BASF India Ltd — Interim / Quarterly Report 2022

Nov 2, 2021

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BASF India Limited, Mumbai - 400 051, India

November 2, 2021

The Market Operations Department BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001.

Name of the Company : BASF India Limited Security Code No. : 500042

Dear Sir/Madam,

Sub: Unaudited Financial Results of the Company for the quarter and half year ended 30[th] September 2021.

We enclose herewith the Unaudited Financial Results of the Company for the quarter and half year ended 30[th] September 2021 along with the signed Limited Review Report, which were approved and taken on record by the Board of Directors of the Company at their meeting held today. The meeting commenced at 12.00 p.m. and concluded at 2 p.m. The said results will be published in the newspapers on Wednesday, 3rd November 2021.

Please treat the above information as disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Request you to kindly take note of the above and acknowledge receipt of the same.

Thanking you,

Yours faithfully For BASF India Limited

Pradeep Digitally signed by Pradeep Manjunath Manjunath Chandan Date: 2021.11.02 Chandan 14:02:46 +05'30' Pradeep Chandan Director- Legal, General Counsel (South Asia) & Company Secretary

PANKAJ Digitally signed by PANKAJ RAJKUMAR RAJKUMAR BAHL Date: 2021.11.02 BAHL 14:01:46 +05'30' Pankaj Bahl Manager- Company Secretarial

cc: The Assistant Manager - Listing National Stock Exchange of India Ltd. Exchange Plaza, Plot No.C/1, G Block Bandra - Kurla Complex Bandra (East), Mumbai - 400 051

Registered Office BASF India Limited The Capital, ‘A’ Wing, 1204-C, 12th Floor, Plot No. C-70, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051, India

Tel +91 22 6278 5600

CIN - L33112MH1943FLC003972

www.basf.com/in

BASF India Limited

Regd. Office : The Capital, ‘A’ Wing, 1204-C, 12th Floor, Plot No. C-70, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, India, Tel: 022-62785600.

Statement of Unaudited Financial Results for the quarter and six months ended September 30, 2021

Rs. in million

Revenue from operations Sale of products Sale of services Other operating revenues Other income Total Income Expenses: Cost of materials consumed Purchase of Stock-in-Trade Changes in inventories of finished goods, stock-in-trade and work-in-progress Employee benefit expense Finance costs (Refer Note 4) Depreciation and amortisation expense Other expenses Total Expenses Profit / (Loss) before exceptional item and tax Exceptional items (Refer Note 3) Profit / (Loss) before tax Tax (credit) / expense: (Refer Note 5) - Tax (credit) / expense for current period - Income tax (credit) / expense for previous periods Profit / (Loss) for the period Other Comprehensive Income Items that will not be reclassified to profit or loss: Remeasurement (Loss)/ Gain of post employment benefit plans Income tax credit/ (expense) relating to these items Other Comprehensive Income for the period, net of tax Total Comprehensive Income for the period Paid-up Equity Share Capital (Face value of Rs. 10/- each) Reserves (excluding Revaluation Reserves) as shown in the Balance Sheet of previous year Weighted average number of equity shares outstanding as at period end Basic and diluted earnings per share after exceptional items (in Rs.) (not annualised) Basic and diluted earnings per share before exceptional items (in Rs.) (not annualised) Face value per share (in Rs.)	3 months ended 30/09/2021 Preceding 3 months ended 30/06/2021 Corresponding 3 months ended in the previous year 30/09/2020 Year to date figures for current period ended 30/09/2021 Year to date figures for previous period ended 30/09/2020 Previous year ended 31/03/2021 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 33,745.4 29,817.6 24,317.2 63,563.0 41,877.0 94,392.1 272.7 277.9 253.8 550.6 521.7 1,039.7 36.8 33.7 26.3 70.5 63.5 151.6
	34,054.9 30,129.2 24,597.3 64,184.1 42,462.2 95,583.4 31.2 33.7 31.3 64.9 61.2 165.2
	34,086.1 30,162.9 24,628.6 64,249.0 42,523.4 95,748.6 10,529.6 9,560.6 7,138.4 20,090.2 12,097.2 27,519.4 18,722.6 15,598.8 10,581.9 34,321.4 20,623.8 51,114.5 (976.1) (543.6) 2,510.1 (1,519.7) 2,748.0 (670.3) 893.0 922.3 798.5 1,815.3 1,775.0 3,449.6 61.0 31.4 85.7 92.4 208.4 375.7 429.9 416.7 442.3 846.6 882.0 1,739.2 2,594.2 1,692.3 1,957.9 4,286.5 3,482.1 7,841.8
	32,254.2 27,678.5 23,514.8 59,932.7 41,816.5 91,369.9 1,831.9 2,484.4 1,113.8 4,316.3 706.9 4,378.7 - - 4,236.1 - 4,236.1 4,020.9 1,831.9 2,484.4 5,349.9 4,316.3 4,943.0 8,399.6 458.5 511.6 1,221.6 970.1 1,126.5 2,873.5 - - - - - -
	458.5 511.6 1,221.6 970.1 1,126.5 2,873.5
	1,373.4 1,972.8 4,128.3 3,346.2 3,816.5 5,526.1
	153.8 (3.1) (3.6) 150.7 (12.9) 21.5 (38.7) 0.8 0.8(37.9) 2.9(7.5)
	115.1 (2.3) (2.8) 112.8 (10.0) 14.0
	1,488.5 1,970.5 4,125.5 3,459.0 3,806.5 5,540.1
	432.9 432.9 432.9 432.9 432.9 432.9 17,428.6 43,284,958 43,284,958 43,284,958 43,284,958 43,284,958 43,284,958 31.7 45.6 95.4 77.3 88.2 127.7 31.7 45.6 19.9 77.3 12.6 58.6 10.0 10.0 10.0 10.0 10.0 10.0

