BALAJI AMINES LTD
Q1 FY 21 RESULTS REVIEW
DT 30 09 20
COMPANY OVERVIEW
Balaji Amines (BAL) Ltd is engaged in the manufacturing of methylamines, ethylamines, derivatives of specialty chemicals and natural products.
They also manufacture derivatives, which are down stream products for various Pharma /Pesticide industries apart from user specific requirements.
Their product spectrum includes Amines-under which the following are manufactured Monomethylamine, Dimethylamine, Trimethylamine, Monoethylamine, Diethylamine, Triethylamine, Dimethyl Amino Ethanol, Diethyl Amino Ethanol And Mono Methyl Amino Ethanol; Speciality Chemicals-under which they manufacture N-Metthyl Pyrrolidone, Morpholine, Diethyl Hydroxylamine ,etc; Derivatives-under which they manufacture Di-Methyl Acetamide, Di-Methyl Amine Hydrochloride, Tri-Methyl Amine Hydrochloride, Di-Ethyl Amine Hydrochloride, Tri-Ethyl Amine Hydrochloride, Benzyl Tri Ethyl Ammonium Chloride, Mono Methyl Urea, Di-Methyl Urea, Choline Chloride,etc & Natural Products -which includes Camptothecin, Coleus Forskohlii, Calcium Sennosoid and Solanesol.
Management
A Prathap Reddy Executive Chairman
D Ram Reddy Managing Director
N Rajeshwar Reddy Joint Managing Director
Q1 RESULTS REVIEW
|
Balaji Amines (in Rs. Cr.) |
Jun '20 |
Mar '20 |
Jun '19 |
YOY |
QOQ |
|
Net Sales/Income from operations |
222.91 |
258.03 |
222.98 |
-0.03 |
-13.61 |
|
Consumption of Raw Materials |
112.76 |
143.13 |
141.73 |
-20.44 |
-21.22 |
|
Increase/Decrease in Stocks |
5.59 |
-5.9 |
-11.51 |
-148.57 |
-194.75 |
|
Employees Cost |
11.22 |
13.89 |
10.78 |
4.08 |
-19.22 |
|
Depreciation |
7.93 |
10.12 |
5.71 |
38.88 |
-21.64 |
|
Other Expenses |
40.11 |
51.27 |
44.46 |
-9.78 |
-21.77 |
|
P/L Before Other Inc., Int., Excpt. Items & Tax |
45.29 |
45.51 |
31.8 |
42.42 |
-0.48 |
|
Other Income |
1.28 |
1.56 |
1.41 |
-9.22 |
-17.95 |
|
P/L Before Int., Excpt. Items & Tax |
46.57 |
47.07 |
33.2 |
40.27 |
-1.06 |
|
Interest |
4.32 |
6.3 |
3.25 |
32.92 |
-31.43 |
|
P/L Before Tax |
42.25 |
40.77 |
29.95 |
41.07 |
3.63 |
|
Tax |
10.67 |
11.21 |
11.47 |
-6.97 |
-4.82 |
|
Net Profit/(Loss) For the Period |
31.58 |
29.56 |
18.48 |
70.89 |
6.83 |
|
Minority Interest |
1.38 |
1.26 |
-- |
9.52 |
|
|
Net P/L After M.I & Associates |
32.96 |
30.82 |
18.48 |
78.35 |
6.94 |
|
Equity Share Capital |
6.48 |
6.48 |
6.48 |
0 |
0 |
|
Reserves Excluding Revaluation Reserves |
651.66 |
567.98 |
567.53 |
14.82 |
14.73 |
|
Basic EPS |
10.17 |
9.51 |
5.7 |
78.42 |
6.94 |
|
MP |
809 |
||||
|
PE |
19.88692 |
||||
|
VOLUME |
66,548 |
||||
|
52 Wk L/H |
204.1 |
995 |
Market Depth
BUY 8049
SELL 4125
|
Annual |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Sales |
935 |
943 |
863 |
670 |
643 |
|
Other Income |
5 |
4 |
4 |
4 |
2 |
|
Total Income |
940 |
947 |
867 |
675 |
645 |
|
Total Expenditure |
786 |
769 |
692 |
536 |
535 |
|
EBIT |
154 |
178 |
174 |
138 |
110 |
|
Interest |
23 |
13 |
9 |
12 |
22 |
|
Tax |
33 |
47 |
52 |
43 |
30 |
|
Net Profit |
97 |
117 |
113 |
82 |
57 |
|
Per Share Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Basic EPS (Rs.) |
32.34 |
36.27 |
34.93 |
25.42 |
17.78 |
|
Diluted Eps (Rs.) |
32.34 |
36.27 |
34.93 |
25.42 |
17.78 |
|
Book Value [Excl. Reval Reserve]/Share (Rs.) |
206.28 |
182.71 |
149.71 |
111.87 |
86.48 |
|
Dividend/Share (Rs.) |
3.2 |
2.8 |
2.6 |
2.2 |
2 |
|
Face Value |
2 |
2 |
2 |
2 |
2 |
|
Margin Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Gross Profit Margin (%) |
19.85 |
20.95 |
22.41 |
23.5 |
20.13 |
|
Operating Margin (%) |
16.47 |
18.88 |
20.17 |
20.56 |
17.12 |
|
Net Profit Margin (%) |
10.41 |
12.41 |
13.1 |
12.28 |
8.95 |
|
