Mumbai, Nov 14 (PTI) BASF India today reported a turnaround with net profit of Rs 172.91 crore in the September quarter due to new product launches in agricultural solutions business and volume growth in other segments.
The company reported net loss of Rs 19.39 crore in the corresponding period last year.
The company has registered sales of Rs 1,433.2 crore compared to Rs 1,393.2 crore in the corresponding quarter of the previous year, representing an increase of 12 per cent, a company statement said.
The decision to cease TPU production has resulted in a writedown of the assets, which has been disclosed as exceptional item for the reporting quarter.
For the half-year its sales rose 10 per cent to Rs 3,079.7 crore.
“New product launches in our agricultural solutions business and volume growth in other segments contributed to improved topline growth and profitability.
“Our recently announced plans to expand capacity of cellasto and cease thermoplastic polyurethane manufacturing at Dahej in Gujarat, demonstrate how we optimise our manufacturing assets to meet the needs of the market and customers,” chairman Raman Ramachandran said.
This is published unedited from the PTI feed.