India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Balaji Amines Ltd.

Balaji Amines Ltd

RESEARCH ANALYST KRChoksey Research 30th August,

Result update
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO> 22-11-2023
Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Thomson Reuters, Factset and Capital IQ
www.krchoksey.com
2023
 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Balaji Amines Ltd. Significant drop in top line and profits due to multiple headwinds for the business

CMP Target Potential Upside Market Cap (INR Mn) Recommendation Sector
INR 2,030 INR 2,172 7.0% INR 65,749 ACCUMULATE Specialty Chemicals

Result Highlights of Q2FY24:

• For Q2FY24, BLA revenue declined by 39.4% YoY and 17.9% QoQ to INR 3,805 Mn while for H1FY24 revenue declined by 34.9% YoY to INR 8,442 Mn. This heavy decline in
sales is due to a drop in price realization and destocking among global companies.

• Adj EBITDA declined by 68.9% YoY and 45.1% QoQ to INR 538 Mn while for H1FY24 Adj EBITDA declined by 60.9% YoY to INR 1,518 Mn. Adj EBITDA margin contracted
1,345 bps YoY and 701 bps QoQ to 14.1% while for H1FY24 Adj EBITDA margin contracted 1191 bps to 18.0%. This was due to intense competition from China and usage of
high cost inventory.

• PAT declined by 62.5% YoY and 34.2% QoQ to INR 347 Mn while for H1FY24 PAT declined by 59.4% YoY to INR 874 Mn. PAT margin contracted 563 bps YoY and 225 bps
QoQ to 9.1% while for H1FY24 PAT margin contracted 625 bps to 10.4%. This quarterly decline is due to weak operating performance.

MARKET DATA KEY FINANCIALS

INR Millions FY21 FY22 FY23 FY24E FY25E
Shares outs (Mn) 32
Revenue 13,115 23,229 23,554 18,487 22,554
Equity Cap (INR Mn) 14,340
Adj EBITDA 3,732 6,227 6,091 3,536 4,849
Mkt Cap (INR Mn) 65,749
Adj EBITDA margin (%) 28.5% 26.8% 25.9% 19.1% 21.5%
52 Wk H/L (INR) 3,125/1,880 PAT 2,382 3,684 3,255 2,267 3,199
Volume Avg (3m K) 53 PAT margin (%) 18.2% 15.9% 13.8% 12.3% 14.2%

Face Value (INR) 2 EPS 73.5 113.7 100.5 70.0 98.7

Bloomberg Code BLA IN P/E (x) 27.6 17.8 20.2 29.0 20.6

Source: Company, KRChoksey Research

SHARE PRICE PERFORMANCE

Significant decline in revenue due to drop in price realization
600 For Q2FY24, BLA revenue declined by 39.4% YoY and 17.9% QoQ to INR 3,805 Mn while for H1FY24 revenue declined
500 by 34.9% YoY to INR 8,442 Mn. The sales volume reached 27,613 MT in Q2FY24 as against 28,498 MT in Q2FY23 and
26,820 MT in Q1FY24 which was a decline of 3.1% YoY and a slight increase of 3.0% QoQ. Amines volume stood at
400 8,092 MT which had a growth of 28.2% YoY and 19.8% QoQ. Amines derivatives volume stood at 10,236 MT which
300 had a growth of 31.8% YoY and 23.5% QoQ but specialty chemical volume stood at 9,285 MT and saw a decline of
35.6% YoY and 21.1% QoQ. On average realization declined by 37.4% YoY and 20.3% QoQ to INR 138 per unit. This was
200
mainly due to destocking among global companies and weak demand for their end customer business such as API
100 companies in Europe whose sales were down by 30.0% to 40.0%. Methylamine and Butylamine business was strong
0 for BLA but specialty products like N-Methyl-2-pyrrolidone (NMP), Morpholine, N-ethyl-2-pyrrolidone (NEP) had
high volatility. The management is expecting the trend to continue for H2FY24E.
Nov-20

