For the third quarter ended December 31, 2009, BASF India Limited has reported sales of Rs2,882 million, a rise of 40% over the corresponding period in the previous year.

 

For the same period, the company's Profit After Tax (PAT) increased to Rs112 million (US$2.5 million). For the nine-month period ended December 31, 2009, PAT rose by 36.6% to Rs863 million (US$19 million).

 

"There are clear signs of the economy stabilising in India,'' said Prasad Chandran, Chairman and Managing Director, BASF India Limited. ''The third quarter has shown satisfactory results. Improved demand from end-use industries and our continuous focus on cost-efficiency helped us capture the benefits of this demand and continue to grow sustainably," he added.

 

Sales for three quarters of the year increased by 14% to Rs10,366 million as compared to Rs9,098 million for the corresponding period in the last year. Businesses performed well with Performance Products and Plastics segments being the volume drivers.

 

Profit Before Tax (PBT) rose to Rs167 million (US$3.7 million) for the quarter ended December 2009, as compared to Rs14 million (US$307,500) recorded in the corresponding period of the previous year. For the nine-month period ended December 31, 2009, the PBT stood at Rs1,307 million, up 32% on-year.

 

The Board of Directors approved the appointment of Saori Dubourg as Director on the Board of BASF India Limited (BIL) in place of Dr. Tilman Krauch, with effect from January 19, 2010.

 

Dubourg was appointed as President, Regional Functions & Country Management Asia Pacific, as Dr. Krauch took over as President, Operating Division Construction Chemicals.

 

The Board also approved the appointment of Arun Bewoor as an Independent Director in place of K. R. Coorlawala.

 

BASF in India is engaged in the business of manufacturing & marketing of Styropor, tanning agents, leather chemicals and auxiliaries, crop protection chemicals, textile chemicals, dispersions and specialty chemicals, plastics, automotive and coil coatings, construction chemicals, polystyrene and polyurethane systems.