The announcement was made after market hours on Thursday.

Atul has one of the biggest integrated chemical complexes in India with a well-diversified product portfolio of around 900 products and 400 formulations. Geographically, its sales are almost evenly distributed between domestic and exports. It has marketing offices through its subsidiaries in USA, UK, Germany, UAE, China, Brazil, etc.

The company’s net profit had declined 40.15% to Rs 90.32 crore on a 19.74% fall in sales to Rs 1,193.71 crore in Q2 FY24 over Q2 FY23.