INCOME:

Sales Turnover 13099.73 9558.34 7551.05 6025.67 5722.68

Excise Duty 0 0 0 0 139.28

NET SALES 13099.73 9558.34 7551.05 6025.67 5583.4

Other Income 24 16.52 27.66 13.34 22.93

TOTAL INCOME 13123.73 9574.86 7578.71 6039.01 5606.33

EXPENDITURE:

Manufacturing Expenses 82.78 65.37 82.92 106.85 94.63

Material Consumed 10875.73 7809.16 6153.56 4616.36 4088.56

Personal Expenses 380.65 344.96 360.83 376.47 351.43

Selling Expenses 68.03 49.96 58.16 51.4 46.75

Administrative Expenses 781.14 656.05 622.67 709.93 656.15

Expenses Capitalised 0 0 0 0 0

Provisions Made 0 0 0 0 0

TOTAL EXPENDITURE 12188.33 8925.5 7278.14 5861.01 5237.52

Operating Profit 911.4 632.84 272.91 164.66 345.88

EBITDA 935.4 649.36 300.57 178 368.81

Depreciation 170.57 173.92 180.06 147.09 153.39

Other Write-offs 0 0 0 0 0

EBIT 764.83 475.44 120.51 30.91 215.42

Interest 17.47 37.57 83.4 85.11 112.96

EBT 747.36 437.87 37.11 -54.2 102.46

Taxes 165.08 287.35 -13.86 -9.86 14.53

Profit and Loss for the Year 582.28 150.52 50.97 -44.34 87.93

Non Recurring Items 10.79 403.49 -52.42 128.49 157.96

Other Non Cash Adjustments 0 0 0 0 0

Other Adjustments 1.77 -1.4 19.96 -2.43 0.61

REPORTED PAT 594.84 552.61 18.51 81.72 246.5

# Internal Use--Confidential
 BASF India - Balance Sheet
in Rs. Cr.
Mar-22 Mar-21 Ratios Mar-22 Mar-21
ASSETS Liquidity Ratios
CURRENT ASSETS Current Ratio 1.4 1.3
Inventories 1,942.6 1,536.4 Quick Ratio 0.83 0.79
Trade Receivables 2,621.3 2,059.2
Cash And Cash Equivalents 126.2 173.1 Solvency Ratios
Short Term Loans And Advances 0.1 3.3 Interest Coverage Ratios 43.78 12.65
Other Current Assets 278.4 280.8 Debt-to-Assets Ratio 0.6 0.7
Total Current Assets 4,968.6 4,052.8 Equity Ratio 0.4 0.3
Debt to Equity 1.62 1.88
NON-CURRENT ASSETS
Tangible Assets 757.2 811.1 Profitability Ratios
Intangible Assets 5.8 6.1 Net Profit Margin 4% 2%
Capital Work-In-Progress 100.1 53.3 Return on Assets 10% 3%
Deferred Tax Assets [Net] 33.8 21.7 Return on Equity 25% 8%
Long Term Loans And Advances 0.1 14.1 Return on Capital Employed 31% 24%
Other Non-Current Assets 244.4 185.1
Total Non-Current Assets 1,141.3 1,091.3 Efficiency Ratio
Total Assets Efficiency 2.1 1.9
Total Assets 6,109.9 5,144.1 Non-current Assets Efficiency 11.5 8.8
Current assets efficiency 2.6 2.4
EQUITIES AND LIABILITIES Inventory efficiency 6.7 6.2
CURRENT LIABILITIES Receivables effieincy 5.0 4.6
Short Term Borrowings 152.2 Inventory holding days 54.1 58.7
Lease Liabilities 46.8 43.3 Days Sales Outstanding (DSO) 73.0 78.6
Trade Payables 3,268.9 2,476.4
Other Current Liabilities 242.7 440.9 Market Ratio
Short Term Provisions 75.9 82.9 P/E 5.0 14.2
Total Current Liabilities 3,634.3 3,195.7 P/B 1.2x 1.2x

NON-CURRENT LIABILITIES Growth Rates

Long Term Borrowings - - Revenue growth 37% 27%
Other Long Term Liabilities 94.4 104.5 EBITDA 44% 116%
Long Term Provisions 45.2 57.7 EBIT 61% 295%
Total Non-Current Liabilities 139.5 162.3 Profit before Taxes 71% 1080%
Profit After Tax 287% 195%
SHAREHOLDER'S FUNDS
Equity Share Capital 43.3 43.3 Margins
Reserves and Surplus 2,292.8 1,738.5 EBITDA 7% 7%
Employees Stock Options - 4.4 EBIT 6% 5%
Total Shareholders Funds 2,336.1 1,786.2 Profit before Taxes 6% 5%

Total Capital And Liabilities 6,109.9 5,144.1

Revenue from Operations 13,099.7 9,558.3

Net Profit After Tax 582.3 150.5
Share Price as on FY Date 2,887.0 2,136.0
Number of Shares Outstanding 43,284,958.0 43,284,958.0

Internal Use--Confidential
#
 BASF India - Ratio Analysis

Liquidity Ratios
The company's current ratio looks good being above 1 implying that the company will be able to meet its short term liabilities i.e. less than 1 year
from the balance sheet date.
The company's quick ratio is below 1 implying that inventories constitute significant portion of current assets being a manufacturing company. Thus,
short term quick liquidity in light of inventory intensive operations is not good enough to meet its short term liabilities.

Solvency Ratios
The company has no loan on its book in current FY as they retired borrowings of 152 Crores in FY2022. As a result, the company's coverage ratio
is increased to 42 times in FY22 from16 times in FY21 indicating higher and improved credit rating in present FY.
In terms of funding its balance sheet, the firm has covered its assets at ~60% via total liabilities whereas the remaining 40% has been funded by
equity. This shows that the company is well capitalized and does not rely on the borrowings.
The debt to equity ratio has also improved compare to previous year from 1.8 to 1.62 primarily due to reduction in their liabilities as the company
went into capital restraint model by pruning its debt.

Profitability Ratios
The net profit margins range in single digits which is in consonance with the general trends of a manufacturing company. However, the firm has
been able to improve its margin by increasing it two-fold from previous year.. The same has been adjusted for a one time gain so that we show the
true operating performance.
Post the relaxation of lockdown, the firm has shown a steady growth rates in revenues, with revenues growing to 37%, while EBITDA also reached
to 44%. The return on Capital Employed ratios has also improved substantially, implying greater revenue performance.

Efficiency Ratio
The asset efficiency, inventory efficiency ratios have improved from the previous year implying better capacity utilization than the previous year,
possibly due to demand increased to pre-covid levels.

Growth Rates
Excluding exceptional items, PBT grew to 71% to Rs. 747 crores against Rs. 438 crores in the previous year. Higher asset utilization, a strong
focus on margin improvement and fixed cost discipline set the foundation for this significant improvement in the overall earnings . The significant
increase in earnings and prudent capital management enabled increase in the Return on Capital Employed (ROCE) to a record high to 35.8%. The
company also ended FY 2021-22 with zero debt.

# Internal Use--Confidential