Nov-21

Nov-22

Nov-23
May-21

May-22

May-23
Aug-21

Aug-22

Aug-23
Feb-21

Feb-22

Feb-23

Intense competition from global players affected margins

Gross margin contracted 656 bps YoY and 319 bps QoQ to 41.6% while for H1FY24 gross margin contracted by 699
bps YoY to 43.3% which is due to the usage of high-cost inventory and a drop in the price realization. Adj EBITDA
Balaji Amines Sensex declined by 68.9% YoY and 45.1% QoQ to INR 538 Mn while for H1FY24 Adj EBITDA declined by 60.9% YoY to INR
1,518 Mn. Adj EBITDA margin contracted 1,345 bps YoY and 701 bps QoQ to 14.1% while for H1FY24 Adj EBITDA
margin contracted 1191 bps YoY to 18.0%. The reason is that BLA has three products in direct competition with China
MARKET INFO where dumping happened irrespective of the price. PAT declined by 62.5% YoY and 34.2% QoQ to INR 347 Mn while
for H1FY24 PAT declined by 59.4% YoY to INR 874 Mn. PAT margin contracted 563 bps YoY and 225 bps QoQ to 9.1%
SENSEX 65,930 while for H1FY24 PAT margin contracted 625 bps to 10.4%. This quarterly decline is due to weak operating
performance.
NIFTY 19,783

SHARE HOLDING PATTERN (%)

Particulars Sep-23 (%) Jun-23 (%) Mar-23 (%)

-2.1% -0.9%
Promoters 53.7 53.7 53.7

FIIs 4.5 4.6 4.5

DIIs 0.9 0.2 0.3

Others 40.9 41.6 41.5 Revenue CAGR between FY23 PAT CAGR between FY23 and
Total 100.0 100.0 100.0 and FY25E FY25E

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
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 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Balaji Amines Ltd.

Key Concall Highlights:
• In Q2FY24, BLA faced a sequence of unparalleled challenges within the specialty chemical industry. This period was characterized by exceptional obstacles that
significantly affected their sources of revenue.
• Sudden and unforeseen changes in input expenses had a substantial impact on their profits.
• The sales were affected by a trend of destocking among global industry participants, and this is anticipated to continue into Q3FY24E.
• The pharmaceutical, API, and agrochemical sectors worldwide encountered difficulties that disrupted BLA functions, resulting in a difficult business landscape.
• Within its subsidiary, BLA underwent a maintenance shutdown and implemented a debottlenecking process in its current plants to improve their product mix.
• The management at BLA holds a strong belief that the current challenges are a temporary obstacle expected to reach stability within the upcoming two quarters.
• The development work for the new expansion project of N-Butylamines is advancing rapidly. It is anticipated that the plant will be operational and commissioned in
Q4FY24E.
• The implementation of the Methylamine project is on track as per the plan. It is expected that the project will likely be commissioned around Q2FY25E.
• The initiation of the dimethyl ether manufacturing project in Unit-IV has begun, with plans for the plant to be commissioned in the H1FY25E.
• The company is planning to undertake the following projects at Unit-IV: N-Methyl Morpholine at a rate of 3,000 tons per annum, N-(n-Butyl) Thiophosphoric Triamide
(NBPT) at 2,500 tons per annum, and Pharmapure Povidone (PVP K-30) at 4,000 tons per annum.
• These products mark the first introduction of their kind in the country, and the company plans to establish a solar power plant near Solapur, Maharashtra, with an
estimated cost of around INR 75 Mn.

Valuation and view:

BLA experienced a significant decline in revenue due to a drop in price realization, destocking among global companies, and weak demand in the end customer business.
Though volumes in Amines and Amine derivatives had a 28.2% and 31.8% YoY growth respectively, it was offset by a de-growth of 35.6% YoY in the volume of specialty
segment products. Profitability margins had a steep contraction due to the usage of high-cost inventory and intense competition from global players. Currently, the stock is
trading at PE multiples of 29.0x/20.5x based on FY24E/FY25E EPS estimates respectively. We estimate that the revenue will have a de-growth of 2.1% CAGR over FY23-FY25E
and PAT will have a de-growth of 0.9% CAGR over FY23-FY25E as there will be a lack of demand for the next couple of quarters due to slowdown in the industry which will
impact topline and profitability margin. Recovery can be expected by H1FY25 with multiple projects being commissioned. We have lowered our estimates of FY25E EPS by
29.6% from the previous estimates as there was a significant drop in the price realization. We arrive at a target price of INR 2,172/share (P/E multiple of 22.0x to FY25E
EPS) and downgrade our rating to ACCUMULATE from BUY to factor the decline in EPS and the stock will provide an upside of 7.0%.

