Balaji Amines (530999) Q2 22/23 earnings summary

Executive summary

• Q2FY24 consolidated revenue was ₹387 crore, EBITDA ₹61 crore and PAT ₹36 crore, down 17%, 42% and 46% QoQ, respectively.

• H1FY24 consolidated revenue fell 34% YoY to ₹857 crore, EBITDA declined 58% to ₹164 crore and PAT fell 61% to ₹104 crore.

Financial highlights

• Consolidated Q2FY24 revenue was ₹387 crore vs ₹469 crore in Q1FY24; EBITDA was ₹61 crore vs ₹104 crore, and PAT ₹36 crore vs ₹68 crore.

• H1FY24 standalone revenue was ₹672 crore, EBITDA ₹109 crore and PAT ₹67 crore, down 31%, 51% and 56% YoY, respectively.

• Standalone Q2FY24 total income was ₹330 crore, EBITDA ₹53 crore and PAT ₹33 crore, down 3%, 6% and 5% QoQ, respectively.

Outlook and guidance

• Management expects industry challenges to stabilize over the next two quarters, with improved growth prospects in FY25 as markets recover.

• n-Butylamine is targeted for commissioning in Q4FY24, methylamine in Q2FY25 and DME in H1FY25.

• Phase 2 and 3 greenfield capex of ₹300–350 crore is planned across FY24–FY25, mostly funded by internal accruals; Unit IV proposals include NMM (3,000 TPA), NBPT (2,500 TPA) and Pharmapure Povidone (4,000 TPA).