Balaji Amines zooms 20%, hits fresh high on strong Q3 numbers

Total income increased 63.7 per cent YoY to Rs 366.85 crore as sales volume jumped 34 per cent YoY

Balaji Amines Ltd. | Buzzing stocks | Markets

SI Reporter  |  Mumbai 

pharma, chemicals

Shares of Balaji Amines zoomed 20 per cent to hit a new high of Rs 1,514 on the BSE in Tuesday's intra-day trade after its profit more-than-doubled to Rs 70.16 crore in the October-December quarter (Q3FY21) on the back of healthy revenue. The company had posted a profit of Rs 26.73 crore in the year-ago quarter.

Total income increased 63.7 per cent year-on-year (YoY) to Rs 366.85 crore as sales volume jumped 34 per cent YoY. Ebitda (earnings before interest, taxes, depreciation, and amortisation) was at Rs 98.77, up 116 per cent YoY. Ebitda margin improved 647 basis points (bps) to 26.92 per cent from 20.45 per cent in the previous year quarter.

The improvement in operating margins was primarily on account of improvement in operating leverage due to increase in volume offtake and better price realisation.

The management said the trend of increased demand across the company’s product portfolio continues as there is sustained growth of Indian pharma industry on account of ‘China Plus One’ business strategy being adopted by Western companies. The price realisations have also continued to remain healthy.

The company is also exporting few of its products like EDA, DETA from its subsidiary and Morph line to China, which previously used to get dumped in India. The prices of Diethyl Formamide (DMF) have risen sharply because of supply-demand mismatch, leading to improved capacity utilization of DMF plant, the management said.

Balaji Amines is a leading manufacturer of Aliphatic Amines in India. Broadly, the company is specialized in manufacturing Methyl Amines, Ethyl Amines, Derivatives of and Natural Product and its business is broadly classified into three segments - Amines, and Derivatives.

At 09:30 am, the stock was trading 15 per cent higher at Rs 1,454 on the BSE as compared to a 0.37 per cent gain in the S&P BSE Sensex. A combined around 500,000 equity shares have changed hands on the counter so far on the NSE and BSE.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 09 2021. 09:33 IST