Return Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Return on Networth / Equity (%) |
14.8 |
20.38 |
24.23 |
22.72 |
20.56 |
|
ROCE (%) |
18.16 |
24.14 |
29.48 |
31.63 |
14.8 |
|
Return On Assets (%) |
8.75 |
11.19 |
13.34 |
12.96 |
9.52 |
|
Liquidity Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Current Ratio (X) |
1.75 |
1.46 |
1.41 |
1.4 |
1.14 |
|
Quick Ratio (X) |
1.33 |
0.93 |
1.06 |
0.91 |
0.78 |
|
Leverage Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Debt to Equity (x) |
0.37 |
0.33 |
0.3 |
0.23 |
0.53 |
|
Interest Coverage Ratios (%) |
6.69 |
13.67 |
19.28 |
10.66 |
4.97 |
|
Turnover Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Asset Turnover Ratio (%) |
84.06 |
90.16 |
101.86 |
105.58 |
106.35 |
|
Inventory Turnover Ratio (X) |
8.47 |
5.78 |
9.69 |
6.77 |
8.24 |
|
Valuation Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
P/E (x) |
6.09 |
8.84 |
7.15 |
11.54 |
10.93 |
|
P/B (x) |
1.24 |
2.76 |
3.9 |
3.39 |
2.06 |
|
EV/EBITDA (x) |
5.68 |
8.97 |
10.09 |
8.31 |
5.54 |
|
P/S (x) |
0.87 |
1.68 |
2.11 |
1.83 |
0.9 |
|
Growth Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
3 Yr CAGR Sales (%) |
3.16 |
19.29 |
16.63 |
5.05 |
2.01 |
|
3 Yr CAGR Net Profit (%) |
0.25 |
17.47 |
35.91 |
53.41 |
35.2 |
|
Historical Prices |
|||
|
3 Y BEF |
Current Price |
%Gain / Loss |
|
|
Open Price |
329.6 |
815.5 |
147.42 |
|
2 YR BEF |
|||
|
Open Price |
490 |
815.5 |
66.43 |
|
1 YR BEF |
|||
|
Open Price |
354.8 |
815.5 |
129.85 |
|
3 M BEF |
|||
|
Open Price |
529.55 |
815.5 |
54 |
Dividend Summary
For the year ending March 2020 Balaji Amines has declared an equity dividend of 160.00% amounting to Rs 3.2 per share. At the current share price of Rs 815.25 this results in a dividend yield of 0.39%.
The company has a good dividend track report and has consistently declared dividends for the last 5 years.
|
SHAREHOLDING |
||||
|
Standalone |
Jun-20 |
Mar-20 |
Dec-19 |
Sep-19 |
|
Promoters |
53.7 |
53.67 |
53.64 |
53.61 |
|
Pledged |
0 |
0 |
0 |
0 |
|
FII/FPI |
1.74 |
1.72 |
1.64 |
1.59 |
|
Total DII |
4.98 |
4.35 |
4.7 |
4.48 |
|
Fin.Insts |
0.04 |
0.04 |
0.05 |
0.07 |
|
Insurance Co |
0 |
0 |
0 |
0 |
|
MF |
0 |
0 |
0 |
0 |
|
Others DIIs |
4.94 |
4.31 |
4.65 |
4.41 |
|
Others |
39.58 |
40.27 |
40.01 |
40.31 |
|
Total |
100 |
100.01 |
99.99 |
99.99 |
STRENGTHS
Promoters increasing shareholding
Growth in Net Profit with increasing Profit Margin (QoQ)
Company with Low Debt
Increasing profits every quarter for the past 2 quarters
Book Value per share Improving for last 2 years
Company with Zero Promoter Pledge
FII / FPI or Institutions increasing their shareholding
WEAKNESSES
Bearish Engulfing (Bearish Reversal)
Inefficient use of capital to generate profits - RoCE declining in the last 2 years
Inefficient use of shareholder funds - ROE declining in the last 2 years
Inefficient use of assets to generate profits - ROA declining in the last 2 years
Declining Net Cash Flow : Companies not able to generate net cash
Opportunities (2) Brokers upgraded recommendation or target price in the past three months
Opportunities
Brokers upgraded recommendation or target price in the past three months
Highest Recovery from 52 Week Low
Threats (0)
NIL
CHARTS
5 YEARS
Jan-16 LOW POINT
Aug-11 HIGHER LOW POINT
Jan-18 A HIGH POINT
AUG 22019 A LOW POINT
Mar-20 ANOTHER LOW POINT
THEN CURVE UPWARDS TILL NOW
6 MONTHS UPWARD CURVE
3 MONTHS FROM AUG UPWARD LIFE
1 MONTH UP,DOWN,UP DOWN
MONTHLY TECHNICAL RATING
Very Bullish
Valuation
Market Cap (Rs Cr.) 2,640.68
P/E 20.53
Book Value (Rs) 206.06
Dividend (%) 160
Industry P/E 33.65
EPS (TTM) 39.64
P/C 17.28
Price/Book 3.96
Dividend Yield.(%) 0.39
Face Value (RS) 2
