BASF India Q4 Results: Net profit declines 45% to ₹82 crore on sluggish sales, dividend declared
The Mumbai-based company's sales have been steadily declining since the start of the fiscal year 2022-23, dragging its profit significantly, the first time in seven quarters.
PremiumChemicals maker BASF India Ltd reported a 45 per cent decline to ₹82 crore in its net profit for the quarter ended March 31, hurt by weak sales and a surge in input costs. The net sales of the Indian arm of Germany's BASF in the January-March quarter came in at ₹3,276.89 crore, registering a decline of 3.32 per cent from Rs. 3,389.56 crore in the year-ago period.
The Mumbai-based company's sales have been steadily declining since the start of the fiscal year 2022-23, dragging its profit significantly, the first time in seven quarters.
Revenue from the company's main division, the materials business, slipped to ₹977 crore from ₹1,013 crore year ago. Its cost of materials spiked by nearly 20 per cent year on year.
The company's board recommended a dividend of Rs. 8 per equity share i.e., 80 per cent for FY23, subject to the approval of the shareholders. The dividend, if approved, by the shareholders, will be payable on or after 8th August, 2023.
The segment's portfolio includes specialised goods for the plastics and plastic processing industries, and innovative materials. BASF's chemicals segment, which consists of the petrochemicals and intermediates products, dropped about 21 per cent year on year.
The board also approved the re-appointment of Shyamala Gopinath as an independent director of the company for a second term of five years with effect from January 23, 2024, subject to the approval of the shareholders.
On May 10, shares of BASF India settled 1.10 per cent to ₹2,399.40 apiece on the BSE.
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