BASF India Limited

Regd. Office : The Capital, ‘A’ Wing, 1204-C, 12th Floor, Plot No. C-70, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, India, Tel: 022-62785600. Statement of Unaudited Financial Results for the quarter and six months ended September 30, 2021

Notes:

1 The above financial results for BASF India Limited ('the Company') for the quarter and six months ended September 30, 2021 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on November 2, 2021. The above results have been subjected to limited review by the statutory auditors of the Company.

2 The Scheme of Merger by Absorption of BASF Performance Polyamides India Private Limited (BPPIPL) with the Company was approved by the National Company Law Tribunal, Mumbai (‘NCLT’) vide order dated January 6, 2021 with an appointed date of February 1, 2021. BPPIPL being a wholly owned subsidiary of the Company, no consideration was paid pursuant to the merger. The certified copy of the NCLT Order has been filed with the Registrar of Companies on February 1, 2021. Basis NCLT order, BPPIPL stands merged with the Company on the appointed date.

Consequently, basis NCLT order and requirement of Appendix C to Ind AS-103 on Business Combinations, on the appointed date, the Company has accounted the acquisition of BPPIPL as common control transaction effective February 1, 2020 (i.e. the date of global acquisition of Solvay Polyamides business by BASF SE). As a result, the financial results of the Company for the quarter ended June 30, 2020 and quarter and six months ended September 30, 2020 as reported in these financial results have been restated on account of such merger and include results of erstwhile BPPIPL.

3 Exceptional items includes following:

Particulars	3 months ended 30/09/2021	Preceding 3 months ended 30/06/2021	Corresponding 3 months ended in the previous year 30/09/2020	Year to date figures for current period ended 30/09/2021	Year to date figures for previous period ended 30/09/2020	Previous year ended 31/03/2021
Profit on sale of Construction chemicals business Loss on divestiture of Optical Brightening Agents (OBA) business Impairment of certain assets at Dahej plant Provision for employee compensation towards realignment of global business service units	- - - -	- - - -	4,651.9 (138.5) (277.3) -	- - - -	4,651.9 (138.5) (277.3) -	4,651.9 (138.5) (277.3) (215.2)
Total	-	-	4,236.1	-	4,236.1	4,020.9
Finance cost includes interest on income tax, interest and other costs incurred on short and long term borrowings, interest accrued on lease liabilities under Ind AS 116, effects from fair valuation of derivatives relating to financing activities, realised (gain)/ loss on rollover of derivatives relating to financing activities, exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.

