BASF India Limited announces Q1 FY 2021_2022 results
Mumbai, India – August 6, 2021 – BASF India Limited (BSE code: 500042) registered sales of Rs. 30,129.2 million for the first quarter ended June 30, 2021, as compared to Rs. 17,864.9 million in the corresponding quarter of the previous year, representing an increase of 69%.
The Company reported profit before tax (before exceptional items) of Rs. 2,484.4 million as compared to loss before tax (before exceptional items) of Rs. 406.9 million in the prior-year quarter.
“We saw a strong start to FY 21-22 and the Company recorded growth in revenues and margins compared to the corresponding quarter of previous year, which was impacted by the COVID-19 induced lockdown. The intense second wave of the pandemic led to lockdowns in several states impacting industrial activity and businesses, especially related to the automotive sector. However, the Company managed to outperform the preceding quarter in most business segments aided by enhanced customer engagement and initiatives that enhanced supply chain resilience.” said Narayan Krishnamohan, Managing Director, BASF India Limited. “Ongoing focus on margin improvement and cost management delivered substantially increased profits,” he added.
Digital outreach for products from the Agricultural Solutions segment helped increase their visibility and demand. The Industrial solutions and Materials segments delivered strong growth in revenues and results with increase in volumes and prices realizations.
The intense second wave of the pandemic had a significant impact on the health of the people, businesses, and economy. During this time, the Company offered innovative chemistry in the form of molecular sieves to enhance the generation of medical grade oxygen in the country. Additionally, the Company donated life-saving medical equipment like oxygen cylinders and oxygen concentrators to augment the medical infrastructure in the vicinity of our facilities.
The financial results of the Company for the quarter ended June 30, 2020 have been restated to include results of erstwhile BPPIPL (BASF Performance Polyamides India Private Limited), which was merged with the Company effective February 1, 2020.
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About BASF in India
BASF has successfully partnered India’s progress for more than 130 years. As of the end of 2020, BASF had 2,254 employees in India at 8 production sites and at 39 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 2020, BASF registered sales of approximately €1.6 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 110,000 employees in the BASF Group contribute 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 2020. 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.
