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Results
27-Apr-24
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Analysis
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Atul
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NP down 38%
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Consolidated
net sales (including other operating income) of Atul has increased 1.42% to Rs
1212.15 crore. Sales of Life Science
Chemicals segment has gone down 7.80% to Rs 376.68 crore (accounting for 29.65%
of total sales). Sales of Performance
& Other Chemicals segment has gone up 4.78% to Rs 869.59 crore (accounting
for 68.45% of total sales). Sales of
Others segment rose 85.31% to Rs 24.09 crore (accounting for 1.90% of total
sales). Inter-segment sales rose Rs
56.31 crore to Rs 58.21 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 25.94% to
Rs 79.54 crore. PBIT of Life Science
Chemicals segment fell 26.42% to Rs 66.67 crore (accounting for 83.82% of total
PBIT). PBIT of Performance & Other
Chemicals segment fell 18.25% to Rs 12.86 crore (accounting for 16.17% of total
PBIT). PBIT of Others segment fell
99.06% to Rs 0.01 crore (accounting for 0.01% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 22.18% to 17.70%. PBIT margin of Performance & Other
Chemicals segment fell from 1.90% to 1.48%.
PBIT margin of Others segment fell from 8.15% to 0.04%. Overall PBIT margin fell from 8.58% to 6.26%.
Operating
profit margin has declined from 12.50% to 12.17%, leading to 1.21% decline in
operating profit to Rs 147.56 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
46.53% to 49.54%. Purchase of finished
goods cost fell from 4.62% to 1.60%.
Employee cost decreased from 8.45% to 8.30%. Other expenses rose from 27.08% to
28.60%. Power and Oil fuel cost fell
from 12.72% to 12.70%.
Other
income fell 46.88% to Rs 12.86 crore.
PBIDT fell 7.58% to Rs 160.42 crore.
Provision for interest rose 131.51% to Rs 5.07 crore.
PBDT
fell 9.36% to Rs 155.35 crore. Provision
for depreciation rose 48.33% to Rs 75.75 crore.
Fixed assets increased to Rs 3,042.06 crore as of 31 March 2024 from Rs
2,773.37 crore as of 31 March 2023.
Intangible assets increased from Rs 29.14 crore to Rs 30.87 crore.
Profit
before tax down 33.84% to Rs 79.60 crore.
Share of profit/loss was 110.49% higher at Rs 3.41 crore. Provision for tax was expense of Rs 24.22
crore, compared to Rs 29.73 crore.
Effective tax rate was 29.18% compared to 24.38%.
Net
profit attributable to owners of the company decreased 37.57% to Rs 58.41
crore.
Equity
capital decreased from Rs 29.53 crore as of 31 March 2023 to Rs 29.46 crore as
of 31 March 2024. Per share face Value remained same at Rs 10.00.
Promoters’
stake was 45.17% as of 31 March 2024 ,compared to 45.06% as of 31 March 2023
. Promoters pledged stake was 0.98% as
of 31 March 2024 ,compared to 0.98% as of 31 March 2023 .
Full year results
analysis
Net
sales (including other operating income) of Atul has declined 12.93% to Rs
4725.68 crore. Sales of Life Science
Chemicals segment has gone down 27.18% to Rs 1,426.70 crore (accounting for
28.86% of total sales). Sales of
Performance & Other Chemicals segment has gone down 6.83% to Rs 3,453.10
crore (accounting for 69.86% of total sales).
Sales of Others segment rose 27.44% to Rs 63.26 crore (accounting for
1.28% of total sales). Inter-segment
sales came down from Rs 287.45 crore to Rs 217.38 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 32.46% to
Rs 448.53 crore. PBIT of Life Science
Chemicals segment fell 51.96% to Rs 203.05 crore (accounting for 45.27% of
total PBIT). PBIT of Performance &
Other Chemicals segment fell 0.19% to Rs 239.79 crore (accounting for 53.46% of
total PBIT). PBIT of Others segment rose
394.78% to Rs 5.69 crore (accounting for 1.27% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 21.57% to 14.23%. PBIT margin of Performance & Other
Chemicals segment rose from 6.48% to 6.94%.
PBIT margin of Others segment rose from 2.32% to 8.99%. Overall PBIT margin fell from 11.62% to
9.07%.
Operating
profit margin has declined from 14.28% to 13.47%, leading to 17.83% decline in
operating profit to Rs 636.69 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
48.30% to 48.13%. Purchase of finished
goods cost fell from 4.16% to 3.47%.
Employee cost increased from 6.87% to 8.70%. Other expenses fell from 26.31% to
25.79%. Power and Oil fuel cost rose
from 12.01% to 12.09%.
Other
income fell 49.34% to Rs 58.19 crore.
PBIDT fell 21.90% to Rs 694.88 crore.