5 Tax expense includes provision for current income tax, tax expense for previous periods, minimum alternate tax and deferred tax charge/ (credit) including minimum alternate tax credit (based on estimated average effective annual income tax rate, considering tax allowances). The Company has elected to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 from current year onwards. Accordingly, the Company has recognized Provision for Income Tax for the quarter and period ended September 30, 2021 based on the rates prescribed in the said section.

6 The Company has received demand notices from the Commercial Tax Department, Karnataka aggregating Rs. 7,446.7 million (including interest and penalty) for the period 2006-07 to 2016-17, by treating the stock transfers of its Mangalore Plant as interstate sales to dealers. However, recovery of these demands have been stalled by the Hon'ble Karnataka Appellate Tribunal.

The Company has also filed a Writ Petition before the Hon'ble Karnataka High Court against the order passed by Hon'ble Central Sales Tax Appellate Authority (CSTAA).

Based on the expert legal advice obtained by the Company, it does not consider these stock transfers as interstate sales. Hence no provision is considered necessary in the books.

7 The COVID-19 situation continues to evolve. The Company has evaluated the impact of this pandemic on its business operations, liquidity and financial position and based on management’s review of current indicators and economic conditions, no additional adjustment is required in the financial results for the quarter and period ended September 30, 2021. Given the uncertainty associated with its nature and duration, the impact may be different from that estimated as at the date of approval of these financial results. The Company will continue to monitor any material changes to future economic conditions.

8 Previous period figures have been regrouped/ reclassified, wherever necessary to conform to current period classification. 9 For more details on results, visit the Investor Relations section of the Company’s website at www.basf.com/in and/or website of the Stock Exchanges viz., www.bseindia.com and www.nseindia.com.

CIN No.: L33112MH1943FLC003972 Mumbai November 2, 2021

On behalf of the Board of Directors KRISHNAMOHAN NARAYAN Digitally signed by KRISHNAMOHAN NARAYAN Date: 2021.11.02 12:17:22 +05'30' Narayan Krishnamohan Managing Director DIN : 08350849

JEETENDRA Digitally signed by JEETENDRA MIRCHANDA MIRCHANDANI Date: 2021.11.02 NI 13:04:52 +05'30'

BASF India Limited

Regd. Office : The Capital, ‘A’ Wing, 1204-C, 12th Floor, Plot No. C-70, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, India, Tel: 022-62785600

Statement of Assets and Liabilities as at September 30, 2021

Statement of Assets and Liabilities as at September 30, 2021	Statement of Assets and Liabilities as at September 30, 2021	Statement of Assets and Liabilities as at September 30, 2021	Statement of Assets and Liabilities as at September 30, 2021
(Rs. in million)
	Particulars	As at 30/09/2021 (Unaudited)	As at 31/03/2021 (Audited)
1	ASSETS Non-current assets Property plant and equipment Right-of-use assets Capital work-in-progress Intangible assets Financial assets (i) Loans (ii) Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current asset	6,371.0 1,185.4 803.8 69.9 0.4 137.8 277.1 1,374.9 536.8	6,768.6 1,341.9 532.9 60.5 0.6 140.4 216.9 1,380.7 470.5
		10,757.1	10,913.0
**2 **	Current assets Inventories Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than cash and cash equivalents (iv) Loans (v) Other financial assets Other current assets Assets classified as held for sale	17,523.4 24,254.1 486.3 7.7 2.9 483.8 2,273.9 14.1	15,363.9 20,592.1 1,726.0 5.2 3.0 426.9 2,396.9 14.1
		45,046.2	40,528.1
	Total assets	55,803.3	51,441.1
	EQUITY AND LIABILITIES Equity Equity share capital Other equity	432.9 20,448.9	432.9 17,428.6
		20,881.8	17,861.5
1	LIABILITIES Non-current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities Provisions	- 774.1 45.4 468.9	- 904.2 141.0 577.3
		1,288.4	1,622.5
2	Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) Outstanding dues to Micro Enterprises and Small Enterprises (b) Outstanding dues to creditors other than micro enterprises and small enterprises (iv) Other financial liabilities Provisions Current tax liabilities Other current liabilities	1,000.0 415.0 428.4 29,203.2 636.6 661.4 367.7 920.8	1,517.7 432.5 447.2 26,271.4 409.0 829.1 454.2 1,596.0
		33,633.1	31,957.1
		34,921.5	33,579.6
	Total equity and liabilities	55,803.3	51,441.1

Note: Previous year figures have been regrouped and reclassified, wherever necessary to conform to current period classification in order to comply with the requirements of the amended Schedule III to the Companies Act, 2013 effective April 1, 2021.

