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Results
26-Apr-22
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Analysis
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Atul
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OP down 19%
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Atul
consolidated net sales increased 22.81% to Rs 1370.42 crore in Q4FY22 compared
to Q4FY21. Sales of Life Science
Chemicals segment has gone up 17.77% to Rs 367.32 crore (accounting for 25.61%
of total sales). Sales of Performance
& Other Chemicals segment has gone up 28.82% to Rs 1,052.63 crore
(accounting for 73.38% of total sales).
Sales of Others segment fell 2.14% to Rs 14.61 crore (accounting for
1.02% of total sales). Inter-segment
sales rose Rs 28.05 crore to Rs 64.14 crore.
Operating
profit margin has declined from 22.79% to 14.97%, leading to 19.31% decline in
operating profit to Rs 205.20 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 44.75% to 48.53%. Purchase of
finished goods cost rose from 3.92% to 4.28%. Employee cost decreased from
6.99% to 6.76%. Other expenses rose from 22.18% to 25.54%. Power and Oil fuel
cost rose from 7.88% to 9.59%.
Other
income rose 19.27% to Rs 22.22 crore.
PBIDT fell 16.68% to Rs 227.42 crore.
Provision for interest rose 44.49% to Rs 3.41 crore.
PBDT
fell 17.21% to Rs 224.01 crore.
Provision for depreciation rose 20.39% to Rs 44.05 crore. Profit before interest, tax and other
unallocable items (PBIT) has slumped 22.98% to Rs 183.60 crore. PBIT of Life Science Chemicals segment rose
2.49% to Rs 51.90 crore (accounting for 28.27% of total PBIT). PBIT of Performance & Other Chemicals
segment fell 30.34% to Rs 127.63 crore (accounting for 69.52% of total
PBIT). PBIT of Others segment fell 9.96%
to Rs 4.07 crore (accounting for 2.22% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 16.24% to 14.13%. PBIT margin of Performance & Other
Chemicals segment fell from 22.42% to 12.12%.
PBIT margin of Others segment fell from 30.27% to 27.86%. Overall PBIT margin fell from 20.84% to
12.80%.
Profit
before tax down 23.09% to Rs 179.96 crore.
Share of profit/loss was 13.68% lower at Rs 1.83 crore. Provision for tax was expense of Rs 45.23
crore, compared to Rs 59.45 crore.
Effective tax rate was 24.88% compared to 25.18%.
Minority
interest decreased 81.48% to Rs 0.30 crore.
Net profit attributable to owners of the company decreased 22.16% to Rs
136.26 crore.
Promoters’
stake was 44.94% as of 31 March 2022 compared to 44.93% as of 31 March 2021
. Promoters pledged stake was 1.50% as
of 31 March 2022 compared to 1.50% as of 31 March 2021.
Full year results
analysis
Net
sales of Atul have increased 36.16% to Rs 5080.89 crore. Sales of Life Science Chemicals segment has
gone up 20.45% to Rs 1,465.10 crore (accounting for 27.67% of total
sales). Sales of Performance & Other
Chemicals segment has gone up 43.38% to Rs 3,759.18 crore (accounting for
71.00% of total sales). Sales of Others
segment rose 44.35% to Rs 69.98 crore (accounting for 1.32% of total
sales). Inter-segment sales rose Rs
155.26 crore to Rs 213.37 crore.
Operating
profit margin has declined from 24.58% to 17.94%, leading to 0.62% decline in
operating profit to Rs 911.44 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
42.25% to 49.17%. Purchase of finished
goods cost fell from 4.05% to 3.70%.
Employee cost decreased from 8.18% to 6.48%. Other expenses rose from 21.33% to
23.42%. Power and Oil fuel cost rose
from 8.16% to 9.65%.
Other
income fell 26.20% to Rs 76 crore. PBIDT
fell 3.20% to Rs 987.44 crore. Provision
for interest fell 1.93% to Rs 9.17 crore.
