BASF India Ltd — Interim / Quarterly Report 2022

Nov 2, 2021

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 30th September 2021.

We enclose herewith the Unaudited Financial Results of the Company for the quarter and half year ended 30th 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 Manjunath Chandan

Digitally signed by Pradeep Manjunath Chandan Date: 2021.11.02 14:02:46 +05'30'

Pradeep Chandan Pankaj Bahl Director- Legal, General Counsel (South Asia) Manager- Company Secretarial & Company Secretary

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

PANKAJ RAJKUMAR BAHL

Digitally signed by PANKAJ RAJKUMAR BAHL Date: 2021.11.02 14:01:46 +05'30'

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

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

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

Face value per share (in Rs.) 10.0 10.0 10.0 10.0 10.0 10.0

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	Preceding 3 months	Corresponding 3	Year to date	Year to date	Previous year ended
	30/09/2021	ended	months ended	figures for	figures for	31/03/2021
		30/06/2021	in the previous year	current period	previous period
			30/09/2020	ended 30/09/2021	ended 30/09/2020
Profit on sale of Construction chemicals business	-	-	4,651.9	-	4,651.9	4,651.9
Loss on divestiture of Optical Brightening Agents (OBA) business	-	-	(138.5)	-	(138.5)	(138.5)
Impairment of certain assets at Dahej plant	-	-	(277.3)	-	(277.3)	(277.3)
Provision for employee compensation towards realignment of global business service units	-	-	-	-	-	(215.2)
Total	-	-	4,236.1	-	4,236.1	4,020.9

4 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.

On behalf of the Board of Directors

KRISHNAMOHAN NARAYAN Digitally signed by KRISHNAMOHAN NARAYAN Date: 2021.11.02 12:17:22 +05'30'

CIN No.: L33112MH1943FLC003972 Narayan Krishnamohan Mumbai Managing Director November 2, 2021 DIN : 08350849

JEETENDRA MIRCHANDA NI

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

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

(Rs. in million)