BASF India Limited

Regd. Office : The Capital, ‘A’ Wing, 1204-C, 12th Floor, Plot No. C-70, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, India, Tel: 022-62785600

Cash Flow Statement for the six months ended September 30, 2021

(Rs. in million)

		Year to date figures for the current period ended September 30, 2021	Year to date figures for the previous period ended September 30, 2020
		(Unaudited)	(Unaudited)
A B C	Cash flow from operating activities Profit before tax Adjustments for: Exceptional items(Refer Note 39) Depreciation and amortisation expense Interest cost Effects from fair valuation of derivatives on borrowings (net) Profit on sale of property plant and equipment (net) Interest income Unrealised loss/ (gain) on derivative transactions (net) Unrealised loss/ (gain) on foreign exchange (net) Provision for loss allowance on trade receivables (net) Operating cash flow before working capital changes Adjustments for changes in working capital: (Increase)/ Decrease in trade receivables (Increase)/ Decrease in other financial assets (including loans) (Increase)/ Decrease in other current and non current assets (Increase)/ Decrease in inventories Increase/ (Decrease) in other financial liabilities Increase/ (Decrease) in long term provisions Increase/ (Decrease) in trade payables Increase/ (Decrease) in other current and non current liabilities Increase/ (Decrease) in short-term provisions Cash generated from/ (used in) operations Income taxes paid (net) Net cashgenerated from/(used in) operating activities	4,316.3 - 846.6 89.3 3.1 - (16.8) (69.2) (324.9) 41.6	4,943.0 (4,236.1) 882.0 55.0 153.4 1.4 (36.5) 637.8 (1,099.3) 163.2
		4,886.0	1,463.9
		(3,662.9) (21.3) 99.5 (2,159.5) 115.0 (108.4) 3,197.0 (675.2) (22.8)	(3,236.9) 610.4 125.7 4,513.6 (96.9) (6.6) (2,444.6) 217.4 (104.2)
		1,647.4 (1,148.9)	1,041.8 (9.9)
		498.5	1,031.9
	Cash flow from investing activities: Acquisition of property plant and equipment (net of capital creditors and including capital advances) Proceeds from divestiture of Construction chemicals business (net of taxes paid Rs.1,049.0 million) Investments in Equity shares of BASF Performance Polyamides India Pvt. Ltd. Realisation on sale of property, plant and equipment and residential properties Write off towards conditional consideration on sale of a business Interest received Inter Corporate deposits (given)/ repaid (net) Net cash(used in)/ generated from investing activities	(493.4) - - 2.5 - 16.9 -	(208.2) 5,599.3 (3,029.0) 10.2 (138.5) 37.2 270.0
		(474.0)	2,541.0
	Cash flow from financing activities Inter Corporate deposits taken Inter Corporate deposits/ External commercial borrowings repaid Other short-term borrowings taken / (repaid) (net) Dividend paid Interest paid Payment of lease liabilities Net cash(used in)/ generated from financing activities	- (1,495.1) 1,000.0 (430.2) (72.1) (266.8)	300.0 (1,713.5) 1,630.6 (128.5) (36.4) (271.3)
		(1,264.2)	(219.1)
	Net increase /(decrease) in cash and cash equivalents	(1,239.7)	3,353.8
	Opening cash and cash equivalents Cheques on hand Balances with banks: - In current accounts - Deposits with original maturity of less than three months Closing cash and cash equivalents Balances with banks: - In current accounts - Deposits with original maturity of less than three months	- 526.0 1,200.0	4.6 809.8 180.0
		1,726.0	994.4
		266.1 220.2	1,538.0 2,810.2
		486.3	4,348.2

Notes:

1. The above Cash Flow Statement has been prepared under the "Indirect Method" setout in Indian Accounting Standard - 7 on Statement of Cash Flows

2. Previous period figures have been regrouped/ reclassified, wherever necessary to conform to current period classification.

