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BASF India : A chemical company and a subsidiary of Germany-based BASF Aktiengesellschaft, reported a substantial drop in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the company declined 96.27% to Rs 4.10 million or Rs 41 lakhs from Rs 110 million or Rs 11 crore in the same quarter, previous year.
Net sales for the quarter dropped 7.32% to Rs 2,063.90 million, when compared with the prior year period.
The company reported earnings of Rs 0.15 a share during the quarter, registering 96.15% decline over previous year period.
Factors affecting revenues:
- According to the company notes the degrowth is due to a steep fall in prices since September 2008 combined with economic slowdown
- Inventory has increased significantly YoY to 15 cr vs 61 lakhs
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