Balaji Amines Q3 Results: Profit Falls 33%

Balaji Amines Ltd.'s consolidated profit declined in the third quarter of fiscal 2024.

The amine derivatives manufacturer's profit tumbled 33.4% year-on-year to Rs 55.7 crore in the quarter ended December, according to an exchange filing on Wednesday.

Sequentially, revenue was up 0.5%, though Ebitda margin increased to 19% versus 14% in the September quarter.

Balaji Amines Q3 FY24 Highlights (Consolidated, YoY)

• Revenue down 34.6% at Rs 383.4 crore vs Rs 586 crore.

• Ebitda declines 41.9% at Rs 74.2 crore vs Rs 127.8 crore.

• Margin contracts 245 bps at 19.4% vs 21.8%.

• Net profit down 33.4% at Rs 55.77 crore vs Rs 83.79 crore.

Revenue from amines and specialty chemicals dropped 34% to Rs 383.33 crore, while revenue from hotel division increased 14% to Rs 7.94 crore.

Shares of Balaji Amines closed 5.34% higher at Rs 2,422 apiece, as compared with a rise of 0.95% in the benchmark Nifty 50 on Wednesday.