BASF India – which deals in chemicals, materials, industrial solutions, surface technologies, nutrition and care, and agricultural solutions – registered sales of Rs 33,262.6 million for the quarter ended 31 December 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 31 December 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 December quarter with all segments contributing to the growth,” said Alexander Gerding, managing director, BASF India. “Tight management of working capital further supported the results,” he added.
For the nine months ended on 31 December 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 31 December 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 – a 100% wholly owned subsidiary, on slump sale and at arm’s length basis as determined by an independent valuer for a consideration of Rs 1,820 million, subject to necessary adjustments.
The consideration will be payable by BASF India Coatings in the form of equity shares issued in favor of BASF India at the time of closing of the transaction, expected by the end of calendar year 2024.
