Balaji Amines (530999) Q4 23/24 earnings summary

Executive summary

• Q4 FY24 improved QoQ as volumes rose and raw-material and utility costs stabilized; domestic demand rebounded and international trends improved.

• FY24 earnings declined YoY; FY25 standalone guidance calls for minimum 10% volume growth, excluding expansions, and 21%–24% EBITDA margins.

Financial highlights

• Consolidated Q4 FY24 revenue was ₹423 crore, EBITDA ₹106 crore and PAT ₹72 crore, versus ₹392 crore, ₹83 crore and ₹56 crore in Q3.

• Consolidated FY24 revenue was ₹1,671 crore, EBITDA ₹353 crore and PAT ₹232 crore, versus ₹2,371 crore, ₹624 crore and ₹406 crore in FY23.

• Standalone Q4 FY24 revenue was ₹373 crore, EBITDA ₹95 crore and PAT ₹63 crore; versus Q3, they rose 19%, 48% and 51%, respectively.

• Standalone FY24 revenue was ₹1,359 crore, EBITDA ₹267 crore and PAT ₹171 crore; revenue, EBITDA and PAT declined 22%, 21% and 25% YoY.

• Consolidated Q4 cash PAT was ₹90 crore versus ₹67 crore in Q3; FY24 cash PAT was ₹284 crore versus ₹465 crore in FY23.

Outlook and guidance

• FY25 standalone volume growth guidance is minimum 10%, excluding expansions; EBITDA margin guidance is 21%–24%.

• Methylamine project commissioning is expected by end-December 2024; electronic-grade DMC is targeted for FY24-25 commissioning.

• DME plant commissioning at Unit IV is expected around March 2025; a proposed 20% DME-LPG blend awaits Gazette notification.

• The planned 20 MW solar project has an 8 MW first phase, expected to be operational by December 2024 and funded through internal accruals.

• Phase 2 and 3 Greenfield capex is targeted for completion by FY2026; plans include 15,000 TPA n-butylamine and 40,000 TPA methylamine capacity.