BASF India posts 45% slide in quarterly profit on sluggish sales

BASF India

10/05/2023 10:29

BENGALURU, May 10 (Reuters) - Chemicals maker BASF India
Ltd  BASF.NS  reported a 45% fall in its profit for the quarter
ended March 31 on Wednesday, hurt by weak sales and a surge in
input costs.
    The Indian arm of Germany's BASF  BASFn.DE  said its profit
slipped to 823.9 million rupees ($10.07 million) in the quarter,
from 1.5 billion rupees a year earlier. 
    The Mumbai-based company's sales fell to 32.5 billion rupees
from 33.59 billion rupees a year ago. Its sales have been
steadily declining since the start of the fiscal year 2022-23,
dragging its profit to millions in the previous quarter from
billions, the first time in seven quarters.
    Revenue from the company's main division, the materials
business, slipped to 9.78 billion rupees, from 10.13 billion
rupees year ago. Its cost of materials spiked by nearly 20% year
on year.
    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%
year on year.
    Shares of BASF India fell nearly 6% after its quarterly
results.
     
    


($1 = 81.7800 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru; editing by Eileen
Soreng)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))