On a standalone basis, BASF India's net profit slumped 53.2% to Rs 40.37 crore on 40.4% jump in net sales to Rs 1,840.81 crore in Q4 March 2020 over Q4 March 2019.
Standalone profit before tax dropped 64.6% to Rs 29.21 crore in Q4 March 2020 as against Rs 82.59 crore in Q4 March 2019. The result was announced post trading hours yesterday, 22 May 2020.
The company stated that the COVID-19 pandemic has severely disrupted business operations due to lockdown and other emergency measures imposed by the governments. The operations of the firm were impacted, due to shutdown of plants and offices following nationwide lockdown. The company continues with its operations in a phased manner in line with directives from the authorities.
The company has evaluated the impact of this pandemic on its business operations, liquidity and financial position and based on management's review of current indicators and economic conditions there is no material impact on its financial results as at 31 March 2020. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration and accordingly the impact may be different from that estimated as at the date of approval of these financial results, BASF India added.
The board at their meeting on Friday, 22 May 2020 have recommended a dividend of Rs 3 per equity share for the financial year ended 31 March 2020.
Meanwhile, the company's board on Friday, 22 May 2020 approved the proposal to evaluate options regarding acquisition of 100% stake in BASF Performance Polyamides India, a wholly-owned subsidiary of BASF SE (parent company) at such consideration as may be determined by an independent valuer.
BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.
Shares of BASF India advanced 3.57% to Rs 1,049.60 on BSE on Friday, 22 May 2020.
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