|
Results
12-Feb-24
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Analysis
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BASF India
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Sales up 15%, OP up 289%
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BASF
India standalone net sales increased 14.77% to Rs 3,326.26 crore in Q3FY24
compared to Q3FY23. Sales of Agricultural Solution segment was up 19% to Rs
342.44 crore (accounting for 10% of total sales). Sales of Materials segment increased 20% to
Rs 1026.11 crore (accounting for 31% of total sales). Sales of Industrial Solutions segment rose 5%
to Rs 532.96 crore (accounting for 16% of total sales). Sales of Surface Technologies segment has
gone up 15% to Rs 205.69 crore (accounting for 6% of total sales). Sales of Nutrition & Care segment rose
18% to Rs 784.94 crore (accounting for 24% of total sales). Sales of Chemicals segment was up 7% to Rs
399.52 crore (accounting for 12% of total sales). Sales of Others segment was up 13% to Rs 34.6
crore (accounting for 1% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) rose 637% to Rs 186.03
crore. PBIT of Agricultural Solution
segment rose to Rs 33.99 crore (accounting for 18% of total PBIT) compared to
Rs 2.59 crore. PBIT of Materials
increased to Rs 46.28 crore (accounting for 25% of total PBIT) compared to loss
of Rs 23.2 crore. PBIT of Industrial
Solutions segment rose 120% to Rs 39.44 crore (accounting for 21% of total
PBIT). PBIT of Surface Technologies
segment reported loss of Rs 54 lakh. PBIT
of Nutrition & Care segment reported 79% increase to Rs 31.16 crore. PBIT of Chemicals segment reported profit of
23.29 crore compared to loss of Rs 3.37 crore.
PBIT of Others segment rose 10% to Rs 12.41 crore (accounting for 7% of
total PBIT).
PBIT
margin of Agricultural Solution segment rose from 0.9% to 9.9%. PBIT margin of Materials segment rose from
negative 2.7% to 4.5%. PBIT margin of
Industrial Solutions segment rose from 3.5% to 7.4%. PBIT margin of Surface Technologies segment
fell from 1.4% to negative 0.3%. PBIT
margin of Nutrition & Care segment rose from 2.6% to 4%. PBIT margin of Chemicals segment rose from
negative 0.9% to 5.8%. Overall PBIT
margin rose from 0.9% to 5.6%.
Operating
profit margin has jumped from 1.89% to 6.39%, leading to 288.52% rise in
operating profit to Rs 212.48 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
36.26% to 30.62%. Purchase of finished
goods cost rose from 48.49% to 51.08%.
Employee cost decreased from 3.46% to 2.94%. Other expenses fell from 9.77% to 8.60%.
Other
income up 121.29% to Rs 26.51 crore.
PBIDT rose 258.47% to Rs 238.99 crore.
Provision for interest up 1.45% to Rs 2.79 crore. Loan funds remained nil.
PBDT
rose 269.52% to Rs 236.2 crore.
Provision for depreciation rose 6.41% to Rs 48.8 crore.
Profit
before tax grew 937.65% to Rs 187.40 crore.
Provision for tax was expense of Rs 47.34 crore, compared to Rs 7.42
crore. Effective tax rate was 25.26%
compared to 41.09%.
Profit
after tax rose 1,216.35% to Rs 140.06 crore.
Promoters’ stake was
73.33% as of 31 December 2023 ,compared to 73.33% as of 31 December 2022.
For year-to-date
(YTD) results analysis
Net
sales (including other operating income) of BASF India has increased 0.38% to
Rs 10,407.51 crore. Sales of
Agricultural Solution segment was up 11% to Rs 1570.98 crore (accounting for
15% of total sales). Sales of Materials
segment increased 5% to Rs 3010.9 crore (accounting for 29% of total
sales). Sales of Industrial Solutions
segment fell 11% to Rs 1600.65 crore (accounting for 15% of total sales). Sales of Surface Technologies segment has
gone up 26% to Rs 641.88 crore (accounting for 6% of total sales). Sales of Nutrition & Care segment rose 8%
to Rs 2243.19 crore (accounting for 22% of total sales). Sales of Chemicals segment was down 23% to Rs
1255.49 crore (accounting for 12% of total sales). Sales of Others segment was down 2% to Rs
84.42 crore (accounting for 1% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) rose 25% to Rs 582.21
crore. PBIT of Agricultural Solution
segment rose 114% to Rs 344.27 crore (accounting for 59% of total PBIT). PBIT of Materials decreased 29% to Rs 61.61
crore (accounting for 11% of total PBIT).
