Balaji Amines' consolidated net profit rose 16.08% to Rs 92.58 crore on a 19.37% increase in revenue from operations to Rs 627.55 crore in Q2 FY23 over Q2 FY22.
Sequentially, consolidated net profit declined 24.72% and revenue from operations fell 6.36% in Q2 FY23 over Q1 FY23.Profit before tax in Q2 FY23 stood at Rs 161.84 crore, up by 36% from Rs 119.05 crore in Q2 FY22.
Total expenses rose 14.02% year on year to Rs 468.57 crore in the quarter ended 30 September 2022. Cost of materials consumed stood at Rs 287.16 crore (down 1.3% YoY) while employee benefits expense was at Rs 21.26 crore (up 8.24% YoY) in Q2 FY23.
The company's revenue from Amines & Speciality Chemicals was Rs 623.95 crore (up 18.64% YoY), Hotel Division was Rs 5.72 crore (up 54.5% YoY) and CFL Lamps division's revenue was steeply higher at Rs 31.10 lakh in Q2 FY23.
Balaji Amines is a leading manufacturer of aliphatic amines & speciality chemicals in India, specialized in manufacturing of methyl amines, ethyl amines, derivatives of amines and other specialty chemicals.
Shares of Balaji Amines tumbled 4.01% to Rs 2975.20 on the BSE.
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