In an exchange filing made on Saturday, the company said that Naveena Thammishetty Chandra, Kashinath Revappa Dhole, Satyanarayana Murthy Chavali, Amarender Reddy Minupuri and Vimala Behram Madon have resigned as independent directors of the company from the closing hours on 20 May 2023. The aforementioned former independent directors Balaji Amines have cited 'personal reasons' as the reason for their resignation.

The company's whole-time director & CFO Hemanth Reddy Gaddam has also resigned to focus on subsidiary company, Balaji Speciality Chemicals Limited as whole time director.

The board of Balaji Amines has approved the appointment of Suhasini Yatin Shah, Uma Rajiv Pradhan, R. Mohan Kumar and Adabala Sheshagiri Rao as the as the independent directors of the company with effective from 20 May 2023.

The board has approved change in designation of Ande Srinivas Reddy from whole time director to Whole Time Director and CFO. The designation of Rajeshwar Reddy Nomula has also been changed from joint managing director to whole time director.

"The change in the responsibilities and designations has been done to realign and sharpen the focus to improve the profitability and growth of our business for both parent and subsidiary company,” Balaji Amines said in a statement.

The company has also announced its earnings for the quarter and the year ended 31 March 2023.

Balaji Amines reported 58% fall in consolidated net profit to Rs 55.21 crore on a 39% decline in revenue from operations to Rs 476.90 crore in Q4 FY23 as compared with Q4 FY22.

Total volumes stood at 26,505 MT for Q4 FY23 as against 33,780 MT in Q4 FY22, down 22% YoY.

In Q4 FY23, amines volumes stood at 6,659 MT, amines derivatives volumes stood at 8,607 MT and specialty chemicals volumes stood at 11,239 MT.

EBITDA for Q4 FY23 was Rs 98.63 crore, as compared to Rs 201.16 crore in Q4 FY22, down 51% YoY. EBITDA margin for Q4 FY23 stood at 20.68% as against 25.61% in Q4 FY22. The fall in operating margin was primarily on account of degrowth in pharma and API sector.

For FY23, the company's PAT was Rs 405.68 crore (down 3% YoY) while revenue from operations was Rs 2,370.64 crore (up 1% YoY).

D. Ram Reddy, managing director, commented: "Despite headwinds in pharma API and Agro industries globally, we have delivered decent results. The fall in the margins was primarily on account of degrowth in Pharma API, and Agro sector.

We believe the performance of the company will improve gradually in the coming months, we anticipate a return to growth & margin levels similar to those achieved before the onset of the COVID-19 pandemic in due course, which we think is sustainable.

In the past years, we experienced exceptionally high realizations for certain products, driven by global circumstances that have since normalized. Our capex that we had planned were based on the normalized profitability and hence our company will not be impacted adversely by it.

Revenues from the new commenced plants such as DMC, PG, Ethylamines will start contributing to our top line from coming quarters, which in turn can improve the margin profile of the company from Q1 FY24."

Balaji Amines is a leading manufacturer of aliphatic amines in India. Broadly, the company is specialized in manufacturing methyl amines, ethyl amines, derivatives of specialty chemicals and natural product and its business is broadly classified into three segments - amines, specialty chemicals and derivatives.