BASF India posts 7% rise in sales
BASF India Limited registered sales of Rs 55,257.9 million for the financial year ended March 31, 2017, representing an increase of 7% over the previous year. The Company reported loss after tax (after exceptional items) of Rs 141.3 million as compared to loss after tax (after exceptional items) of Rs 303.7 million in the previous year.
“BASF India Limited showed improved operating results, driven by growth in the Functional Materials and solutions as well as Performance Products divisions, optimization of cost and improved operational efficiency. Increased volumes at the Dahej plant also helped. We are confident that these measures will continue to help improve our performance,” Raman Ramachandran, Chairman and Managing Director, BASF India Limited, said.
For the quarter ended March 31, 2017, the Company registered sales of Rs 13,941.6 million as compared to Rs 12,529.3 million in the corresponding quarter of the previous year. Net profit after tax (after exceptional items) stood at Rs 425.5 million for the quarter ended 31 March, 2017 as compared to net profit after tax (after exceptional items) of Rs 787.6 million posted in the corresponding quarter of the previous year. In view of the improvement in the operational and financial performance of the company, the DirectoRshave recommended a dividend payment of Re 1/- per equity share of Rs 10/- each (i.e. 10%) for the financial year ended 31 March, 2017.
BASF has successfully partnered India’s progress for more than 125 years, with all global businesses maintaining a presence in India today, except for Oil & Gas. At the end of 2016, BASF in India had 2,356 employees at 10 production sites and 10 offices, as well as two R&D centers, located in Mumbai and Mangalore. In 2016, BASF registered sales of approximately €1.1 billion to customeRsin India.