BASF India registered sales of Rs 30,129.2 million for the first quarter ended 30 June 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 a 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 the 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. “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 revenue growth and increased volumes and price realizations.
BASF India donated oxygen cylinders and concentrators during the second wave
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.
BASF’s financial results for the quarter ended 30 June 2020 have been restated to include results of erstwhile BPPIPL (BASF Performance Polyamides India Private Limited), which was merged with the company effective 1 February 2020.
