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BASF

Jul 29, 2000

BASF India has reported a 26% growth in first quarter earnings on a 21% growth in the sales. One of the reasons for the improved performance is the higher sales of agrochemicals in the first quarter. This however is a seasonal business and sales drop by almost 20% in the second half. (The agrochemical business contributes around 32% to the company's annual turnover.)

(Rs m) 1QFY00 1QFY01 Change
Sales 879 1,067 21.4%
Other Income 5.5 11.0 100.0%
Expenditure 726 903 24.4%
Operating Profit (EBDIT) 154 165 7.3%
Operating Profit Margin (%) 17.5% 15.4%  
Interest 38 31 -17.8%
Depreciation 54 55 2.6%
Profit before Tax 67 89 32.9%
Other Adjustments - -  
Tax 27 38 42.8%
Profit after Tax/(Loss) 40 51 26.3%
Net profit margin (%) 4.6% 4.8%  
No. of Shares (eoy) (m) 24.2 24.2  
Diluted number of shares 24.2 24.2  
Diluted Earnings per share* 6.7 8.4  
*(annualised)      

The company has introduced super plasticisers for the building and construction industry (Tamol) and Stryonal (styrene butadex latex) for the paper industry. With both the businesses on the verge of a turnaround the products are expected to do well in the current year.

The stock quotes at a price of Rs 92, near its three year low of Rs 75. The current stock price implies an earning multiple of 10.95 times its first quarter annualised earnings.


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