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BASF India Chairman's Speech > Engineering - Heavy > Chairman's Speech from BASF India - BSE: 500042, NSE: BASF

BASF India

BSE: 500042|NSE: BASF|ISIN: INE373A01013|SECTOR: Chemicals
Oct 16, 16:00
20.05 (2.15%)
VOLUME 2,513
Oct 16, 15:59
27.5 (2.95%)
VOLUME 28,221
Mar 18
Chairman's Speech (BASF India) Year : Mar '19

Message from the Managing Director

Dear Shareholders,

Having started my BASF career 24 years ago, it is truly an honor to now lead your Company. I thank you, our team and the Board of Directors for the support and confidence entrusted in me.

It gives me great pleasure to celebrate with you 75 years of incorporation of your Company. To commemorate this milestone, the Board of Directors of your Company have recommended a special dividend of Rs. 2/- per Equity Share in addition to a final dividend of Rs. 3/per Equity Share for the financial year ended 31st March, 2019 aggregating to Rs. 5/- per Equity Share.

The overall global economic scenario with trade conflicts between US and China had an impact on the Indian manufacturing industry. The financial year 2018-19 has been a mixed bag for us in terms of business performance. It was encouraging to see sales grow by 8% on a comparable basis (adjusted for GST & Excise duty) to reach Rs. 60,256.7 million. Our Agricultural Solutions business supported by new product launches performed well despite below average monsoon last year. Though capacity utilization at our Dahej production site improved, we faced challenges from a slowdown in various sectors of the economy including automotive and rising input costs which impacted our profitability.

During the financial year 2018-19, we achieved several milestones which will aid sustainable growth in future. These include the roll out of customer centricity and digitalization initiatives. We introduced digital invoicing for enhancing our efficiency and launched our first-ever “Digital Innovation Day” for cross-sharing and learning of digital possibilities.

Our committed focus on EHS and operational excellence resulted in green ratings for global safety audits at our Dahej, Thane, Mangalore and Kharagpur production sites. We also won the Indian Chemical Council Award for Excellence in Management of Environment.

As is the nature of an evolving business, we continued our strategic portfolio management initiatives by completing the divestiture of the paper and wet-end business to Solenis Chemicals India Private Limited.

The hard work of your team was recognized at key external and internal platforms during the year. Our Agricultural Solutions team saw global recognition at the 18th AGROW awards for its ‘Suraksha Hamesha'' initiative and the Construction Chemicals team won five external awards. Recently our Cellasto® plant at Dahej was honored with the prestigious Ford Q1 certification while ‘Track and Trace'', a digitalization initiative bagged the BASF Asia Pacific Customer Service Award.

We successfully organized the first TEDx styled event under the Future Perfect 3.0 series at the Innovation Campus (IC), Mumbai. Additionally, over 50 sessions were also hosted at the IC with key stakeholders including customers, academia and industry around the themes of co-creation and innovation. Our efforts at boosting Diversity & Inclusion (D&I) initiatives as well as employee morale continued with various initiatives from the Fit@BASF, Fun@BASF and D&I teams. We saw great employee participation and commitment to society as we launched our corporate volunteering program - Connected to Care.

Looking ahead, we remain committed to moving towards better profitability. We believe that customers are at the center of everything we do, and we will further build on our solid foundation by exceeding their expectations. I am confident that with our highly competent team, we will steer your Company to the #Next75 years of sustainable and profitable growth.

Thank you for your continued support and look forward to celebrating many milestones with you.

With best wishes,

Narayan Krishnamohan

Source : Dion Global Solutions Limited
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