04 November 2020, Mumbai, IN: BASF India Limited, on a standalone basis, registered sales of Rs. 23,958.0 million for the second quarter, which ended on September 30, 2020, as compared to Rs. 20,743.3 million in the corresponding quarter of the previous year, representing an increase of 15%.
The Company reported Profit before tax (before exceptional items) of Rs. 1,087.5 million as compared to profit before tax (before exceptional items) of Rs. 140.8 million in the prior-year quarter.
For the half-year which ended on September 30, 2020, the Company registered sales of Rs. 41,655.0 million, as compared to Rs. 36,880.8 million for the corresponding period of the previous year, an increase of 13%. Profit Before Tax (before exceptional items) stood at Rs. 709.5 million for the half-year, compared to Profit Before Tax (before exceptional items) of Rs. 316.4 million for the corresponding period of the previous year. Profit After Tax (after exceptional items) stood at Rs. 3,818.3 million in the second half of 2020, compared to Profit After Tax (after exceptional items) of Rs. 105.2 million posted in the corresponding period of the previous year.
The Construction Chemicals business of the Company was transferred to Master Builders Solutions India Private Limited effective July 1, 2020, for an overall consideration of Rs. 5,951.6 million.
“The Company bounced back strongly from the previous Quarter impacted by the COVID lockdown, and continued on its path to profitable growth. Growth in volumes and results, were registered across segments on a comparable basis to previous year with business improving on a month-to-month basis through the quarter,” said Narayan Krishnamohan, Managing Director, BASF India Limited. “Volume growth through enhanced customer-centric projects, improvements in operating margins, and efficient cost as well as working capital management enabled us to deliver higher EBITDA and PBT before exceptional items. Additionally, exceptional gain of Rs. 424 crores were recorded in this quarter dominated by gains from divestiture of the construction chemicals business effective July 1st”, he added.
The Company has acquired 100% stake in BASF Performance Polyamides India Private Limited from BASF Nederland B.V. and BASF SE on August 18, 2020 for an aggregate consideration of Rs. 3,029.0 million. Pursuant to the said transaction, BASF Performance Polyamides India Private Limited (BPPIPL) is now a wholly owned subsidiary of the Company.
BPPIPL is into the business of manufacturing/ trading of performance polyamides and has one manufacturing site in Panoli, Gujarat. It has a wide range of engineering plastics and serves automobiles, electrical and consumer goods industries.