BASF India Ltd. has registered sales of Rs. 16,694-mn for the quarter ended September 30, 2018, as compared to Rs. 14,332-mn in the corresponding quarter of the previous year, representing an increase of 16%. The company reported Profit Before Tax (before exceptional items) of Rs. 119-mn, as compared to Profit Before Tax (before exceptional items) of Rs. 420-mn in the corresponding quarter of the previous year.
In order to further develop its global pigment business, the company’s Board of Directors approved the transfer of its pigments business to a separate legal entity, BASF Colors & Effects India Pvt. Ltd. (BCEIPL), a 100% subsidiary of BASF Colors & Effects GmbH, effective January 1, 2019 for a consideration to be determined by an Independent Valuer. “The new legal entity will be able to operate the pigments business with more flexibility, higher speed and increased independence and will help to fully leverage the growth potential out of the emerging Asian region,” the company said in a press release.
“Improved sales from our Agricultural Solutions business and our Dahej site contributed to the revenue growth. Rising input cost and currency depreciation impacted profitability for the quarter. The transfer of the pigments business will enable us to move forward with a streamlined business model and serve customers better,” said Dr. Raman Ramachandran, Chairman and Managing Director, BASF India Ltd.
For the half-year ended September 30, 2018, on a comparable basis the company registered sales of Rs. 32,894-mn, as compared to Rs. 30,797-mn for the corresponding period of the previous year, an increase of 12%. Profit Before Tax (before exceptional items) stood at Rs. 470-mn for the half year ended September 30, 2018 as compared to Rs. 427-mn for the corresponding period of the previous year. Profit After Tax (after exceptional items) stood at Rs. 338-mn for the half year ended September 30, 2018, as compared to Rs. 1,736-mn posted in the corresponding period of the previous year.
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