PBIT of Industrial Solutions segment rose 5% to Rs 112.98 crore
(accounting for 19% of total PBIT). PBIT
of Surface Technologies segment reported profit of Rs 5.5 crore (accounting for
1% of total PBIT) compared to loss of Rs 1.67 crore. PBIT of Nutrition & Care segment reported
66% fall to Rs 23.8 crore (accounting for 4% of total PBIT). PBIT of Chemicals segment reported 19% fall
in profit to 25.5 crore (accounting for 4% of total PBIT). PBIT of Others segment fell 17% to Rs 8.55
crore (accounting for 1% of total PBIT).
PBIT
margin of Agricultural Solution segment rose from 15.2% to 25.8%. PBIT margin of Materials segment fell from
8.6% to negative 0.2%. PBIT margin of
Industrial Solutions segment fell from 7.4% to 4.6%. PBIT margin of Surface Technologies segment
fell from 6.3% to 2.3%. PBIT margin of
Nutrition & Care segment rose from 4.2% to
0.9%. PBIT margin of Chemicals
segment rose from 3.1% to 2.8%. Overall
PBIT margin rose from 4.5% to 5.6%.
Operating
profit margin has jumped from 5.33% to 6.19%, leading to 16.48% rise in
operating profit to Rs 644.19 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
34.21% to 33.57%. Purchase of finished
goods cost fell from 49.68% to 49.06%.
Employee cost increased from 2.68% to 2.90%. Other expenses fell from 8.07% to
8.02%.
Other
income up 102.06% to Rs 51.08 crore.
PBIDT rose 20.22% to Rs 695.27 crore.
Provision for interest up 9.79% to Rs 12.78 crore. Loan funds remained nil.
PBDT
rose 20.43% to Rs 682.49 crore.
Provision for depreciation rose 5.47% to Rs 142.95 crore.
Profit
before tax grew 25.13% to Rs 539.54 crore.
Provision for tax was expense of Rs 137.7 crore, compared to Rs 110.67
crore. Effective tax rate was 25.52%
compared to 25.67%.
Profit
after tax rose 25.38% to Rs 401.84 crore.
Promoters’ stake was
73.33% as of 31 December 2023 ,compared to 73.33% as of 31 December 2022 .
The scrip is
currently trading at Rs 3379
BASF India : Standalone Results
|
Particulars
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
Net Sales
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3,326.26
|
2,898.10
|
15
|
10,407.51
|
10,367.88
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0
|
13,644.77
|
13,099.73
|
4
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OPM (%)
|
6.4
|
1.9
|
|
6.2
|
5.3
|
|
5.0
|
7.0
|
|
OP
|
212.48
|
54.69
|
289
|
644.19
|
553.07
|
16
|
686.64
|
911.4
|
-25
|
Other Inc.
