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Results
28-Jan-22
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Analysis
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Atul
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OPM down 730 bps to 18.2%
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Atul
consolidated net sales increased 44.86% to Rs 1380.31 crore in Q3FY22 compared
to Q3FY21. Sales of Life Science
Chemicals segment has gone up 38.99% to Rs 397.61 crore (accounting for 27.52%
of total sales). Sales of Performance
& Other Chemicals segment has gone up 47.76% to Rs 1,026.38 crore
(accounting for 71.03% of total sales).
Sales of Others segment rose 48.93% to Rs 20.94 crore (accounting for
1.45% of total sales). Inter-segment
sales rose Rs 41.88 crore to Rs 64.62 crore.
Operating
profit margin has declined from 25.50% to 18.22%, leading to 3.50% rise in
operating profit to Rs 251.47 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 42.43% to 50.08%. Purchase of
finished goods cost fell from 3.32% to 2.82%. Employee cost decreased from 8.16%
to 5.75%. Other expenses rose from 21.09% to 24.40%. Power and Oil fuel cost
rose from 8.31% to 11.31%.
Other
income fell 91.76% to Rs 3.07 crore.
PBIDT fell 9.17% to Rs 254.54 crore.
Profit before interest, tax and other unallocable items (PBIT) has
slumped 6.89% to Rs 204.17 crore. PBIT
of Life Science Chemicals segment fell 11.74% to Rs 44.81 crore (accounting for
21.95% of total PBIT). PBIT of
Performance & Other Chemicals segment fell 10.21% to Rs 149.08 crore
(accounting for 73.02% of total PBIT).
PBIT of Others segment rose 314.52% to Rs 10.28 crore (accounting for
5.04% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 17.75% to 11.27%. PBIT margin of Performance & Other
Chemicals segment fell from 23.90% to 14.52%.
PBIT margin of Others segment rose from 17.64% to 49.09%. Overall PBIT margin fell from 22.04% to 14.13%.
Provision
for interest fell 11.57% to Rs 1.91 crore.
PBDT fell 9.15% to Rs 252.63 crore.
Provision for depreciation rose 35.93% to Rs 45.4 crore.
Profit
before tax down 15.30% to Rs 207.23 crore.
Share of profit/loss was 12.86% higher at Rs 2.72 crore. Provision for tax was expense of Rs 53.04
crore, compared to Rs 56.73 crore.
Effective tax rate was 25.26% compared to 22.96%.
Minority
interest decreased 16.38% to Rs 1.48 crore.
Net profit attributable to owners of the company decreased 17.58% to Rs
155.43 crore.
Promoters’
stake was 44.94% as of 31 December 2021 compared to 44.82% as of 31 December
2020 . Promoters pledged stake was 1.50%
as of 31 December 2021 compared to 1.50% as of 31 December 2020.
For year-to-date (YTD)
results analysis
Net
sales of Atul has increased 41.86% to Rs 3710.47 crore. Sales of Life Science Chemicals segment has
gone up 21.37% to Rs 1,097.78 crore (accounting for 28.44% of total
sales). Sales of Performance & Other
Chemicals segment has gone up 49.97% to Rs 2,706.55 crore (accounting for
70.12% of total sales). Sales of Others
segment rose 65.04% to Rs 55.37 crore (accounting for 1.43% of total
sales). Inter-segment sales rose Rs
127.21 crore to Rs 149.23 crore.
Operating
profit margin has declined from 25.34% to 19.03%, leading to 6.55% rise in
operating profit to Rs 706.24 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
41.17% to 49.39%. Purchase of finished
goods cost fell from 4.10% to 3.50%.
Employee cost decreased from 8.70% to 6.38%. Other expenses rose from 20.96% to
22.67%. Power and Oil fuel cost rose
from 8.28% to 9.67%.
Other
income fell 36.24% to Rs 53.78 crore.
PBIDT rose 1.72% to Rs 760.02 crore.
Profit before interest, tax and other unallocable items (PBIT) has
jumped 1.52% to Rs 595.60 crore. PBIT of
Life Science Chemicals segment fell 24.83% to Rs 126.98 crore (accounting for
21.32% of total PBIT). PBIT of
Performance & Other Chemicals segment rose 9.08% to Rs 448.26 crore
(accounting for 75.26% of total PBIT).
PBIT of Others segment rose 200.29% to Rs 20.36 crore (accounting for
3.42% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 18.68% to 11.57%. PBIT margin of Performance & Other
Chemicals segment fell from 22.77% to 16.56%.
