Linde India reported a standalone net profit of Rs 634.50 crore in Q3 December 2019 as compared to a net profit of Rs 15.42 crore in Q3 December 2018.

Net sales, however, declined 26.6% year-on-year (YoY) to Rs 412.82 crore in Q3 December 2019. Profit before tax and exceptional items in the December quarter stood at Rs 34.89 crore, up by 64% from Rs 21.27 crore reported in the same period last year.

The company said that in connection with the global merger between Linde AG and Praxair Inc., the Competition Commission of India (CCI) has required divestiture of certain assets of Linde India, as a condition to approving the global merger. Accordingly, South Region Divestment Business were divested during the year on a "slump-sale" and "as is where is basis" and the total profit on such divestment was Rs 840.75 crore after adjusting for carrying value of the business of Rs 273.92 crore, consent fees for assignment of contract of Rs 250 crore and other related expenditure for sale of the business of Rs 15.32 crore, which has been shown as exceptional item.

It added that the divestment of "Belloxy Divestment Business" has not been completed as at 31 December 2019. The company has signed a term sheet with a buyer on 20 December 2019 and has obtained approvals from board of directors on 12 January 2020 and from shareholders on 20 February 2020. The company is in the process of obtaining approval from the CCI.

Linde India is the gases business, providing a one-stop solution to all businesses for gas supply and related equipment and services. It manufactures cryogenic and non-cryogenic vessels and also design and commission projects.