Q2FY24 Analysis
Particulars (INR Mn) Q2FY24 Q1FY24 Q2FY23 QoQ Y oY H1FY24 H1FY23 YoY
Revenue from Operations 3,805 4,637 6,276 -17.9% -39.4% 8,442 12,977 -34.9%

Total Expenditure 3,268 3,656 4,545 -10.6% -28.1% 6,924 9,098 -23.9%

Cost of Raw Materials 1,913 2,561 2,872 -25.3% -33.4% 4,473.4 6,794.1 -34.2%

Purchase of Stock 0 0 0 NA NA 0.0 0.0 NA

Changes in Inventories 310 0 382 NA NA 310.3 -347.7 -189.2%

Employee Cost 193 179 213 8.2% -9.2% 371.8 474.9 -21.7%

Other Expenses 851 917 1,078 -7.2% -21.0% 1,768.4 2,177.0 -18.8%

Adj EBITDA 538 980 1,731 -45.1% -68.9% 1,518 3,879 -60.9%

Adj EBITDA Margin (%) 14.1% 21.1% 27.6% -701 bps -1345 bps 18.0% 29.9% -1191 bps

Depreciation 108 115 110 -6.2% -2.1% 222.7 220.9 0.8%

EBIT 430 866 1,621 -50.3% -73.5% 1,296 3,658 -64.6%

Other Income 68 56 29 19.9% 137.4% 124.2 75.4 64.7%

Interest Expense 18 18 31 -3.2% -43.1% 35.9 65.2 -45.0%

Share of Associates 0 0 0 NA NA 0.0 0.0 NA

PBT before Exceptional 480 904 1,618 -46.9% -70.3% 1,384 3,668 -62.3%

Exceptional Items 0 0 0 NA NA 0.0 0.0 NA

PBT 480 904 1,618 -46.9% -70.3% 1,384 3,668 -62.3%

Tax 116 227 432 -48.7% -73.1% 343 1,001 -65.7%

Minority interest 17 149 261 NA NA 166.0 511.4 NA

PAT 347 527 926 -34.2% -62.5% 874 2,155 -59.4%

PAT Margin (%) 9.1% 11.4% 14.8% -225 bps -563 bps 10.4% 16.6% -625 bps

EPS 10.7 16.3 28.6 -34.2% -62.5% 27.0 66.5 -59.4%

Adj. PAT 347 527 926 -34.2% -62.5% 874 2,155 -59.4%

Adj. PAT Margin (%) 9.1% 11.4% 14.8% -225 bps -563 bps 10.4% 16.6% -625 bps

Adj. EPS 10.7 16.3 28.6 -34.2% -62.5% 27.0 66.5 -59.4%
Source: Company, KRChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Balaji Amines Ltd.

SEGMENTAL VOLUMES IN CHART

Segmental Volumes QoQ (TPA) Segmental Volumes YoY (TPA)

11,775 14,419
10,236 9,285
8,092 8,288 10,236 9,285
6,757 8,092 7,769
6,310

Amines Amine derivatives Specialty chemical Amines Amine derivatives Specialty chemical

Q2FY24 Q1FY24 Q2FY24 Q2FY23

Source: Company, KRChoksey Research Source: Company, KRChoksey Research

KEY FINANCIALS
Exhibit 1: Profit & Loss Statement

INR Millions FY21 FY22 FY23 FY24E FY25E

Revenues 13,115 23,229 23,554 18,487 22,554
COGS 4,980 6,158 12,764 12,612 10,400
Gross profit 8,135 17,071 10,790 5,875 12,154
Employee cost 678.2 966 851 874 789
Other expenses 2,401 3,811 4,154 3,677 4,060
Adj EBITDA 3,732 6,227 6,091 3,536 4,849
Depreciation & amortization 344.1 420 456 438 707
EBIT before exceptional items 3,388 5,807 5,635 3,098 4,142
Exceptional item 0 0 0 0 0
EBIT 3,388 5,807 5,635 3,098 4,142
Interest expense 182.9 171 120 88 105
Other income 61 147 152 204 413
PBT 3,266 5,783 5,668 3,213 4,450
Tax 831 1,604 1,611 745 890
PAT before MI 2,435 4,179 4,057 2,468 3,560
Minority Interest 53 495 802 202 361
PAT 2,382 3,684 3,255 2,267 3,199
EPS (INR) 73.5 113.7 100.5 70.0 98.7
Source: Company, KRChoksey Research
Exhibit 2: Cash Flow Statement