PBIT margin of Others segment rose from 20.21% to 36.77%. Overall PBIT margin fell from 21.39% to
15.43%.
Provision
for interest fell 17.60% to Rs 5.76 crore.
PBDT rose 1.90% to Rs 754.26 crore.
Provision for depreciation rose 33% to Rs 132.64 crore.
Profit
before tax down 2.94% to Rs 621.62 crore.
Share of profit/loss was 23.39% higher at Rs 6.33 crore. Provision for tax was expense of Rs 159.77
crore, compared to Rs 162.21 crore.
Effective tax rate was 25.44% compared to 25.13%.
Minority
interest decreased 93.18% to Rs 0.18 crore.
Net profit attributable to owners of the company decreased 2.64% to Rs
468.00 crore.
Promoters’
stake was 44.94% as of 31 December 2021 ,compared to 44.82% as of 31 December
2020 . Promoters pledged stake was 1.50%
as of 31 December 2021 compared to 1.50% as of 31 December 2020.
Full year results
analysis
Net
sales (including other operating income) of Atul has declined 8.83% to Rs
3731.47 crore. Sales of Life Science
Chemicals segment has gone down 2.84% to Rs 1,216.37 crore (accounting for
31.30% of total sales). Sales of
Performance & Other Chemicals segment has gone down 12.15% to Rs 2,621.88
crore (accounting for 67.46% of total sales).
Sales of Others segment rose 31.63% to Rs 48.48 crore (accounting for
1.25% of total sales). Inter-segment
sales came down from Rs 180.22 crore to Rs 155.26 crore.
Operating
profit margin has jumped from 22.04% to 24.58%, leading to 1.68% rise in
operating profit to Rs 917.12 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
44.39% to 42.25%. Purchase of finished
goods cost rose from 3.68% to 4.05%.
Employee cost increased from 7.36% to 8.18%. Other expenses fell from 22.51% to 21.33%.
Power and Oil fuel cost fell from 9.12% to 8.16%.
Other
income rose 31.96% to Rs 102.98 crore. Profit before interest, tax and other
unallocable items (PBIT) has slumped 1.58% to Rs 825.03 crore. PBIT of Life Science Chemicals segment fell
1.61% to Rs 219.57 crore (accounting for 26.61% of total PBIT). PBIT of Performance & Other Chemicals
segment fell 1.62% to Rs 594.16 crore (accounting for 72.02% of total
PBIT). PBIT of Others segment rose 1.53%
to Rs 11.30 crore (accounting for 1.37% of total PBIT).
PBIT
margin of Life Science Chemicals segment rose from 17.82% to 18.05%. PBIT margin of Performance & Other
Chemicals segment rose from 20.24% to 22.66%.
PBIT margin of Others segment fell from 30.22% to 23.31%. Overall PBIT margin rose from 19.62% to
21.23%.
Provision
for interest fell 0.53% to Rs 9.35 crore.
Loan funds rose to Rs 101.72 crore as of 31 March 2021 from Rs 96.97
crore as of 31 March 2020. Inventories
rose to Rs 594.14 crore as of 31 March 2021 from Rs 503.37 crore as of 31 March
2020. Sundry debtors were higher at Rs
733.23 crore as of 31 March 2021 compared to Rs 719.73 crore as of 31 March
2020. Cash and bank balance rose to Rs
348.18 crore as of 31 March 2021 from Rs 35.37 crore as of 31 March 2020. Investments rose to Rs 1,361.05 crore as of
31 March 2021 from Rs 1,137.31 crore as of 31 March 2020 .
Provision
for depreciation rose 4.69% to Rs 136.32 crore.
Fixed assets increased to Rs 1,626.10 crore as of 31 March 2021 from Rs
1,463.88 crore as of 31 March 2020.
Intangible assets increased from Rs 29.14 crore to Rs 41.98 crore.
Profit
before tax grew 4.04% to Rs 874.43 crore.
Share of profit/loss was 45.58% higher at Rs 7.25 crore. Provision for tax was expense of Rs 221.66
crore, compared to Rs 174.51 crore.
Effective tax rate was 25.14% compared to 20.64%.
Minority
interest decreased 4.27% to Rs 4.26 crore. Net profit attributable to owners of
the company decreased 1.61% to Rs 655.76 crore.
Promoters’
stake was 44.93% as of 31 March 2021 compared to 44.80% as of 31 March 2020. Promoters pledged stake was 1.50% as of 31
March 2021 compared to 3.76% as of 31 March 2020.
