BASF India : announces Q2 2016-17 Results

• Sales at Rs. 13,932 million
• Growth driven by volume and margins along with continued efforts towards cost optimizaton

November 10, 2016, Mumbai, India - BASF India Limited (BSE code: 500042) registered sales of Rs. 13,932 million for the quarter ended September 30, 2016, as compared to Rs.12,101 million in the corresponding quarter of the previous year.

The Company's loss before tax (before exceptional items) stood at Rs. 177 million for the quarter ended September 30, 2016, as compared to loss before tax (before exceptional items) of Rs. 1,094 million in the corresponding quarter of the previous year. Loss after tax (after exceptional items) stood at Rs. 194 million for the quarter ended September 30, 2016, as compared to loss after tax (after exceptional items) of Rs. 681 million posted in the corresponding quarter of the previous year.

'Market condition continue to remain challenging. There are some early signs of revival due to good monsoon, and we expect demand recovery to rise gradually. In this quarter, volume and margin have driven growth and our on-going efforts on cost optimization have been effective,' said Raman Ramachandran, Chairman & Managing Director, BASF India Limited.

For the half-year ended September 30, 2016, the Company registered sales of Rs. 29,009 million as compared to Rs.26,777 million for the corresponding period of the previous year; an increase of 8%. Loss Before Tax (before exceptional items) stood at Rs. 95 million for the half year ended September 30, 2016 as compared to loss before tax (before exceptional items) of Rs.1, 288 million for the corresponding period of the previous year. Loss after tax (after exceptional items) stood at Rs. 96 million for the half year ended September 30, 2016, as compared to profit after tax (after exceptional items) of Rs.101 million posted in the corresponding period of the previous year.

This financial year onwards, the Company has started preparing its financial results, including the relevant previous year comparables, in compliance with the Indian Accounting Standards (Ind-AS) as notified by the Ministry of Corporate Affairs.

The Board of Directors of BASF India Limited also approved the appointment of M/s. Price Waterhouse Chartered Accountants LLP (Registration No. 012754N/N500016) as the new Statutory Auditors of the Company in place of M/s. B S R & Co. LLP, for a period of 5 years from the conclusion of the forthcoming Annual General Meeting of the Company to be held in 2017, subject to approval of the shareholders of the Company. M/s. B S R & Co, LLP will retire as the Statutory Auditors of the Company at the said Annual General Meeting.

About BASF in India

BASF has successfully partnered India's progress for more than 125 years, with all global businesses maintaining a presence in India today except for Oil & Gas. As of the end of 2015, BASF in India had 2,236 employees at nine production sites & eight sales offices, as well as two R&D centers, located in Mumbai and Mangalore. In 2015, BASF registered sales of approximately €1.1 billion to customers in India. Further information is available on the Internet at www.basf.com/in

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 112,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of more than €70 billion in 2015. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information at www.basf.com.