BASF India Limited Segment - wise Revenue, Results, Assets, Liabilities and Capital Employed

(Rs. in million)

		3 months ended 30/09/2021	Preceding 3 months ended 30/06/2021	Corresponding 3 months ended in the previous year 30/09/2020	Year to date figures for current period ended 30/09/2021	Year to date figures for previous period ended 30/09/2020	Previous Year ended 31/03/2021
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	1. Segment Revenue a. Agricultural Solution b. Materials c. Industrial Solutions d. Surface Technologies e. Nutrition & Care f. Chemicals g. Others Total Less: Inter - segment revenue	4,504.5 8,898.3 5,677.3 1,921.7 5,751.6 7,017.6 283.9 34,054.9 -	4,864.5 7,179.4 5,339.4 964.4 5,773.1 5,759.2 249.2 30,129.2 -	4,968.4 4,883.7 2,997.9 864.6 6,074.5 4,471.3 336.9 24,597.3 -	9,369.0 16,077.7 11,016.7 2,886.1 11,524.7 12,776.8 533.1 64,184.1 -	9,357.3 6,697.8 5,148.3 1,779.6 11,431.4 7,447.7 600.1 42,462.2 -	14,349.3 21,889.3 13,879.4 3,965.4 23,092.4 17,284.7 1,122.9 95,583.4 -
	Total income from operations(net)	34,054.9	30,129.2	24,597.3	64,184.1	42,462.2	95,583.4
	2. Segment Results Profit/ (Loss) before tax and interest a. Agricultural Solution b. Materials c. Industrial Solutions d. Surface Technologies e. Nutrition & Care f. Chemicals g. Others Total Less : (i) Finance costs (Refer Note 4) (ii) Other un-allocable expenditure net off un-allocable other income Total Profit/ (Loss) before tax and exceptional items Exceptional items (Refer Note 3)	394.8 966.8 280.4 (156.9) 56.6 365.2 60.7 1,967.6 61.0 74.7 1,831.9 -	476.2 1,038.6 603.5 (0.4) 33.4 417.6 50.4 2,619.3 31.4 103.5 2,484.4 -	686.7 (59.6) 174.5 (12.8) 316.5 154.2 45.2 1,304.7 85.7 105.2 1,113.8 4,236.1	871.0 2,005.4 883.9 (157.3) 90.0 782.8 111.1 4,586.9 92.4 178.2 4,316.3 -	1,097.1 (500.4) 59.0 (286.4) 385.1 249.9 80.4 1,084.7 208.4 169.4 706.9 4,236.1	1,105.8 1,397.3 933.0 (498.7) 1,186.4 853.5 93.3 5,070.6 375.7 316.2 4,378.7 4,020.9
	Total Profit /(Loss) before tax	1,831.9	2,484.4	5,349.9	4,316.3	4,943.0	8,399.6
	3. Segment Assets a. Agricultural Solution b. Materials c. Industrial Solutions d. Surface Technologies e. Nutrition & Care f. Chemicals g. Others h. Unallocated	8,327.5 15,724.9 9,170.6 2,750.7 9,409.0 7,391.7 883.2 2,145.7	9,223.8 15,804.1 8,860.9 2,601.8 8,739.6 6,479.0 697.7 2,199.8	5,736.6 11,476.2 6,075.6 1,947.4 8,459.2 4,540.8 834.5 6,115.8	8,327.5 15,724.9 9,170.6 2,750.7 9,409.0 7,391.7 883.2 2,145.7	5,736.6 11,476.2 6,075.6 1,947.4 8,459.2 4,540.8 834.5 6,115.8	6,725.1 14,988.9 8,060.5 3,226.8 9,048.3 5,419.9 642.9 3,328.7
	Total Segment Assets	55,803.3	54,606.7	45,186.1	55,803.3	45,186.1	51,441.1
	4. Segment Liabilities a. Agricultural Solution b. Materials c. Industrial Solutions d. Surface Technologies e. Nutrition & Care f. Chemicals g. Others h. Unallocated	4,765.1 8,463.3 5,354.6 2,206.7 5,793.5 6,836.3 126.6 1,375.4	5,794.1 6,774.9 5,975.4 1,270.5 6,382.2 5,968.7 157.0 2,458.1	4,518.3 5,364.3 2,968.8 872.9 5,730.3 4,020.7 100.1 5,494.2	4,765.1 8,463.3 5,354.6 2,206.7 5,793.5 6,836.3 126.6 1,375.4	4,518.3 5,364.3 2,968.8 872.9 5,730.3 4,020.7 100.1 5,494.2	4,132.5 9,071.1 6,294.7 1,496.2 6,754.6 5,181.3 190.0 459.2
	Total Segment Liabilities	34,921.5	34,780.9	29,069.6	34,921.5	29,069.6	33,579.6
	5. Capital Employed ( Segment Assets - Segment Liabilities) a. Agricultural Solution b. Materials c. Industrial Solutions d. Surface Technologies e. Nutrition & Care f. Chemicals g. Others h. Unallocated	3,562.4 7,261.6 3,816.0 544.0 3,615.5 555.4 756.6 770.3	3,429.7 9,029.2 2,885.5 1,331.3 2,357.4 510.3 540.7 (258.3)	1,218.3 6,111.9 3,106.8 1,074.5 2,728.9 520.1 734.4 621.6	3,562.4 7,261.6 3,816.0 544.0 3,615.5 555.4 756.6 770.3	1,218.3 6,111.9 3,106.8 1,074.5 2,728.9 520.1 734.4 621.6	2,592.6 5,917.8 1,765.8 1,730.6 2,293.7 238.6 452.9 2,869.5
	Total	20,881.8	19,825.8	16,116.5	20,881.8	16,116.5	17,861.5

