Balaji Amines Q1 PAT 36% YoY to Rs 123 cr

Balaji Amines' consolidated net profit rose 36% to Rs 122.96 crore on a 48.7% increase in revenue from operations to Rs 670.17 crore in Q1 FY23 over Q1 FY22.

Sequentially, consolidated net profit rose 13% and revenue from operations fell 14% in Q1 June 2022 over Q4 March 2022.

Profit before tax in Q1 FY23 stood at Rs 204.98 crore, up by 55.9% from Rs 131.48 crore in Q1 FY22.

Total expenses rose 46% year on year to Rs 469.87 crore in the quarter ended 30 June 2022. Cost of materials consumed stood at Rs 392.23 crore (up 45.8% YoY) and employee benefits expense was at Rs 26.22 crore (up 40.5% YoY) in Q1 FY23.

The company's revenue from Amines & Speciality Chemicals was Rs 733.81 crore (up 55.5% YoY) while that from Hotel Division was Rs 6.18 crore (up 336.9% YoY) in Q1 FY23.

Meanwhile, the board of Balaji Speciality Chemicals (BSCL, a subsidiary of Balaji Amines) has approved raising of funds, by way of an initial public offer of its equity shares. The proposed offer consists of a fresh issue of equity shares aggregating upto Rs 25 crore (including share premium) and an offer for sale of up to 26,000,000 equity shares by certain existing and eligible shareholders of BSCL.

It is also informed that Balaji Amines will not be participating in the proposed offer. Further, BSCL has filed a draft red herring prospectus dated 10 August 2022 with the Securities and Exchange Board of India.

Balaji Amines is a leading manufacturer of aliphatic amines & speciality chemicals in India, specialized in manufacturing of methyl amines, ethyl amines, derivatives of amines and other specialty chemicals.

Shares of Balaji Amines rose 0.95% to Rs 3729.70 on the BSE.

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