Balaji Amines can touch Rs 60: Tulsian

Balaji Amines can touch Rs 60, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "Balaji Amines is a consistent profit making company. They are making their amines and its compounds. They have three plants; one at Solapur, one at Osmanabad and one in Medak in Andhra Pradesh with total capacity of 55,000 tonne. These amines have good demand in pharmaceutical API industry, refinery, paint industry and the company has been a consistent performer. Recently, company has sub divided their face value of share from Rs 10 to Rs 2. Going by the financials of FY10, it had a top-line of Rs 260 crore with profit after tax (PAT) of about Rs 21 crore and EPS of Rs 6.50 on Rs 2 face value." He further added, "Going by H1 performance of FY11, they have clocked a turnover of close to about Rs 180 crore with EPS of about Rs 5, with bottom-line of close to Rs 17-17.50 crore. That means they have already achieved 75% bottom-line what they have earned in FY10. If you extrapolate the same, they are sure to post an EPS in double digit maybe about Rs 10.50-11 for FY11. Going forward, for FY12, it should be about close to Rs 15." "If you go by the consistent performer for last over four-five years and share ruling at a PE multiple of less than Rs 4, if I go by FY11 performance and if I go on forward, it is ruling at a PE multiple of 3. So, I don