BASF India reported a 20 per cent increase in profit before tax compared to the previous year. This increase was mainly due to higher capacity utilisation, improved results of the plastics and fibres business, cost control measures and significant reduction in the interest costs.
Profit after tax at Rs 33.4 crore (Rs 334 million) is higher by 18 per cent compared to the previous year. Interest costs was lower at Rs 13.9 crore (Rs 139 million) compared to Rs 15.6 crore (Rs 156 million) for the corresponding period of the previous year.
The sales and profits of plastics and fibres, chemicals and performance products businesses registered an increase compared to the previous year.
The agricultural products and nutrition business recorded lower sales and profits compared to the previous year, due to the failure of the monsoon.
Exports during the year was Rs 62 crore (Rs 620 million) compared to Rs 58.4 crore (Rs 584 million) in the previous year, representing an increase of 6 per cent. The above results were achieved despite difficult business environment.
The directors have recommended dividend on equity shares at 50 per cent or Rs 5 per share.
"These results are due to the determination and hard work of all our employees," said Prasad Chandran, chairman and managing director, BASF India Limited. "As we look ahead, we will be focussing on our core competencies and will continue to add value to our stakeholders through growth and innovation."
Recently BASF India also celebrated the silver jubilee of its research and development centre.
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