BASF India (BSE code: 500042), registered sales of Rs 2424.35 crore for the third quarter, which ended on December 31, 2020, as compared to Rs 2014.38 crore in the corresponding quarter of the previous year, representing an increase of 20%.
The Company reported Profit before tax (before exceptional items) of Rs. 188 crore as compared to loss before tax (before exceptional items) of Rs. 24.04 crore in the prior-year quarter.
BASF Performance Polyamides India (BPPIPL), a 100% subsidiary, was proposed to be merged with the company. Following approval from the National Company’s Law Tribunal in Mumbai, the Company successfully completed the merger on February 1, 2021. The polyamides business will be integrated with the company’s performance materials business.
“The Company recorded strong volume growth leveraging close customer collaboration amidst robust demand recovery in its core markets,” said Narayan Krishnamohan, managing director, BASF India. “We significantly improved profitablity through our continued focus on margin improvement, fixed cost management and working capital optimization“, he added.
In the first nine months of the financial year, the Company registered sales of Rs 6589.85 crore, as compared to Rs 5702.46 crore for the corresponding period of the previous year, an increase of 16%. Profit before tax (before exceptional items) stood at Rs. 258.95 crore for the nine months that ended on December 31, 2020, compared to profit before tax (before exceptional items) of Rs 7.6 crore for the corresponding period of the previous year.
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 EUR 1.3 billion (Rs 11488 crore) to customers in India.