BASF India Q2 net down at Rs 28 cr

Sales marginally up

Chemical company BASF India today reported profit after tax (PAT) of Rs 28.1 crore for the second quarter ended September 30, down from Rs 34.2 crore posted in the same period of the previous year.

Sales stood at Rs 1,006.6 crore as against Rs 959.3 crore in the corresponding period of the previous year, showing an increase of 5% on a comparable basis, a company statement said here.

Profit before tax (before exceptional item) stood at Rs 50.4 crore for the quarter under review as compared to Rs 50.6 crore for the corresponding period of the last fiscal.

Subsequent to the company's decision to shutdown the EPS business in India, including the styropor production at Thane, an amount of Rs 8.9 crore has been provided in respect of net fixed assets of EPS business as exceptional item during the quarter ended September 30, 2012.

After this provision, PBT (after exceptional item) stood at Rs 41.5 crore for Q2. "We achieved moderate growth in sales in the second quarter. Performance of chemicals and polyurethanes continued to drive sales growth," said Prasad Chandran, Chairman & Managing Director, BASF India.

For the half-year ended September 30, 2012, BASF registered sales of Rs 2,298.5 crore as compared to Rs 1,974.3 crore in the same period of the previous year, representing an increase of 16% on a comparable basis.

PBT (after exceptional item) stood at Rs 147.8 crore for the half-year as compared to Rs 128.7 crore for the same period of the previous year, an increase of 15%.

PBT (after exceptional item) stood at Rs 99.8 crore for the half-year ended September 30, up 15% from Rs 86.9 crore reported in the corresponding period of the previous fiscal, the statement added.