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HDFC Securities Report
Balaji Amines Ltd. Q2 Updates -
- robust demand from pharma and agrochemical industry that comprise 77% of its revenue mix,
- ramp up in Balaji Specialty Chemicals Ltd.'s production,
- doubling of methylamines by FY24, and
- production linked incentive scheme that provides the right tailwinds for long term volume growth.
Q2 Ebitda/adjusted profit after tax was 25/44% above our estimates, mainly attributable to a higher-than-anticipated realisation and better product mix.
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