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

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 thecurrent period endedSeptember 30, 2021	Year to date figures for theprevious period endedSeptember 30, 2020
		(Unaudited)	(Unaudited)
A	Cash flow from operating activities
	Profit before tax	4,316.3	4,943.0
	Adjustments for:
	Exceptional items (Refer Note 39)	-	(4,236.1)
	Depreciation and amortisation expense	846.6	882.0
	Interest cost	89.3	55.0
	Effects from fair valuation of derivatives on borrowings (net)	3.1	153.4
	Profit on sale of property plant and equipment (net)	-	1.4
	Interest income	(16.8)	(36.5)
	Unrealised loss/ (gain) on derivative transactions (net)	(69.2)	637.8
	Unrealised loss/ (gain) on foreign exchange (net)	(324.9)	(1,099.3)
	Provision for loss allowance on trade receivables (net)	41.6	163.2
	Operating cash flow before working capital changes	4,886.0	1,463.9
	Adjustments for changes in working capital:
	(Increase)/ Decrease in trade receivables	(3,662.9)	(3,236.9)
	(Increase)/ Decrease in other financial assets (including loans)	(21.3)	610.4
	(Increase)/ Decrease in other current and non current assets	99.5	125.7
	(Increase)/ Decrease in inventories	(2,159.5)	4,513.6
	Increase/ (Decrease) in other financial liabilities	115.0	(96.9)
	Increase/ (Decrease) in long term provisions	(108.4)	(6.6)
	Increase/ (Decrease) in trade payables	3,197.0	(2,444.6)
	Increase/ (Decrease) in other current and non current liabilities	(675.2)	217.4
	Increase/ (Decrease) in short-term provisions	(22.8)	(104.2)
	Cash generated from/ (used in) operations	1,647.4	1,041.8
	Income taxes paid (net)	(1,148.9)	(9.9)
	Net cash generated from/ (used in) operating activities	498.5	1,031.9
B	Cash flow from investing activities:
	Acquisition of property plant and equipment (net of capital creditors and including capitaladvances)	(493.4)	(208.2)
	Proceeds from divestiture of Construction chemicals business (net of taxes paid Rs.1,049.0million)	-	5,599.3
	Investments in Equity shares of BASF Performance Polyamides India Pvt. Ltd.	-	(3,029.0)
	Realisation on sale of property, plant and equipment and residential properties	2.5	10.2
	Write off towards conditional consideration on sale of a business	-	(138.5)
	Interest received	16.9	37.2
	Inter Corporate deposits (given)/ repaid (net)	-	270.0
	Net cash (used in)/ generated from investing activities	(474.0)	2,541.0
C	Cash flow from financing activities
	Inter Corporate deposits taken	-	300.0
	Inter Corporate deposits/ External commercial borrowings repaid	(1,495.1)	(1,713.5)
	Other short-term borrowings taken / (repaid) (net)	1,000.0	1,630.6
	Dividend paid	(430.2)	(128.5)
	Interest paid	(72.1)	(36.4)
	Payment of lease liabilities	(266.8)	(271.3)
		(1,264.2)	(219.1)
	Net cash (used in)/ generated from financing activities
	Net increase / (decrease) in cash and cash equivalents	(1,239.7)	3,353.8
	Opening cash and cash equivalents
	Cheques on hand	-	4.6
	Balances with banks:
	- In current accounts	526.0	809.8
	- Deposits with original maturity of less than three months	1,200.0	180.0
		1,726.0	994.4
	Closing cash and cash equivalents
	Balances with banks:
	- In current accounts	266.1	1,538.0
	- Deposits with original maturity of less than three months	220.2	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	Preceding 3 months	Corresponding 3	Year to date figures	Year to date figures	Previous Year ended
	30/09/2021	ended 30/06/2021	months ended	for current period	for previous period	31/03/2021
			in the previous year30/09/2020	ended 30/09/2021	ended 30/09/2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1. Segment Revenue
a. Agricultural Solution	4,504.5	4,864.5	4,968.4	9,369.0	9,357.3	14,349.3
b. Materials	8,898.3	7,179.4	4,883.7	16,077.7	6,697.8	21,889.3
c. Industrial Solutions	5,677.3	5,339.4	2,997.9	11,016.7	5,148.3	13,879.4
d. Surface Technologies	1,921.7	964.4	864.6	2,886.1	1,779.6	3,965.4
e. Nutrition & Care	5,751.6	5,773.1	6,074.5	11,524.7	11,431.4	23,092.4
f. Chemicals	7,017.6	5,759.2	4,471.3	12,776.8	7,447.7	17,284.7
g. Others	283.9	249.2	336.9	533.1	600.1	1,122.9
Total	34,054.9	30,129.2	24,597.3	64,184.1	42,462.2	95,583.4
Less: Inter - segment revenue	-	-	-	-	-	-
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	394.8	476.2	686.7	871.0	1,097.1	1,105.8
b. Materials	966.8	1,038.6	(59.6)	2,005.4	(500.4)	1,397.3
c. Industrial Solutions	280.4	603.5	174.5	883.9	59.0	933.0
d. Surface Technologies	(156.9)	(0.4)	(12.8)	(157.3)	(286.4)	(498.7)
e. Nutrition & Care	56.6	33.4	316.5	90.0	385.1	1,186.4
f. Chemicals	365.2	417.6	154.2	782.8	249.9	853.5
g. Others	60.7	50.4	45.2	111.1	80.4	93.3
Total	1,967.6	2,619.3	1,304.7	4,586.9	1,084.7	5,070.6
Less : (i) Finance costs (Refer Note 4)	61.0	31.4	85.7	92.4	208.4	375.7
(ii) Other un-allocable expenditure net off	74.7	103.5	105.2	178.2	169.4	316.2
un-allocable other income
Total Profit/ (Loss) before tax and exceptional items	1,831.9	2,484.4	1,113.8	4,316.3	706.9	4,378.7
Exceptional items (Refer Note 3)	-	-	4,236.1	-	4,236.1	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	8,327.5	9,223.8	5,736.6	8,327.5	5,736.6	6,725.1
b. Materials	15,724.9	15,804.1	11,476.2	15,724.9	11,476.2	14,988.9
c. Industrial Solutions	9,170.6	8,860.9	6,075.6	9,170.6	6,075.6	8,060.5
d. Surface Technologies	2,750.7	2,601.8	1,947.4	2,750.7	1,947.4	3,226.8
e. Nutrition & Care	9,409.0	8,739.6	8,459.2	9,409.0	8,459.2	9,048.3
f. Chemicals	7,391.7	6,479.0	4,540.8	7,391.7	4,540.8	5,419.9
g. Others	883.2	697.7	834.5	883.2	834.5	642.9
h. Unallocated	2,145.7	2,199.8	6,115.8	2,145.7	6,115.8	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	4,765.1	5,794.1	4,518.3	4,765.1	4,518.3	4,132.5
b. Materials	8,463.3	6,774.9	5,364.3	8,463.3	5,364.3	9,071.1
c. Industrial Solutions	5,354.6	5,975.4	2,968.8	5,354.6	2,968.8	6,294.7
d. Surface Technologies	2,206.7	1,270.5	872.9	2,206.7	872.9	1,496.2
e. Nutrition & Care	5,793.5	6,382.2	5,730.3	5,793.5	5,730.3	6,754.6
f. Chemicals	6,836.3	5,968.7	4,020.7	6,836.3	4,020.7	5,181.3
g. Others	126.6	157.0	100.1	126.6	100.1	190.0
h. Unallocated	1,375.4	2,458.1	5,494.2	1,375.4	5,494.2	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	3,562.4	3,429.7	1,218.3	3,562.4	1,218.3	2,592.6
b. Materials	7,261.6	9,029.2	6,111.9	7,261.6	6,111.9	5,917.8
c. Industrial Solutions	3,816.0	2,885.5	3,106.8	3,816.0	3,106.8	1,765.8
d. Surface Technologies	544.0	1,331.3	1,074.5	544.0	1,074.5	1,730.6
e. Nutrition & Care	3,615.5	2,357.4	2,728.9	3,615.5	2,728.9	2,293.7
f. Chemicals	555.4	510.3	520.1	555.4	520.1	238.6
g. Others	756.6	540.7	734.4	756.6	734.4	452.9
h. Unallocated	770.3	(258.3)	621.6	770.3	621.6	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.

To, The Board of Directors BASF India Limited, The Capital, A wing, 1204-C, 12th 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.
• 1. 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.
• 1. 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.
• 1. 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.
• 1. 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

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

Jeetendra Mirchandani Partner Place: Pune Membership Number: 048125 Date: November 2, 2021 UDIN: 21048125AAAAFD5971

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