Profit before tax fell 55.9% year on year to Rs 90.37 crore during the quarter.

EBITDA dropped 52.76% to Rs 103.69 crore in Q1 FY24 from Rs 219.48 crore in Q1 FY23. EBIDTA margin stood at 22.09% in Q1 FY24 as compared with 35.52% in Q1 FY23.

Total volumes stood at 26,820 MT in Q1 FY24, down 1.97% as compared with 27,358 in Q1 FY23.

Revenue from Amines & Specilaity Chemicals business stood at Rs 461.80 crore (down 30.89% YoY) while revenue from Hotel division was at Rs 7.09 crore (14.72% up YoY).

D. Ram Reddy, managing director, said, “In Q1, we faced an unprecedented phase of challenges in the Specialty Chemical industry, primarily due to a rapid global demand contraction. This has been further exacerbated by an oversupply situation in China, driven by weak domestic demand, inventory correction across the globe and slowdown in several developed markets due to stock piling. These factors have impacted the offtake and sustenance of realisation, especially in the speciality chemicals market.

Our medium-to-long term plans are progressing as intended. Our new projects are on track, and we're working towards their successful completion without incurring any debt. We're focusing on identifying unique products, further enhancing our offerings and contributing to India's self-sufficiency goals through world-class manufacturing facilities.

Our Unit 4 phase 2 & 3 projects are shaping up as a world-class facility, set to begin phased production from 2 nd half of FY 2023-24 onwards.”

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.

The scrip fell 0.42% to Rs 2,233.50 on the BSE.