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Results
20-Jan-24
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Analysis
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Atul
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NP down 33%
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Consolidated
net sales (including other operating income) of Atul has declined 10.29% to Rs
1137.8 crore in Q3FY24 compared to Q3FY23.
Sales of Life Science Chemicals segment has gone down 31.30% to Rs
337.82 crore (accounting for 28.40% of total sales). Sales of Performance & Other Chemicals
segment has gone up 1.52% to Rs 840.63 crore (accounting for 70.68% of total
sales). Sales of Others segment fell
31.49% to Rs 10.92 crore (accounting for 0.92% of total sales). Inter-segment sales came down from Rs 67.43
crore to Rs 51.57 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 19.88% to
Rs 107.81 crore. PBIT of Life Science
Chemicals segment fell 61.71% to Rs 42.40 crore (accounting for 39.33% of total
PBIT). PBIT of Performance & Other
Chemicals segment rose 208.84% to Rs 65.69 crore (accounting for 60.93% of
total PBIT). PBIT of Others reported
loss of Rs 0.28 crore compared to profit of Rs 2.55 crore.
PBIT
margin of Life Science Chemicals segment fell from 22.52% to 12.55%. PBIT margin of Performance & Other
Chemicals segment rose from 2.57% to 7.81%.
PBIT margin of Others segment fell from 16.00% to 2.56%. Overall PBIT margin fell from 10.07% to
9.06%.
Operating
profit margin has declined from 13.58% to 13.33%, leading to 11.94% decline in
operating profit to Rs 151.68 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
48.72% to 49.65%. Purchase of finished
goods cost rose from 3.18% to 3.49%.
Employee cost increased from 7.16% to 8.87%. Other expenses fell from 27.11% to
24.74%. Power and Oil fuel cost fell
from 13.23% to 11.38%.
Other
income fell 34.38% to Rs 15 crore. PBIDT
fell 14.57% to Rs 166.68 crore.
Provision for interest fell 3.64% to Rs 2.12 crore.
PBDT
fell 14.70% to Rs 164.56 crore.
Provision for depreciation rose 21.50% to Rs 61.21 crore.
Profit
before tax down 27.49% to Rs 103.35 crore.
Provision for tax was expense of Rs 33.4 crore, compared to Rs 39.4
crore. Effective tax rate was 31.67%
compared to 27.69%.
Net
profit attributable to owners of the company decreased 32.50% to Rs 70.94
crore.
Promoters’
stake was 45.07% as of 31 December 2023 ,compared to 45.06% as of 31 December
2022 . Promoters pledged stake was 0.98%
as of 31 December 2023 ,compared to 0.75% as of 31 December 2022.
For year-to-date (YTD)
results analysis
Net
sales (including other operating income) of Atul has declined 16.98% to Rs
3513.53 crore. Sales of Life Science
Chemicals segment has gone down 32.28% to Rs 1,050.02 crore (accounting for
28.59% of total sales). Sales of
Performance & Other Chemicals segment has gone down 10.18% to Rs 2,583.51
crore (accounting for 70.34% of total sales).
Sales of Others segment rose 6.91% to Rs 39.17 crore (accounting for
1.07% of total sales). Inter-segment
sales came down from Rs 231.14 crore to Rs 159.17 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 33.71% to
Rs 368.99 crore. PBIT of Life Science
Chemicals segment fell 58.93% to Rs 136.38 crore (accounting for 36.96% of
total PBIT). PBIT of Performance &
Other Chemicals segment rose 1.07% to Rs 226.93 crore (accounting for 61.50% of
total PBIT). PBIT of Others segment rose
6,211.11% to Rs 5.68 crore (accounting for 1.54% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 21.41% to 12.99%. PBIT margin of Performance & Other
Chemicals segment rose from 7.81% to 8.78%.
PBIT margin of Others segment rose from 0.25% to 14.50%. Overall PBIT margin fell from 12.47% to
10.05%.
Operating
profit margin has declined from 14.78% to 13.92%, leading to 21.80% decline in
operating profit to Rs 489.13 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
48.76% to 47.61%. Purchase of finished
goods cost rose from 4.04% to 4.16%.
Employee cost increased from 6.45% to 8.84%. Other expenses fell from 26.10% to
24.76%. Power and Oil fuel cost rose
from 11.82% to 11.86%.
Other
income fell 50% to Rs 45.33 crore. PBIDT
fell 25.37% to Rs 534.46 crore. Provision
for interest rose 5.25% to Rs 6.01 crore.
PBDT
fell 25.62% to Rs 528.45 crore.
Provision for depreciation rose 13.90% to Rs 167.13 crore.
Profit
before tax down 35.90% to Rs 361.32 crore.
Share of profit/loss was 184.62% higher at Rs 6.29 crore. Provision for tax was expense of Rs 102.28
crore, compared to Rs 151.48 crore.
Effective tax rate was 27.82% compared to 26.77%.
