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Results
15-May-24
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Analysis
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BASF India
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Improved operating performance
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Standalone
net sales (including other operating income) of BASF India has increased 2.54%
to Rs 3,359.97 crore. Sales of
Agricultural Solution segment has gone up 12.44% to Rs 435.48 crore (accounting
for 12.96% of total sales). Sales of
Materials segment has gone up 13.34% to Rs 1,108.60 crore (accounting for
32.99% of total sales). Sales of
Industrial Solutions segment fell 1.70% to Rs 546.89 crore (accounting for
16.28% of total sales). Sales of Surface
Technologies segment has gone down 12.63% to Rs 165.13 crore (accounting for
4.91% of total sales). Sales of
Nutrition & Care segment has gone down 11.21% to Rs 602.26 crore
(accounting for 17.92% of total sales).
Sales of Chemicals segment has gone up 2.16% to Rs 477.20 crore
(accounting for 14.20% of total sales).
Sales of Others segment has gone up 17.58% to Rs 24.41 crore (accounting
for 0.73% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 94.10% to Rs
230.05 crore. PBIT of Agricultural
Solution segment rose 29.67% to Rs 91.20 crore (accounting for 39.64% of total
PBIT). PBIT of Materials reported profit
of Rs 43.54 crore compared to loss of Rs 28.60 crore. PBIT of Industrial Solutions segment rose
109.96% to Rs 52.05 crore (accounting for 22.63% of total PBIT). PBIT of Surface Technologies segment fell
36.79% to Rs 9.45 crore (accounting for 4.11% of total PBIT). PBIT of Nutrition & Care segment fell
63.76% to Rs 12.18 crore (accounting for 5.29% of total PBIT). PBIT of Chemicals segment rose 251.67% to Rs
28.38 crore (accounting for 12.34% of total PBIT). PBIT of Others segment fell 45.79% to Rs
-6.75 crore (accounting for -2.93% of total PBIT).
PBIT
margin of Agricultural Solution segment rose from 18.16% to 20.94%. PBIT margin of Materials segment rose from
negative 2.92% to 3.93%. PBIT margin of
Industrial Solutions segment rose from 4.46% to 9.52%. PBIT margin of Surface Technologies segment
fell from 7.91% to 5.72%. PBIT margin of
Nutrition & Care segment fell from 4.96% to 2.02%. PBIT margin of Chemicals segment rose from
1.73% to 5.95%. PBIT margin of Others
segment fell from negative 22.30% to negative 27.65%. Overall PBIT margin rose from 3.62% to
6.85%.
Operating
profit margin has jumped from 4.08% to 7.31%, leading to 83.96% rise in
operating profit to Rs 245.72 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
33.56% to 31.72%. Purchase of finished
goods cost fell from 52.06% to 51.92%.
Employee cost decreased from 3.30% to 2.74%. Other expenses fell from 7.28% to
7.06%.
Other
income up 103.13% to Rs 24.7 crore.
PBIDT rose 85.56% to Rs 270.42 crore.
Provision for interest up 21.15% to Rs 2.75 crore.
PBDT
rose 86.58% to Rs 267.67 crore.
Provision for depreciation rose 3.70% to Rs 48.26 crore. Fixed assets increased to Rs 819.55 crore as
of 31 March 2024 from Rs 808.52 crore as of 31 March 2023. Intangible assets declined from Rs 3.14 crore
to Rs 0.67 crore.
Profit
before tax grew 126.38% to Rs 219.41 crore.
Provision for tax was expense of Rs 57.9 crore, compared to Rs 29.84
crore. Effective tax rate was 26.39%
compared to 26.59%.
Profit
after tax rose 96.03% to Rs 161.51 crore.
Equity
capital stood at Rs 43.29 crore as of 31 March 2024 to Rs 43.29 crore as of 31
March 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 73.33% as of 31 March 2024 compared to 73.33% as of 31 March 2023
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Full year results
analysis
Net
sales (including other operating income) of BASF India has increased 0.90% to
Rs 13,767.48 crore. Sales of
Agricultural Solution segment has gone up 11.65% to Rs 2,006.46 crore
(accounting for 14.57% of total sales).
