Balaji Amines Ltd., an aliphatic amines manufacturer based in India announced its results for the first quarter ended June 30, 2021.
Q1 Results- QoQ
The company’s net profit grew 7% to Rs 90.38 crores ($12.2 million) for the period ended June 30, 2021 as against net profit of Rs 84.49 crores ($11.4 million) for the previous quarter.
Net sales increased 8.2% to Rs 451.94 crores ($61 million) during the period ended June 30, 2021 as compared to Rs 417.63 crores ($56.4 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit grew 174.2% to Rs 90.38 crores ($12.2 million) for the period ended June 30, 2021 as against net profit of Rs 32.96 crores ($4.4 million) for the prior-year quarter.
Net sales increased 102% to Rs 451.94 crores ($61 million) during the period ended June 30, 2021 as compared to Rs 224.18 crores ($30.3 million) during the prior-year quarter.
Balaji Amines is engaged in the business of manufacture and selling of methylamines, ethylamines, derivatives of specialty chemicals and pharma excepients.
Capacity Expansion
The Board of Directors of Balaji Amines Ltd at their Meeting held on Monday, 2nd August, 2021 has approved for setting up of new plant for manufacture of Acetonitrile.
The Existing Capacity of Acetonitrile is 9000 TPA and the current capacity utilization is 60%. The company will be setting up new capacity of 16500 TPA at an outlay of Rs. 70 to 80 crores ($9.4-10.8 million) which will be funded through internal accruals.
The project will be commissioned in the next 12 to 18 months.