Q1 FY20 Results declared:
Press Release:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/0fabacab-ff1d-4b0f-a20c-83b12c538339.pdf
Total volumes stood at 20,149 MT for Q1FY20 as against 21,679 MT in Q1FY19
- Amines volumes stood at 4,779.94 MT for Q1FY20
- Amines Derivatives volumes stood at 7,853.11 MT for Q1FY20
- Specialty Chemicals volumes stood at 7,516.36 MT for Q1FY20
There seems to be both volume degrowth as well as reduction in realizations.
EBITDA was impacted by volatility in prices of raw materials and slow down witnessed in end-product industries such as Pharmaceuticals and Agro-Chemicals.
During the quarter, the company received the clearance for manufacturing additional capacity of 7,000 tons of Morpholine - leading to total capacity of 10,000 tons per annum. The company also received clearance for manufacturing of fungible products - Acetonitrile and THF, for which the company has installed capacity of 9,000 tons per annum.
Balaji Speciality Chemicals Private Limited, a subsidiary of the Company has received consent to operate by Maharashtra Pollution Control Board in June 2019. The subsidiary commenced production of niche products like Ethylenediamine (EDA), Piperazine (PIP) and Diethylenetriamine (DETA).
On the performance Mr. D. Ram Reddy, Managing Director commented, “Amines growth was subdued on account of notable headwinds from macro-trends in the end-user industry of pharmaceuticals and agrochemicals sector. Margins came under pressure due to excess volatility in raw material prices. We expect the market for our products to stabilize in H2FY20.
I am pleased to inform that, post the clearance from Maharashtra Pollution Control Board (MPCB), production of specialty chemicals has commenced in our subsidiary company. We have also commenced production of Acetonitrile & THF in Balaji Amines Limited. We are working towards getting environmental clearance for our 90-acre Greenfield project and expect construction work to begin H2FY20