Sales of Materials segment has gone up 7.27% to Rs 4,119.50 crore
(accounting for 29.92% of total sales).
Sales of Industrial Solutions segment fell 8.61% to Rs 2,147.54 crore
(accounting for 15.60% of total sales).
Sales of Surface Technologies segment has gone up 15.76% to Rs 807.01
crore (accounting for 5.86% of total sales).
Sales of Nutrition & Care segment has gone up 3.16% to Rs 2,845.45
crore (accounting for 20.67% of total sales).
Sales of Chemicals segment has gone down 17.31% to Rs 1,732.69 crore
(accounting for 12.59% of total sales).
Sales of Others segment has gone up 2.07% to Rs 108.83 crore (accounting
for 0.79% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 38.95% to Rs
812.26 crore. PBIT of Agricultural
Solution segment rose 88.12% to Rs 435.47 crore (accounting for 53.61% of total
PBIT). PBIT of Materials segment rose
79.96% to Rs 105.15 crore (accounting for 12.95% of total PBIT). PBIT of Industrial Solutions segment rose
24.88% to Rs 165.03 crore (accounting for 20.32% of total PBIT). PBIT of Surface Technologies segment rose
12.58% to Rs 14.95 crore (accounting for 1.84% of total PBIT). PBIT of Nutrition & Care segment fell
65.34% to Rs 35.98 crore (accounting for 4.43% of total PBIT). PBIT of Chemicals segment rose 35.62% to Rs
53.88 crore (accounting for 6.63% of total PBIT). PBIT of Others segment fell 68.25% to Rs 1.80
crore (accounting for 0.22% of total PBIT).
PBIT
margin of Agricultural Solution segment rose from 12.88% to 21.70%. PBIT margin of Materials segment rose from
1.52% to 2.55%. PBIT margin of
Industrial Solutions segment rose from 5.62% to 7.68%. PBIT margin of Surface Technologies segment
fell from 1.90% to 1.85%. PBIT margin of
Nutrition & Care segment fell from 3.76% to 1.26%. PBIT margin of Chemicals segment rose from
1.90% to 3.11%. PBIT margin of Others
segment fell from 5.32% to 1.65%.
Overall PBIT margin rose from 4.28% to 5.90%.
Operating
profit margin has jumped from 5.03% to 6.46%, leading to 29.60% rise in
operating profit to Rs 889.91 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
34.05% to 33.06%. Purchase of finished
goods cost fell from 50.29% to 49.84%.
Employee cost increased from 2.83% to 2.86%. Other expenses fell from 7.87% to
7.76%.
Other
income up 102.40% to Rs 75.78 crore.
PBIDT rose 33.37% to Rs 965.69 crore.
Provision for interest up 11.65% to Rs 15.53 crore. Loan funds rose to Rs 156.07 crore as of 31
March 2024 from Rs 105.85 crore as of 31 March 2023. Inventories declined from Rs 2,217.22 crore
as of 31 March 2023 to Rs 2,116.05 crore as of 31 March 2024. Sundry debtors were higher at Rs 2,521.93
crore as of 31 March 2024 compared to Rs 2,344.53 crore as of 31 March
2023. Cash and bank balance rose to Rs
624.28 crore as of 31 March 2024 from Rs 367.19 crore as of 31 March 2023.
PBDT
rose 33.79% to Rs 950.16 crore.
Provision for depreciation rose 5.01% to Rs 191.21 crore. Fixed assets increased to Rs 819.55 crore as
of 31 March 2024 from Rs 808.52 crore as of 31 March 2023. Intangible assets declined from Rs 3.14 crore
to Rs 0.67 crore.
Profit
before tax grew 43.72% to Rs 758.95 crore.
Provision for tax was expense of Rs 195.6 crore, compared to Rs 140.51
crore. Effective tax rate was 25.77%
compared to 25.86%.
Profit
after tax rose 39.83% to Rs 563.35 crore.
Equity
capital stood at Rs 43.29 crore as of 31 March 2024 to Rs 43.29 crore as of 31
March 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 73.33% as of 31 March 2024 ,compared to 73.33% as of 31 March 2023
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Cash flow from
operating activities increased to Rs 807.24 crore for year ended March 2024
from Rs 530.81 crore for year ended March 2023.