|
26.51
|
11.98
|
121
|
51.08
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25.28
|
102
|
37.44
|
24
|
56
|
PBIDT
|
238.99
|
66.67
|
258
|
695.27
|
578.35
|
20
|
724.08
|
935.40
|
-23
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Interest
|
2.79
|
2.75
|
1
|
12.78
|
11.64
|
10
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13.91
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17.47
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-20
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PBDT
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236.20
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63.92
|
270
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682.49
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566.71
|
20
|
710.17
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917.93
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-23
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Depreciation
|
48.8
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45.86
|
6
|
142.95
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135.54
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5
|
182.08
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170.57
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7
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PBT
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187.40
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18.06
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938
|
539.54
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431.17
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25
|
528.09
|
747.36
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-29
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EO Income
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0
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0
|
|
0
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0
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|
15.31
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12.56
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22
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PBT after EO
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187.40
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18.06
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938
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539.54
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431.17
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25
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543.40
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759.92
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-28
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Taxation
|
47.34
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7.42
|
538
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137.7
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110.67
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24
|
140.51
|
165.08
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-15
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PAT
|
140.06
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10.64
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999
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401.84
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320.5
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25
|
402.89
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594.84
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-32
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PPA
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0
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0
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0
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0
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0
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0
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PAT after PPA
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140.06
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10.64
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999
|
401.84
|
320.5
|
25
|
402.89
|
594.84
|
-32
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EPS (Rs)*
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#
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#
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#
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#
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90.4
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135.1
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Notes
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* EPS is on current equity of Rs 43.29 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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Var (%) exceeding 999 is restricted to 999
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Figures in Rs crore
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Source: Capitaline Corporate Database
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BASF India : Standalone Segment
Results
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% of (Total)
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
% of (Total)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
% of (Total)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
Sales
|
Agricultural Solution
|
10
|
342.44
|
288.04
|
19
|
15
|
1570.98
|
1409.82
|
11
|
13
|
1,797.11
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1,538.69
|
17
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Materials
|
31
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1026.11
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855.12
|
20
|
29
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3010.9
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2,862.14
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5
|
28
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3,840.23
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3,527.77
|
9
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Industrial Solutions
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16
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532.96
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508.81
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5
|
15
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1600.65
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1793.46
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-11
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17
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2,349.82
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2,294.30
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2
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Surface Technologies
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6
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205.69
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178.91
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15
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6
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641.88
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508.18
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26
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5
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697.17
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577.78
|
21
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Nutrition & Care
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24
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784.94
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662.98
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18
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22
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2243.19
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2080.01
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8
|
20
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2,758.31
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2,479.67
|
11
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Chemicals
|
12
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399.52
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373.55
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7
|
12
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1255.49
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1628.41
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-23
|
15
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2,095.51
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2,570.11
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-18
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Others
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1
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34.6
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30.69
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13
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1
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84.42
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85.86
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-2
|
1
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106.62
|
111.41
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-4
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Total Reported Sales
|
100
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3,326.26
|
2,898.10
|
15
|
100
|
10,407.51
|
10,367.88
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0
|
100
|
13,644.77
|
13,099.73
|
4
|
Less: Inter segment revenues
|
|
0
|
0
|
|
|
0
|
0
|
|
|
0
|
0
|
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Net Sales
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3,326.26
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2,898.10
|
15
|
|
10,407.51
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10,367.88
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0
|
|
13,644.77
|
13,099.73
|
4
|
PBIT
|
Agricultural Solution
|
18
|
33.99
|
2.59
|
999
|
59
|
344.27
|
161.15
|
114
|
40
|
231.48
|
106.51
|
117
|
Materials
|
25
|
46.28
|
-23.2
|
-299
|
11
|
61.61
|
87.03
|
-29
|
10
|
58.43
|
370
|
-84
|
Industrial Solutions
|
21
|
39.44
|
17.94
|
120
|
19
|
112.98
|
107.36
|
5
|
23
|
132.15
|
159.75
|
-17
|
Surface Technologies
|
0
|
-0.54
|
2.55
|
PL
|
1
|
5.5
|
-1.67
|
LP
|
2
|
13.28
|
-31.03
|
-143
|
Nutrition & Care
|
17
|
31.16
|
17.45
|
79
|
4
|
23.8
|
70.2
|
-66
|
18
|
103.81
|
71.75
|
45
|
Chemicals
|
13
|
23.29
|
-3.37
|
LP
|
4
|
25.5
|
31.66
|
-19
|
7
|
39.73
|
110.61
|
-64
|
Others
|
7
|
12.41
|
11.29
|
10
|
1
|
8.55
|
10.3
|
-17
|
1
|
5.67
|
12.92
|
-56
|
Total PBIT
|
100
|
186.03
|
25.25
|
637
|
100
|
582.21
|
466.03
|
25
|
100
|
584.55
|
800.51
|
-27
|
Less : Interest
|
|
2.79
|
2.75
|
1
|
|
12.78
|
11.64
|
10
|
|
13.91
|
17.47
|
-20
|
Add: Other un-allcoable
|
|
4.16
|
-4.44
|
-194
|
|
-29.89
|
-23.22
|
29
|
|
-27.24
|
-23.12
|
18
|
PBT
|
|
187.4
|
18.06
|
938
|
|
539.54
|
431.17
|
25
|
|
543.4
|
759.92
|
-28
|
|
|
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