Balaji Amines said that the board of directors of the company has approved a proposal for setting up of new plant for manufacture of acetonitrile.
The company intends to meet the growing demand by setting up the said expansion project.
The company's existing capacity of acetonitrile is 9000 tonnes per annum (TPA), with existing capacity utilization levels at 60%. The new plant will increase the company's capacity by 16,500 TPA.
The new capacity will cost company approximately Rs 70-80 crore and will be set up in 12 to 18 months. The project will be financed via internal accruals.
Balaji Amines makes methylamines, ethylamines, derivatives of specialty chemicals and pharma excipients. The company is one of the leading manufacturers of aliphatic amines in India.
The company's consolidated net profit soared 208.39% to Rs 97.39 crore on a 101.59% increase in total revenue from operations to Rs 451.94 crore in Q1 June 2021 over Q1 June 2020.
The scrip advanced 0.18% to currently trade at Rs 3412.70 on the BSE.
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