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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
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BASF India : Standalone Results
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Particulars
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2312
(03)
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2212
(03)
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Var.(%)
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2312
(09)
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2212
(09)
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Var.(%)
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2303
(12)
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2203
(12)
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Var.(%)
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Net Sales
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3,326.26
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2,898.10
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15
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10,407.51
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10,367.88
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0
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13,644.77
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13,099.73
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4
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OPM (%)
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6.4
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1.9
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6.2
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5.3
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5.0
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7.0
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OP
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212.48
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54.69
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289
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644.19
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553.07
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16
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686.64
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911.4
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-25
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Other Inc.
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26.51
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11.98
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121
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51.08
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25.28
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102
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37.44
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24
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56
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PBIDT
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238.99
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66.67
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258
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695.27
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578.35
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20
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724.08
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935.40
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-23
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Interest
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2.79
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2.75
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1
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12.78
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11.64
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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
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270
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682.49
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566.71
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20
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710.17
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917.93
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-23
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Depreciation
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48.8
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45.86
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6
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142.95
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135.54
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5
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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
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539.54
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431.17
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25
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528.09
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747.36
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-29
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EO Income
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0
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0
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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
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47.34
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7.42
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538
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137.7
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110.67
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24
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140.51
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165.08
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-15
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PAT
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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
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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
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401.84
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320.5
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25
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402.89
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594.84
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-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)
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2312
(03)
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2212
(03)
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Var.(%)
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% of (Total)
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2312
(09)
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2212
(09)
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Var.(%)
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% of (Total)
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2303
(12)
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2203
(12)
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Var.(%)
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Sales
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Agricultural Solution
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10
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342.44
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288.04
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19
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15
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1570.98
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1409.82
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11
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13
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1,797.11
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1,538.69
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17
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Materials
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31
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1026.11
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855.12
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20
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29
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3010.9
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2,862.14
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5
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28
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3,840.23
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3,527.77
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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
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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
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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
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20
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2,758.31
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2,479.67
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11
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Chemicals
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12
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399.52
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373.55
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7
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12
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1255.49
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1628.41
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-23
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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
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1
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106.62
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111.41
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-4
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Total Reported Sales
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100
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3,326.26
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2,898.10
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15
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100
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10,407.51
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10,367.88
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0
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100
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13,644.77
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13,099.73
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4
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Less: Inter segment revenues
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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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Net Sales
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3,326.26
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2,898.10
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15
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10,407.51
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10,367.88
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0
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13,644.77
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13,099.73
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4
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PBIT
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Agricultural Solution
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18
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33.99
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2.59
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999
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59
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344.27
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161.15
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114
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40
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231.48
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106.51
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117
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Materials
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25
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46.28
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-23.2
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-299
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11
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61.61
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87.03
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-29
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10
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58.43
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370
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-84
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Industrial Solutions
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21
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39.44
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17.94
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120
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19
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112.98
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107.36
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5
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23
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132.15
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159.75
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-17
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Surface Technologies
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0
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-0.54
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2.55
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PL
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1
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5.5
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-1.67
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LP
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2
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13.28
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-31.03
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-143
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Nutrition & Care
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17
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31.16
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17.45
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79
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4
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23.8
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70.2
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-66
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18
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103.81
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71.75
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45
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Chemicals
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13
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23.29
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-3.37
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LP
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4
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25.5
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31.66
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-19
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7
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39.73
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110.61
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-64
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Others
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7
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12.41
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11.29
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10
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1
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8.55
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10.3
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-17
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1
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5.67
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12.92
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-56
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Total PBIT
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100
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186.03
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25.25
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637
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100
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582.21
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466.03
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25
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100
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584.55
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800.51
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-27
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Less : Interest
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2.79
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2.75
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1
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12.78
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11.64
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10
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13.91
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17.47
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-20
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Add: Other un-allcoable
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4.16
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-4.44
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-194
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-29.89
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-23.22
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29
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-27.24
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-23.12
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18
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PBT
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187.4
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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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543.4
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759.92
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-28
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08:04
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