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Chemicals maker BASF India Q3 profit falls on higher input costsqrcode

Feb. 5, 2025

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Feb. 5, 2025

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Chemicals maker BASF India reported a 26.1% fall in third-quarter profit on Tuesday, hurt by higher input costs despite healthy demand.


The profit fell to 1.04 billion rupees ($11.95 million) for the three months ended Dec. 31, 2024, from 1.4 billion rupees a year earlier.

The company saw a 15% rise in its total expense, driven by a 7.9% rise in its raw materials cost.


The Indian arm of Germany's BASF also said it will close its manufacturing unit at Dahej, located in western India, due to outdated technology, low utilization and high maintenance costs.


The closure, expected in the first half of the year, will result in fixed cost savings with minimal earnings impact, as the unit contributed to 0.3% of total revenue in 2024.


Analysts believe the "worst is over" for India's agrochemical sector as they expect the industry to grow in 2025, rebounding from global agrochemical destocking that had squeezed margins through lower sales, falling prices, and inventory losses. However, some firms are still experiencing the lingering effects.


The materials segment of BASF India, comprising performance materials and monomers for transportation, appliances and footwear, posted a 13.9% rise in revenue.


The agriculture solutions segment, including insecticides and herbicides, grew 25.2%.


Source: Reuters

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