Chemicals firm BASF India today reported 78.37 per cent increase in net profit at Rs 92.72 crore for the quarter ended June 2015 on account of profit realised on sale of its non-core assets.
The company had clocked a net profit of Rs 51.98 crore in the year-ago period, BASF India said in a BSE filing.
Total income from operations during April-June period of current financial year declined to Rs 1,349.68 crore from Rs 1,447.60 crore in the same period of 2014-15 fiscal, it added.
Profits were up despite fall in operational income as the firm realised profit on sale of its residential properties.
"During the current quarter, the company sold its non-core assets (residential properties) and has recognised a profit of Rs 28.32 crore which is disclosed as an exceptional item," the company said in balance sheet notes.
The firm divested its textile business during the quarter and the profit from it is disclosed as an exceptional item.
"As profitability remains affected by the start-up phase of the Dahej site, we continue to focus on further improving operational capabilities at the site and optimally utilising its capacities.
"At the same time, we registered an exceptional profit during the first quarter of 2015-16 fiscal from the divestment of our textile chemicals business, pursuant to the global divestment," said Raman Ramachandran, Chairman & Managing Director, BASF India Limited.
BASF has 9 production sites and two research and development centres in India.
