BASF India reported a decline of 40% in profit after tax (PAT) at INR 52 crore for the first quarter of 2014, which ended on June 30. Exactly a year ago, in the same period the company reported a PAT of INR 86.9 crore.
However, despite these figures, BASF India recorded a 7% rise in sales to INR 144.58 crore during the first quarter of 2014 as compared to INR 135.68 year-on-year.
Raman Ramchandran, Chairman and Managing Director for BASF India stated, the growth in sales in the first quarter of this fiscal year are due to steady growth in functional materials and solutions, and performance material businesses. Delayed monsoons have been a major factor in keep the sales strong for most of the company’s agrochemicals businesses.
In another move by the company, its Board of Directors appointed Rajesh Naik as a full time director of the company starting August 1. He will replace Ramaseshan Ganapathy.
BASF is one of top chemical company in the world. Its portfolio is inclusive of chemicals, plastics, performance products, crop protection products, oil, and gas. The BASF group has joint ventures and subsidiaries in about 80 countries. It further includes 390 production sites in Africa, America, Australia, Asia, and Europe with six integrated production sites. With customers in more than 200 countries, it has negligible public attention.
By 2013, the company employed112,000 people, with more than 52,500 in Germany alone. In the immediate future the company intends to expand its international activities, with a special focus on Asia.