BASF India Limited reported loss of Rs. 378.0 million in the first quarter as against a profit of Rs. 175.6 million in the prior-year quarter due to slowdown caused by Covid-19 pandemic.

 

Sales stood at Rs. 17,697.0 million for the first quarter ended June 30, 2020, as compared to Rs. 16,137.5 million in the corresponding quarter of the previous year, representing an increase of 10%.

 

The company’s total expense for the quarter rose 13% to Rs 1,809 crore for the June quarter.

 

“The nationwide lockdown impacted the operations of the company with capacity utilization at manufacturing plants at their lowest levels in April 2020. Operations gradually improved during the quarter with the partial lifting of lockdown across the country. Low customer demand coupled with supply chain disruptions adversely impacted demand from automotive, construction and consumer durables,” said Narayan Krishnamohan, Managing Director, BASF India Limited. 

 

“The Agricultural Solutions business recorded strong growth on account of its diversified product portfolio and a favorable monsoon. Growing consumer demand for personal hygiene and health were drivers for a surge in demand for the Nutrition and Care segments of the company,” he added.

 

However other businesses like materials, industry solutions and surface technologies reported a loss during the quarter under review.