Mumbai: BASF India has reported a 20 per cent increase in its profits 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.
The profit after tax at Rs334 million is higher by 18 per cent compared to the previous year. Interest costs were lower at Rs139 million compared to Rs156 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 Rs620 million compared to Rs 584 million in the previous year, representing an increase of 6 per cent. The above results were achieved despite a difficult business environment. The directors have recommended dividend on equity shares @ 50 per cent (Rs 5 per share).
"These results are due to the determination and hard work of all our employees," says Prasad Chandran, chairman and managing director, BASF India. "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.
BASF India is engaged in the business of manufacturing and marketing of Styropor, tanning agents, leather chemicals and auxiliaries, crop protection chemicals, textile chemicals, dispersions and speciality chemicals. It is also involved in the marketing of chemicals and rendering of technical services to various industries.