Notes:

a. Agricultural Solution – The Agricultural Solutions segment consists of the Crop Protection division. Agricultural Solution is seasonal in nature

b. Materials – The Materials segment comprises Performance Materials divisions, the Monomers divisions and Polyamides business of BPPIPL merged with the Company

c. Industrial Solutions - The Industrial Solutions segment consists of the Dispersions & Resins divisions and Performance Chemicals divisions

d. Surface Technologies - The Surface Technologies segment comprises of the Construction Chemicals (upto June 30, 2020), Catalysts and Coatings divisions

e. Nutrition & Care - The Nutrition & Care segment consists of the Care Chemicals and Nutrition & Health divisions

f. Chemicals - The Chemicals segment consists of the Petrochemicals and Intermediates divisions

g. Others – Others includes activities that are not allocated to any of the continued operating divisions. These includes remaining activities after divestiture of leather and textile chemicals business, paper wet-end and water chemicals business, technical and service charges other than those specifically identifiable to above segments.

h. Un-allocable Corporate Assets mainly includes Current tax assets (net), Deferred tax assets (net), Cash and cash equivalents and other un-allocable assets.

i. Un-allocable Corporate Liabilities mainly includes borrowings, Current tax liabilities (net) and other un-allocable liabilities

j. Previous period figures have been regrouped/ reclassified, wherever necessary to conform to current period classification.

==> picture [423 x 22] intentionally omitted <==

To, The Board of Directors BASF India Limited, The Capital, A wing, 1204-C, 12[th] Floor, Plot No. C-70, ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400051.

1. We have reviewed the unaudited financial results of BASF India Limited (the “Company”) for the quarter and the half year ended September 30, 2021 which are included in the accompanying ‘Statement of Unaudited Financial Results for the quarter and six months ended September 30, 2021’, the statement of assets and liabilities as on that date and the statement of cash flows for the half-year ended on that date (the “Statement”).The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations, 2015”), which has been signed by us for identification purposes. The Statement is the responsibility of the Company’s management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review.

2. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement.

3. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. We draw your attention to Note 6 of the financial results, which describes the status of certain demand notices received by the Company from the Commercial Tax Department, Karnataka and the management’s assessment in respect of the same, based on the legal advice obtained by the Company. Our conclusion is not qualified in respect of these matters.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accountant

JEETENDRA Digitally signed by JEETENDRA MIRCHANDANI MIRCHANDANI Date: 2021.11.02 13:02:40 +05'30'

Place: Pune Date: November 2, 2021

Jeetendra Mirchandani Partner Membership Number: 048125 UDIN: 21048125AAAAFD5971

Price Waterhouse Chartered Accountants LLP, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West) Mumbai – 400 028 T: +91 (22) 66691500, F: +91 (22) 66547804 / 07

Registered office and Head Office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi – 110002

Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)