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Creditable results from BASF

Jun 20, 2000

Despite a tough year BASF India, the 51% subsidiary of BASF AG, has declared good results. While the turnover has increased by 11%, it is the pre–tax profit, which has shown a sizeable improvement from 6.34% in FY99 to 8.79% in FY2000.

(Rs m)FY1999FY2000Change
Sales 3,418 3,797 11.1%
Other Income 38 42 11.9%
Expenditure 2,867 3,164 10.4%
Operating Profit (EBDIT) 551 633 14.8%
Operating Profit Margin (%)16.1%16.7% 
Interest 168 125 -25.3%
Depreciation 204 215 5.4%
Profit before Tax 217 334 54.3%
Other Adjustments   
Tax 37 135 268.5%
Profit after Tax/(Loss) 180 200 10.9%
Net profit margin (%)5.3%5.3% 
Earnings per share7.58.3 

BASF India is primarily engaged in the leather and textile chemicals (which contribute around 40% to the company’s turnover), pesticides (32%), specialty chemicals (14%) and plastics (11%). Over the last two years the company has also introduced super plasticizers for the building and the construction industry (Tamol) and Styronal (Styrene butadex latex) for the paper indusry. With both the industries on the verge of a turnaround, the demand for these products should improve in the current year.

The stock quotes at Rs 93 near its three–year low of Rs 75. This implies an earning multiple of 11.3 times.

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