BASF India Q1 Profit Doubles, Solar Investment & Plant Closure
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BASF India''s Q1 net profit more than doubled to Rs 360.29 crore. The company also approved an investment in renewable solar power and the closure of its Dahej plants.
New Delhi, Aug 4 (PTI) BASF India Ltd on Tuesday reported an over two-fold jump in first quarter consolidated net profit to Rs 360.29 crore, helped by robust sales.
Net profit rose from Rs 137.40 crore a year earlier, the company said in a regulatory filing.
Total income climbed 29 per cent to Rs 4,846.51 crore from Rs 3,760.46 crore in the year-ago quarter, while total expenses rose to Rs 4,366.27 crore from Rs 3,560.32 crore.
Separately, the company's board approved acquiring a 14.18 per cent stake in Clean Max Galapagos Pvt Ltd, a special purpose vehicle set up by Clean Max Enviro Energy Solutions Ltd, for up to Rs 9.45 million.
The investment will secure 4,240 MWh renewable solar power annually, including green attributes, for BASF India's Navi Mumbai manufacturing site under Maharashtra's Group Captive Power Generation Mechanism, the company said.
The deal is subject to definitive agreements, including a shareholders' agreement and a 25-year power purchase agreement, as well as regulatory approvals, it said.
The board also approved shutting the sulfation and low-temperature reactor plants at its Care Chemicals business in Dahej, citing overcapacity, high costs and margin pressure amid a changing competitive landscape in India.
The closure is expected by the end of calendar year 2026, subject to approvals.
BASF India said its Care Chemicals unit would continue to manufacture, import and sell other products to customers in India.
Net profit rose from Rs 137.40 crore a year earlier, the company said in a regulatory filing.
Total income climbed 29 per cent to Rs 4,846.51 crore from Rs 3,760.46 crore in the year-ago quarter, while total expenses rose to Rs 4,366.27 crore from Rs 3,560.32 crore.
Separately, the company's board approved acquiring a 14.18 per cent stake in Clean Max Galapagos Pvt Ltd, a special purpose vehicle set up by Clean Max Enviro Energy Solutions Ltd, for up to Rs 9.45 million.
The investment will secure 4,240 MWh renewable solar power annually, including green attributes, for BASF India's Navi Mumbai manufacturing site under Maharashtra's Group Captive Power Generation Mechanism, the company said.
The deal is subject to definitive agreements, including a shareholders' agreement and a 25-year power purchase agreement, as well as regulatory approvals, it said.
The board also approved shutting the sulfation and low-temperature reactor plants at its Care Chemicals business in Dahej, citing overcapacity, high costs and margin pressure amid a changing competitive landscape in India.
The closure is expected by the end of calendar year 2026, subject to approvals.
BASF India said its Care Chemicals unit would continue to manufacture, import and sell other products to customers in India.
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