Specialty Chemical stock recommends 500% dividend, FIIs stake up in Q4: Do you own?
Balaji Amines is a mid cap specialty chemical company that recorded a market cap of ₹7,471.99 Cr during Friday’s closing. The firm specialises in the production of Methylamines, Ethylamines, Specialty Chemical Derivatives, and Pharma Excipients. Balaji Amines Limited (BAL), one of India’s top manufacturers of Aliphatic Amines, was founded in 1988. The firm has announced its Q4 and FY23 results, as well as a 500% dividend for eligible stockholders.
The Board of Directors have “Recommended the final dividend of Rs. 10/- per equity share i.e.500% on face value of Rs. 2/- per share and the same will be payable after it is approved by the shareholders at the 35th Annual General Meeting of the Company,” said Balaji Amines in a stock exchange filing today.
During Q4FY23, the company reported a consolidated revenue of Rs 471.39 Cr down by 39.60% YoY from ₹780.36 Cr in Q4FY22. During the quarter ended March 2023, its net income stood at ₹476.90 Cr compared to ₹785.41 Cr in the quarter ended March 2022. Balaji Amines said its net expenses stood at ₹391.93 Cr during the quarter under review down by 34.91% YoY from ₹602.18 Cr in the year-ago quarter. The net profit of Balaji Amines reached Rs 47.40 Cr during Q4FY23 down by 56.40% YoY from ₹108.72 Cr in Q4FY22. The EPS of Balaji Amines dropped from ₹33.56 to 14.63.
On Friday, the shares of Balaji Amines closed on the BSE at ₹2306.10 apiece down by 3.19% from the previous close of ₹2382.20. The stock touched a 52-week-high of ₹3,841.85 on (15/09/2022) and a 52-week-low of ₹1,925.05 on (29/03/2023). During Q4FY23, the company reported a promoter shareholding of 53.71%, FIIs stake of 4.45%, 0.34, DIIs stake of 0.34% and a public stake of 41.50%. According to Trendlyne data, promoters’ holdings of Balaji Amines have remained the same at 53.70% in the March 2023 quarter, while FII/FPI holdings went up from 4.39% in the December 2022 quarter to 4.45% in the March 2023 quarter, mutual funds’ holdings have bumped from 0.08% in Q3FY23 to 0.09% in Q4FY23, and institutional investors’ holdings have grown from 4.76% to 4.79%.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.