BASF India Limited announces Q2 FY 2020-2021 results
Mumbai, India – November 4, 2020 – BASF India Limited (BSE code: 500042), on a standalone basis, registered sales of Rs. 23,958.0 million for the second quarter, which ended on September 30, 2020, as compared to Rs. 20,743.3 million in the corresponding quarter of the previous year, representing an increase of 15%.
The Company reported Profit before tax (before exceptional items) of Rs. 1,087.5 million as compared to profit before tax (before exceptional items) of Rs. 140.8 million in the prior-year quarter.
For the half-year which ended on September 30, 2020, the Company registered sales of Rs. 41,655.0 million, as compared to Rs. 36,880.8 million for the corresponding period of the previous year, an increase of 13%. Profit Before Tax (before exceptional items) stood at Rs. 709.5 million for the half-year, compared to Profit Before Tax (before exceptional items) of Rs. 316.4 million for the corresponding period of the previous year. Profit After Tax (after exceptional items) stood at Rs. 3,818.3 million in the second half of 2020, compared to Profit After Tax (after exceptional items) of Rs. 105.2 million posted in the corresponding period of the previous year.
The Construction Chemicals business of the Company was transferred to Master Builders Solutions India Private Limited effective July 1, 2020, for an overall consideration of Rs. 5,951.6 million.
“The Company bounced back strongly from the previous Quarter impacted by the COVID lockdown, and continued on its path to profitable growth. Growth in volumes and results, were registered across segments on a comparable basis to previous year with business improving on a month-to-month basis through the quarter,” said Narayan Krishnamohan, Managing Director, BASF India Limited. “Volume growth through enhanced customer-centric projects, improvements in operating margins, and efficient cost as well as working capital management enabled us to deliver higher EBITDA and PBT before exceptional items. Additionally, exceptional gain of Rs. 424 crores were recorded in this quarter dominated by gains from divestiture of the construction chemicals business effective July 1st”, he added.
The Company has acquired 100% stake in BASF Performance Polyamides India Private Limited from BASF Nederland B.V. and BASF SE on August 18, 2020 for an aggregate consideration of Rs. 3,029.0 million. Pursuant to the said transaction, BASF Performance Polyamides India Private Limited (BPPIPL) is now a wholly owned subsidiary of the Company.
BPPIPL is into the business of manufacturing/ trading of performance polyamides and has one manufacturing site in Panoli, Gujarat. It has a wide range of engineering plastics and serves automobiles, electrical and consumer goods industries.
###
About BASF in India
BASF has successfully partnered India’s progress for more than 125 years. As of the end of 2019, BASF had 2,431 employees in India at 11 production sites and at 34 offices throughout the country. The Innovation Campus Mumbai and the Technical Support Center in Mangalore are both part of BASF’s global technology platform. In 2019, BASF registered sales of approximately €1.3 billion to customers in India. Further information is available on the internet at www.basf.com/in.
About BASF
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 117,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59 billion in 2019. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.
