BASF India Limited announces Q3, FY 23-24 results
Mumbai, India – February 13, 2024 – BASF India Limited (BSE code: 500042), registered sales of Rs. 33,262.6 million for the quarter ended December 31, 2023, as compared to Rs. 28,981.0 million in the corresponding quarter of the previous year, representing a growth of 14.8 %.
The Company reported Profit before tax (before exceptional items) of Rs. 1,874.0 million for the quarter ended December 31, 2023 as compared to profit before tax (before exceptional items) of Rs. 180.6 million in the corresponding prior-year quarter.
"The Company had a strong performance in the Dec quarter with all segments contributing to the growth”, said Alexander Gerding, Managing Director, BASF India Limited. “Tight management of working capital further supported the results“, he added.
For the nine months ended on December 31, 2023, the Company registered sales of Rs. 1,04,075.1 million, as compared to Rs. 103,678.8 million for the corresponding period of the previous year, an increase of 0.4%. Profit before tax (before exceptional items) stood at Rs. 5,395.4 million for the nine months ended December 31, 2023, compared to profit before tax (before exceptional items) of Rs. 4,311.7 million for the corresponding period of the previous year.
Based on the recommendation of the Audit Committee, the Board of Directors of the Company has approved the transfer of Company’s Coatings business to BASF India Coatings Private Limited- a 100% wholly owned subsidiary, on slump sale and at arm’s length basis as determined by an Independent Valuer i.e., for a consideration of Rs. 1,820 million, subject to necessary adjustments, as may be required, on the closing date in accordance with the conditions specified in the Business Transfer Agreement.
The consideration will be payable by BASF India Coatings Private Limited, 100% wholly owned subsidiary, in the form of equity shares issued in favour of BASF India Limited, at the time of closing of the transaction, expected by the end of calendar year 2024.
About BASF
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 111,000 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 comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €87.3 billion in 2022. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the United States. Further information at www.basf.com.