Cash flow used in acquiring fixed assets during the year ended March
2024 stood at Rs 100.93 crore, compared to Rs 91.63 crore during the year ended
March 2023.
The scrip is
currently trading at Rs 4615
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BASF India : Standalone Results
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Particulars
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2403
(03)
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2303
(03)
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Var.(%)
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2403
(12)
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2303
(12)
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Var.(%)
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Net Sales
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3,359.97
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3,276.89
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3
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13,767.48
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13,644.77
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1
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OPM (%)
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7.3
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4.1
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6.5
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5.0
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OP
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245.72
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133.57
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84
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889.91
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686.64
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30
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Other Inc.
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24.7
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12.16
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103
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75.78
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37.44
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102
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PBIDT
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270.42
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145.73
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86
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965.69
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724.08
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33
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Interest
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2.75
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2.27
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21
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15.53
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13.91
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12
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PBDT
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267.67
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143.46
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87
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950.16
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710.17
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34
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Depreciation
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48.26
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46.54
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4
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191.21
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182.08
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5
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PBT
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219.41
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96.92
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126
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758.95
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528.09
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44
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EO Income
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0
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15.31
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0
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15.31
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-100
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PBT after EO
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219.41
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112.23
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96
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758.95
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543.40
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40
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Taxation
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57.9
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29.84
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94
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195.6
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140.51
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39
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PAT
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161.51
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82.39
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96
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563.35
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402.89
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40
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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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PAT after PPA
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161.51
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82.39
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96
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563.35
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402.89
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40
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EPS (Rs)*
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#
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#
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130.1
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90.4
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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)
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2403
(03)
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2303
(03)
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Var.(%)
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% of (Total)
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2403
(12)
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2303
(12)
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Var.(%)
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Sales
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Agricultural Solution
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13
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435.48
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387.29
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12
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15
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2,006.46
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1,797.11
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12
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Materials
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33
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1,108.60
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978.09
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13
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30
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4,119.50
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3,840.23
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7
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Industrial Solutions
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16
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546.89
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556.36
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-2
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16
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2,147.54
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2,349.82
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-9
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Surface Technologies
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5
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165.13
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188.99
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-13
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6
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807.01
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697.17
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16
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Nutrition & Care
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18
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602.26
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678.3
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-11
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21
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2,845.45
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2,758.31
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3
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Chemicals
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14
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477.2
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467.1
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2
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13
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1,732.69
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2,095.51
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-17
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Others
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1
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24.41
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20.76
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18
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1
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108.83
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106.62
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2
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Total Reported Sales
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100
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3,359.97
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3,276.89
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3
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100
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13,767.48
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13,644.77
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1
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Less: Inter segment revenues
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0
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0
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-
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0
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0
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-
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Net Sales
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100
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3,359.97
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3,276.89
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3
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100
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13,767.48
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13,644.77
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1
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PBIT
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Agricultural Solution
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40
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91.2
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70.33
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30
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54
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435.47
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231.48
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88
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Materials
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19
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43.54
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-28.6
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LP
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13
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105.15
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58.43
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80
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Industrial Solutions
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23
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52.05
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24.79
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110
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20
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165.03
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132.15
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25
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Surface Technologies
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4
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9.45
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14.95
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-37
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2
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14.95
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13.28
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13
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Nutrition & Care
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5
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12.18
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33.61
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-64
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4
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35.98
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103.81
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-65
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Chemicals
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12
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28.38
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8.07
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252
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7
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53.88
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39.73
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36
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Others
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-3
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-6.75
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-4.63
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-46
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0
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1.8
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5.67
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-68
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Total PBIT
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100
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230.05
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118.52
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94
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100
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812.26
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584.55
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39
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Less : Interest
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2.75
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2.27
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21
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15.53
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13.91
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12
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Add: Other un-allcoable
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-7.89
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-4.02
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-96
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-37.78
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-27.24
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-39
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PBT
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100
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219.41
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112.23
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96
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100
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758.95
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543.4
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40
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