Net
profit attributable to owners of the company decreased 37.08% to Rs 264.61
crore.
Promoters’
stake was 45.07% as of 31 December 2023 ,compared to 45.06% as of 31 December
2022 . Promoters pledged stake was 0.98%
as of 31 December 2023 ,compared to 0.75% as of 31 December 2022.
The
scrip is currently trading at Rs 6501
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Atul : Consolidated Results
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Particulars
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2312 (03)
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2212 (03)
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Var.(%)
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2312 (09)
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2212 (09)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales (including other operating income)
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1,137.80
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1,268.25
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-10
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3,513.53
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4,232.37
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-17
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5,427.52
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5,080.89
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7
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OPM (%)
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13.3
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13.6
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13.9
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14.8
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14.3
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17.9
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OP
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151.68
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172.25
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-12
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489.13
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625.48
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-22
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774.85
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911.44
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-15
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Other Inc.
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15.00
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22.86
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-34
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45.33
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90.66
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-50
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114.87
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76
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51
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PBIDT
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166.68
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195.11
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-15
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534.46
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716.14
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-25
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889.72
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987.44
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-10
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Interest
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2.12
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2.20
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-4
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6.01
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5.71
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5
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7.9
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9.17
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-14
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PBDT
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164.56
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192.91
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-15
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528.45
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710.43
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-26
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881.82
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978.27
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-10
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Depreciation
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61.21
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50.38
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22
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167.13
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146.74
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14
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197.81
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176.69
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12
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PBT
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103.35
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142.53
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-27
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361.32
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563.69
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-36
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684.01
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801.58
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-15
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Share of Profit/(Loss) from Associates
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2.10
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-0.25
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LP
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6.29
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2.21
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185
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3.83
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8.16
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-53
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PBT before EO
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105.45
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142.28
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-26
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367.61
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565.9
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-35
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687.84
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809.74
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-15
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EO Income
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0.00
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0.00
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-
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0
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0
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-
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0
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0
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-
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PBT after EO
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105.45
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142.28
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-26
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367.61
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565.9
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-35
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687.84
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809.74
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-15
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Taxation
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33.40
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39.40
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-15
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102.28
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151.48
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-32
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181.21
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205
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-12
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PAT
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72.05
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102.88
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-30
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265.33
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414.42
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-36
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506.63
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604.74
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-16
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Minority Interest (MI)
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1.11
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-2.22
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PL
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0.72
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-6.11
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PL
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-7.46
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0.48
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LP
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Net profit
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70.94
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105.10
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-33
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264.61
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420.53
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-37
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514.09
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604.26
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-15
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EPS (Rs)*
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#
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#
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#
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#
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174.2
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204.7
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Notes
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* EPS is on current equity of Rs 29.51 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Atul : Consolidated Segment
Results
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% of (Total)
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2312 (03)
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2212 (03)
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Var.(%)
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% of (Total)
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2312 (09)
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2212 (09)
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Var.(%)
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% of (Total)
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2303 (12)
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2203 (12)
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Var.(%)
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Sales
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Life Science Chemicals
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28
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337.82
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491.73
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-31
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29
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1,050.02
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1,550.60
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-32
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34
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1,959.16
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1,465.10
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34
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Performance & Other Chemicals
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71
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840.63
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828.01
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2
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70
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2,583.51
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2,876.27
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-10
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65
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3,706.17
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3,759.18
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-1
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Others
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1
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10.92
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15.94
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-31
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1
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39.17
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36.64
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7
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1
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49.64
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69.98
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-29
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Total Reported Sales
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100
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1,189.37
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1,335.68
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-11
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100
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3,672.70
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4,463.51
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-18
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100
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5,714.97
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5,294.26
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Less: Inter segment revenues
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51.57
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67.43
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-24
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159.17
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231.14
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-31
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287.45
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213.37
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35
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Net Sales
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1,137.80
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1,268.25
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-10
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3,513.53
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4,232.37
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-17
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5,427.52
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5,080.89
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7
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PBIT
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Life Science Chemicals
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39
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42.4
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110.74
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-62
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37
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136.38
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332.04
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-59
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64
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422.65
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178.88
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136
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Performance & Other Chemicals
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61
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65.69
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21.27
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209
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62
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226.93
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224.52
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1
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36
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240.25
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575.89
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-58
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Others
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0
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-0.28
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2.55
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PL
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2
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5.68
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0.09
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999
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0
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1.15
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24.43
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-95
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Total PBIT
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100
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107.81
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134.56
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-20
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100
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368.99
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556.65
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-34
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100
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664.05
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779.2
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-15
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Less : Interest
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2.12
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2.2
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-4
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6.01
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5.71
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5
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7.9
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9.17
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-14
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Add: Other un-allcoable
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-0.24
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9.92
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PL
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4.63
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14.96
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-69
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31.69
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39.71
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-20
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PBT
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105.45
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142.28
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-26
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367.61
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565.9
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-35
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687.84
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809.74
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-15
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