BASF India Q1 net loss widens to Rs 29.15 cr

Expenses increased to Rs 1,809.4 crore in the quarter under review from Rs 1,601.6 crore in the year-ago period. The company said its operations were impacted during the June quarter due to lockdown and other emergency measures imposed by governments in view of the COVID-19 pandemic.

BASF India on Thursday reported widening of its net loss to Rs 29.15 crore in the first quarter of current fiscal due to higher expenses. The company had posted a net loss of Rs 8.2 crore in the same quarter of previous fiscal, it said in a regulatory filing.

Net revenue rose to Rs 1,769.7 crore in April-June quarter of fiscal year 2020-21 from Rs 1,613.7 crore in the corresponding quarter a year ago. Expenses increased to Rs 1,809.4 crore in the quarter under review from Rs 1,601.6 crore in the year-ago period.

The company said its operations were impacted during the June quarter due to lockdown and other emergency measures imposed by governments in view of the COVID-19 pandemic. "...However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration and accordingly the impact may be different from that estimated as at the date of approval of these financial results," it said.

The company will continue to monitor any material changes to future economic conditions, it said, adding that BASF India has resumed operations in a phased manner in line with directives from the authorities. Shares of BASF India on Thursday settled 5.50 per cent lower at Rs 1,337.20 apiece on the BSE.

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