Mumbai: Chemical producer BASF India on Monday reported a rise of 12% in its net profit for the first quarter ended June to Rs41.05 crore, over the corresponding period a year ago.
The company had a net profit of Rs36.65 crore during the June quarter a year earlier, BASF India said in a filing to the Bombay Stock Exchange (BSE).
However, the total income of the Indian subsidiary of the German group BASF fell marginally to Rs384.15 crore in the latest quarter of the current financial year from Rs385.87 crore last year.
Meanwhile, in a separate filing to the BSE, BASF India said it would stop production of agrochemicals at its Dadra site under the company’s rationalisation measures.
“As a part of the rationalisation measures undertaken by the company at its Dadra site, the board (has) approved the cessation of production of agrochemicals,” it said.
“There is no adverse impact of a maternal nature arising on account of cessation of production activities at the company’s Dadra site,” BASF India said.
Further, to rationalise the company’s manpower needs and to build efficiency, the board has also approved the introduction of voluntary retirement scheme for employees, it added.
Shares of BASF India surged 9.56% and were trading at Rs271 in late afternoon trade on the BSE.