The Board of Directors of Balaji Amines Ltd has approved for setting up of new plant for manufacture of acetonitrile.

The existing capacity of acetonitrile is 9000 TPA and the current capacity utilization is 60%. The company will be setting up new capacity of 16500 TPA at an outlay of Rs. 70 to 80 crores which will be funded through internal accruals. The project will be commissioned in the next 12 to 18 months.

The company’s consolidated revenue from operations for Q1FY22 stood at Rs 451.94 crore, up by 101.60%, as compared to Rs224.19 crore in Q1FY21. Total volumes stood at 25,621 MT for Q1FY22 as against 20,019 MT in Q1FY21.

Profit After Tax (PAT) for Q1FY22 was Rs97.40 crores, witnessing an increase of 208.42%, as compared to Rs31.58 crore in Q1FY21.

The company’s standalone total income for Q1FY22 grew by 85.12% to Rs 394.26 crore as compared to Rs212.97cr in Q1FY21. The increase in revenue was primarily on account of incremental sales from the new ethylamines plant and increased capacity utilization. Total volumes stood at 21,997 MT for Q1FY22 as against 18,306 MT in Q1FY21.

“We continue to witness robust demand for our products from end-user industries. Our operations were not hampered much during the second wave of COVID-19 in India, as our products fall under essential category, with some of them also required in medications,” D. Ram Reddy, Managing Director, said.

“Improvement in revenue was on account of additional income stream coming online with commencement of 16,500 tons ethylamines plant under Phase 1 of our 90-acre Greenfield project (Unit IV) and improved capacity utilization. Our ethylamines plant has achieved capacity utilization of over 90% in Q1FY22 itself. The new plant of ethylamines has led to lower cost of production due to new technology adopted by us. Now, along with the pre-existing capacity of 6,000 tons of ethylamines, the company has the largest installed capacity of ethylamines in India at 22,500 tons per annum.,” Reddy added.