BASF India (BASF) Q4 99/00 earnings summary

Executive summary

• FY ended 31 Mar 2000: income rose 11% YoY to Rs. 3,838.85 million; PBT increased 54% to Rs. 334.33 million, supported by higher capacity utilisation and lower interest costs.

• PAT rose 11% to Rs. 199.84 million; higher tax expense, as investment-related tax relief at Mangalore declined, limited the increase.

Financial highlights

• Sales were Rs. 3,796.55 million vs Rs. 3,418.04 million in FY99; other income was Rs. 42.30 million vs Rs. 37.77 million.

• PBT was Rs. 334.34 million vs Rs. 216.68 million; PAT was Rs. 199.84 million vs Rs. 180.18 million.

• Profit before interest, depreciation and tax was Rs. 675.03 million vs Rs. 588.83 million; depreciation was Rs. 215.34 million and interest Rs. 125.36 million.

• Export sales of own-manufactured products increased to Rs. 344 million from Rs. 288 million; exports on an FOB basis were Rs. 340.69 million vs Rs. 285.74 million.

• EPS was Rs. 8.27; a 40% interim dividend totaling Rs. 96.61 million was paid, with no final dividend recommended.

Outlook and guidance

• Capacity augmentation steps began at the Thane and Mangalore factories; debottlenecking was also planned for expandable polystyrene capacity.

• Dispersions exports rose from Rs. 7 million to Rs. 36 million, with the upward trend expected to continue in FY01.

• R&D priorities include crop protection research and new product and process development across leather, paper, crop protection, textile chemicals and dye intermediates.