Wednesday, September 30, 2020

BALAJI AMINES LTD - Q1 FY 21 RESULTS REVIEW - DT 30 09 20

 

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           


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