INR Millions FY21 FY22 FY23 FY24E FY25E

Operating Cash Flow 1,099 2,196 3,822 4,077 2,504

Investing Cash Flow -616 -1,473 -1,863 -2,796 -2,587

Financing Cash Flow -374 -565 -812 -203 -105

Net Inc/Dec in cash equivalents 108 158 1,146 1,077 -188
Opening Balance 88 173 331 1,478 2,555
Closing Balance Cash & Cash Equivalent 196 331 1,478 2,555 2,367
Source: Company, KRChoksey Research

Key Ratio FY21 FY22 FY23 FY24E FY25E

Adj EBITDA Margins (%) 28.5% 26.8% 25.9% 19.1% 21.5%
Net Profit Margin (%) 18.2% 15.9% 13.8% 12.3% 14.2%
RoE (%) 26.2% 28.0% 19.2% 11.8% 14.3%
RoCE (%) 34.2% 42.1% 33.0% 16.8% 19.9%
RoA (%) 18.2% 21.1% 16.6% 10.5% 12.8%
Debt/Equity (x) 0.11 0.08 0.03 0.02 0.02
Source: Company, KRChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
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 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Balaji Amines Ltd.

Exhibit 4: Balance Sheet
INR Millions FY21 FY22 FY23 FY24E FY25E
Property, plant and equipment (PPE) 5,429 6,812 7,805 10,248 12,541
Capital work-in-progress 1733 1,409 1,132 1,132 1,132
Other financial assets 59 61 62 48 59
Deferred tax assets (Net) 0 0 0 0 0
Other non-current assets 111 100 301 236 288
Total non-current assets 7,332 8,382 9,300 11,665 14,020
Investment 0 0 727 727 727
Inventories 1,099 2,224 3,028 2,377 2,900
Trade receivables 3,057 5,881 3,778 2,965 3,618
Cash and cash equivalents 173 331 1,478 2,555 2,367
Bank balances other than (iii) above 23 184 886 886 886
Current tax assets 752 0 0 0 0
Other current assets 667 450 427 335 409
Other financial assets 0 0 5 0 0
Total current assets 5,771 9,071 10,328 9,845 10,906
TOTAL ASSETS 13,103 17,453 19,628 21,509 24,926
Equity share capital 65 65 65 65 65
Other equity 8,879 12,434 15,478 17,744 20,943
Non-controlling interests 155 650 1,439 1,439 1,439
Total equity 9,099 13,149 16,982 19,248 22,447
Borrowings 888 576 303 303 303
Trade payables 177 0 0 0 0
Other financial liabilities 29 9 10 8 10
Provisions 0 7 18 14 17
Deferred tax liabilities (Net) 472 677 812 812 812
Other non-current liabilities 10 28 10 8 9
Total non-current liabilities 1,576 1,297 1,153 1,145 1,151
Borrowings 109 431 273 158 158
Trade payables 768 1,809 622 489 596
Other financial liabilities 301 630 480 377 460
Other current liabilities 36 83 58 46 56
Provisions 400 0 3 2 3
Current tax liabilities (Net) 814 55 57 44 54
Total current liabilities 2,428 3,007 1,493 1,116 1,327
Total liabilities 4,004 4,304 2,646 2,261 2,478
TOTAL EQUITY AND
Source: Company, LIABILITIES
KRChoksey Research 13,103 17,453 19,628 21,509 24,926

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Balaji Amines Ltd.

Balaji Amines Ltd Rating Legend (Expected over a 12-month period)

CMP
Date TP (INR) Recommendation Our Rating Upside
(INR)
22-Nov-23 2,030 2,172 ACCUMULATE Buy More than 15%
04-Sept-23 2,229 2,803 BUY
Accumulate 5% – 15%
25-May-23 2,170 3,191 BUY
13-Feb-23 2,180 3,790 BUY Hold 0 – 5%

28-Oct-22 3,039 4,313 BUY

Reduce -5% – 0
16-Aug-22 3,557 4,313 BUY
13-May-22 3,068 4,313 BUY Sell Less than – 5%

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RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
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