With a little trick, you can produce a single line output that contains the Busybox version at the beginning:
$ busybox | head -1
BusyBox v1.19.4-cm7 bionic (2012-02-04 22:27 +0100) multi-call binary
The code you posted contains most of what is required to parse the version from there. You just have to split the line at the first and second whitespace character. Something like
Process p = Runtime.getRuntime().exec("busybox | head -1");
InputStream a = p.getInputStream();
InputStreamReader read = new InputStreamReader(a);
String line = (new BufferedReader(read)).readLine();
String version = line.split("\\s+")[1];