Cash
flow from operating activities decreased to Rs 717.95 crore for year ended
March 2021 from Rs 881.38 crore for year ended March 2020. Cash flow used in acquiring fixed assets
during the year ended March 2021 stood at Rs 322.54 crore, compared to Rs 373.99
crore during the year ended March 2020.
The
scrip is currently trading at Rs 9864
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Atul : Consolidated Results
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Particulars
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2112 (03)
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2012 (03)
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Var.(%)
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2112 (09)
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2012 (09)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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Net Sales
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1,380.31
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952.89
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45
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3,710.47
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2,615.54
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42
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3,731.47
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4,093.06
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-9
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OPM (%)
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18.2
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25.5
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19.0
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25.3
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24.58
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22.0
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OP
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251.47
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242.97
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4
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706.24
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662.8
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7
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917.12
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902.01
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2
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Other Inc.
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3.07
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37.26
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-92
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53.78
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84.35
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-36
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102.98
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78.04
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32
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PBIDT
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254.54
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280.23
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-9
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760.02
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747.15
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2
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1,020.10
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980.05
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4
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Interest
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1.91
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2.16
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-12
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5.76
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6.99
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-18
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9.35
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9.4
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-1
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PBDT
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252.63
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278.07
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-9
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754.26
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740.16
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2
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1,010.75
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970.65
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4
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Depreciation
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45.4
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33.4
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36
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132.64
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99.73
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33
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136.32
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130.21
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5
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PBT
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207.23
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244.67
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-15
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621.62
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640.43
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-3
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874.43
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840.44
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4
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Share of Profit/(Loss) from Associates
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2.72
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2.41
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13
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6.33
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5.13
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23
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7.25
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4.98
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46
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PBT before EO
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209.95
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247.08
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-15
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627.95
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645.56
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-3
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881.68
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845.42
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4
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Taxation
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53.04
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56.73
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-7
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159.77
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162.21
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-2
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221.66
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174.51
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27
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PAT
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156.91
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190.35
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-18
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468.18
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483.35
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-3
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660.02
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670.91
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-2
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Minority Interest (MI)
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1.48
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1.77
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-16
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0.18
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2.64
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-93
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4.26
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4.45
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-4
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Net profit
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155.43
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188.58
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-18
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468
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480.71
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-3
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655.76
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666.46
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-2
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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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221.6
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225.3
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Notes
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* EPS is on current equity of Rs 29.59 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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2112 (03)
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2012 (03)
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Var.(%)
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% of (Total)
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2112 (09)
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2012 (09)
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Var.(%)
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% of (Total)
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2103 (12)
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2003 (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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397.61
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286.08
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39
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28
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1,097.78
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904.48
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21
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31
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1,216.37
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1,251.95
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-3
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Performance & Other Chemicals
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71
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1,026.38
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694.63
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48
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70
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2,706.55
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1,804.72
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50
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67
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2,621.88
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2,984.50
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-12
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Others
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1
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20.94
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14.06
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49
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1
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55.37
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33.55
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65
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1
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48.48
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36.83
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32
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Total Reported Sales
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100
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1,444.93
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994.77
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45
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100
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3,859.70
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2,742.75
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41
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100
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3,886.73
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4,273.28
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-9
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Less: Inter segment revenues
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64.62
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41.88
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54
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149.23
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127.21
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17
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155.26
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180.22
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-14
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Net Sales
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1,380.31
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952.89
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45
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3,710.47
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2,615.54
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42
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3,731.47
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4,093.06
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-9
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PBIT
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Life Science Chemicals
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22
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44.81
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50.77
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-12
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21
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126.98
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168.93
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-25
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27
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219.57
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223.16
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-2
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Performance & Other Chemicals
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73
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149.08
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166.04
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-10
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75
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448.26
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410.95
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9
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72
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594.16
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603.97
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-2
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Others
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5
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10.28
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2.48
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315
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3
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20.36
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6.78
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200
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1
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11.3
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11.13
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2
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Total PBIT
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100
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204.17
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219.29
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-7
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100
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595.6
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586.66
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2
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100
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825.03
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838.26
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-2
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Less : Interest
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1.91
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2.16
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-12
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5.76
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6.99
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-18
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9.35
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9.4
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-1
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Add: Other un-allcoable
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7.69
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29.95
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-74
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38.11
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65.89
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-42
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66
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16.56
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299
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PBT
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209.95
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247.08
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-15
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627.95
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645.56
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-3
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881.68
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845.42
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4
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