The speciality chemical Balaji Amines shares spurted 20 per cent touch a new high of Rs 3,977 per share on the BSE intraday trade on Tuesday, amid robust numbers in the first quarter of fiscal 2022. 

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The counter has zoomed nearly 235 per cent from Rs 1188 per share in the last six months, as against around 5.5 per cent rise in the S&P BSE Sensex.

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Balaji Amines, a small-cap company, reported more-than-doubled consolidated profit at Rs 97.40 crore in Q1 FY22, as compared to Rs 31.58 crore in the same quarter a year ago. 

While the company’s consolidated total income during Q1FY22 grew 102 per cent year-on-year (YoY) at Rs 451.94 crore against Rs 224.19 crore in the corresponding quarter of the previous fiscal. And, its EBITDA margin improved to 31.93 per cent from 24.31 per cent in the year-ago quarter. 

Balaji Amines is the leading manufacturer of aliphatic amines in India, specialized in manufacturing methylamines, ethyl amines, derivatives of amines, and specialty chemicals.

The management said the improvement in revenue was on account of an additional income stream coming online with the commencement of 16,500 tons Ethylamines plant under Phase 1 of 90-acre Greenfield project (Unit IV) and improved capacity utilisation. 

The company’s Ethylamines plant has achieved capacity utilization of over 90 per cent in Q1FY22 itself, the management said.

The company has decided to undertake capex of approximately Rs 70 to Rs 80 crore for an additional Acetonitrile plant, having a capacity of 50 TPD (tonnes per day) at its 90-acre Greenfield Project (Unit IV). This plant is likely to get commissioned during FY23, the company said.

At 01:30 pm, the stock was trading 3.3 per cent higher at Rs 3,422 a share as compared to an over 1 per cent rise in the S&P BSE Sensex. A combined around 150,000 equity shares had changed hands on the counter on the NSE and BSE in the early morning trade.