Provision for interest rose 40.25% to Rs 11.08 crore. Loan funds rose to Rs 236.55 crore as of 31
March 2024 from Rs 52.24 crore as of 31 March 2023. Inventories declined from Rs 789.36 crore as
of 31 March 2023 to Rs 618.26 crore as of 31 March 2024. Sundry debtors were higher at Rs 927.04 crore
as of 31 March 2024 compared to Rs 844.61 crore as of 31 March 2023. Cash and bank balance rose to Rs 72.30 crore
as of 31 March 2024 from Rs 52.03 crore as of 31 March 2023. Investments rose to Rs 1,342.49 crore as of
31 March 2024 from Rs 838.18 crore as of 31 March 2023 .
PBDT
fell 22.46% to Rs 683.8 crore. Provision
for depreciation rose 22.78% to Rs 242.88 crore. Fixed assets increased to Rs 3,042.06 crore
as of 31 March 2024 from Rs 2,773.37 crore as of 31 March 2023. Intangible assets increased from Rs 29.14
crore to Rs 30.87 crore.
Profit
before tax down 35.54% to Rs 440.92 crore.
Share of profit/loss was 153.26% higher at Rs 9.7 crore. Provision for tax was expense of Rs 126.5
crore, compared to Rs 181.21 crore.
Effective tax rate was 28.07% compared to 26.34%.
Net
profit attributable to owners of the company decreased 37.17% to Rs 323.02
crore.
Equity
capital decreased from Rs 29.53 crore as of 31 March 2023 to Rs 29.46 crore as
of 31 March 2024 . Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 45.17% as of 31 March 2024 ,compared to 45.06% as of 31 March 2023
. Promoters pledged stake was 0.98% as
of 31 March 2024 ,compared to 0.98% as of 31 March 2023 .
Cash
flow from operating activities decreased to Rs 667.46 crore for year ended
March 2024 from Rs 706.69 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 503.88 crore, compared to Rs
874.68 crore during the year ended March 2023.
The
scrip is currently trading at Rs 5928
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Atul : Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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1,212.15
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1,195.15
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1
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4,725.68
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5,427.52
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-13
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OPM (%)
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12.17
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12.5
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13.47
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14.28
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OP
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147.56
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149.37
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-1
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636.69
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774.85
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-18
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Other Inc.
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12.86
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24.21
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-47
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58.19
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114.87
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-49
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PBIDT
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160.42
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173.58
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-8
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694.88
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889.72
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-22
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Interest
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5.07
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2.19
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132
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11.08
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7.9
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40
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PBDT
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155.35
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171.39
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-9
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683.8
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881.82
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-22
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Depreciation
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75.75
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51.07
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48
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242.88
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197.81
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23
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PBT
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79.6
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120.32
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-34
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440.92
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684.01
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-36
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Share of Profit/(Loss) from Associates
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3.41
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1.62
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110
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9.7
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3.83
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153
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PBT before EO
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83.01
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121.94
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-32
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450.62
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687.84
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-34
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EO Income
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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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83.01
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121.94
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-32
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450.62
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687.84
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-34
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Taxation
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24.22
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29.73
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-19
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126.5
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181.21
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-30
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PAT
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58.79
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92.21
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-36
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324.12
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506.63
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-36
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Minority Interest (MI)
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0.38
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-1.35
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PL
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1.1
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-7.46
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PL
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Net profit
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58.41
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93.56
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-38
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323.02
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514.09
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-37
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EPS (Rs)*
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19.84
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31.78
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109.71
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174.61
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Notes
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* EPS is on current equity of Rs 29.44 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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2403 (03)
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2303 (03)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Life Science Chemicals
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30
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376.68
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408.56
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-8
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29
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1,426.70
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1,959.16
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-27
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Performance & Other Chemicals
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68
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869.59
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829.9
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5
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70
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3,453.10
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3,706.17
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-7
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Others
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2
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24.09
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13
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85
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1
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63.26
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49.64
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27
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Total Reported Sales
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100
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1,270.36
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1,251.46
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2
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100
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4,943.06
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5,714.97
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-14
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Less: Inter segment revenues
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58.21
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56.31
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3
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217.38
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287.45
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-24
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Net Sales
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100
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1,212.15
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1,195.15
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1
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100
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4,725.68
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5,427.52
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-13
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PBIT
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Life Science Chemicals
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84
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66.67
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90.61
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-26
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45
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203.05
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422.65
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-52
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Performance & Other Chemicals
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16
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12.86
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15.73
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-18
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53
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239.79
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240.25
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0
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Others
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0
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0.01
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1.06
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-99
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1
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5.69
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1.15
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395
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Total PBIT
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100
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79.54
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107.4
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-26
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100
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448.53
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664.05
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-32
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Less : Interest
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5.07
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2.19
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132
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11.08
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7.9
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40
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Add: Other un-allcoable
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8.54
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16.73
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-49
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13.17
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31.69
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-58
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PBT
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100
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83.01
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121.94
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-32
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100
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450.62
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687.84
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-34
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08:28
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