Loan funds rose to Rs 144.17 crore as of 31 March 2022 from Rs 107.98
crore as of 31 March 2021. Inventories
rose to Rs 864.12 crore as of 31 March 2022 from Rs 594.14 crore as of 31 March
2021. Sundry debtors were higher at Rs
989.01 crore as of 31 March 2022 compared to Rs 733.23 crore as of 31 March
2021. Cash and bank balance declined
from Rs 348.18 crore as of 31 March 2021 to Rs 68.92 crore as of 31 March
2022. Investments declined from Rs
1,361.05 crore as of 31 March 2021 to Rs 1,338.70 crore as of 31 March
2022.
PBDT
fell 3.21% to Rs 978.27 crore. Provision
for depreciation rose 29.61% to Rs 176.69 crore. Fixed assets increased to Rs 2,025.52 crore
as of 31 March 2022 from Rs 1,638.94 crore as of 31 March 2021. Intangible assets stood at Rs 29.14 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 5.55% to Rs
779.20 crore. PBIT of Life Science
Chemicals segment fell 18.53% to Rs 178.88 crore (accounting for 22.96% of
total PBIT). PBIT of Performance &
Other Chemicals segment fell 3.07% to Rs 575.89 crore (accounting for 73.91% of
total PBIT). PBIT of Others segment rose
116.19% to Rs 24.43 crore (accounting for 3.14% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 18.05% to 12.21%. PBIT margin of Performance & Other
Chemicals segment fell from 22.66% to 15.32%.
PBIT margin of Others segment rose from 23.31% to 34.91%. Overall PBIT margin fell from 21.23% to
14.72%.
Profit
before tax down 8.33% to Rs 801.58 crore.
Share of profit/loss was 12.55% higher at Rs 8.16 crore. Provision for tax was expense of Rs 205
crore, compared to Rs 221.66 crore.
Effective tax rate was 25.32% compared to 25.14%.
Minority
interest decreased 88.73% to Rs 0.48 crore.
Net profit attributable to owners of the company decreased 7.85% to Rs
604.26 crore.
Equity
capital stood at Rs 29.61 crore as of 31 March 2022 to Rs 29.61 crore as of 31
March 2021. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 44.94% as of 31 March 2022 ,compared to 44.93% as of 31 March 2021
. Promoters pledged stake was 1.50% as
of 31 March 2022 compared to 1.50% as of 31 March 2021 .
Cash
flow from operating activities decreased to Rs 231.45 crore for year ended
March 2022 from Rs 717.95 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 590.90 crore, compared to Rs
322.54 crore during the year ended March 2021.
The
Board of Directors in its meeting held on March 25, 2022, hos approved a
proposal to buy-bock fully paid-up equity shares of face value of Rs/10- each
of the company, at a price not exceeding Rs 11,000/- per equity shore (maximum
buy-bock price) and for on amount not exceeding Rs 70 crore (maximum buy-back
size) from the open market through stock exchange mechanism.
An
incident of fire occurred on April 20, 2022, in one of the plant at Atul,
Gujarat. Damage was restricted to the plant, and there was no totality or
injury to any person. The company is in the process of assessing the impact of
this fire on the plant and related operations and filing necessary claims with
the Insurance company. This subsequent non-adjusting event does not impact
these financial results.
The
Board of Directors has recommended a dividend of Rs 25 per shore (250 %)
subject to approval of the shareholders.
The
scrip is currently trading at Rs 9342
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Atul : Consolidated Results
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Particulars
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2203 (03)
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2103 (03)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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1,370.42
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1,115.93
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23
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5,080.89
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3,731.47
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36
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OPM (%)
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15.0
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22.8
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17.9
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24.6
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OP
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205.2
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254.32
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-19
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911.44
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917.12
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-1
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Other Inc.
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22.22
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18.63
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19
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76
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102.98
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-26
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PBIDT
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227.42
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272.95
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-17
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987.44
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1,020.10
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-3
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Interest
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3.41
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2.36
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44
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9.17
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9.35
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-2
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PBDT
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224.01
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270.59
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-17
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978.27
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1,010.75
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-3
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Depreciation
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44.05
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36.59
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20
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176.69
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136.32
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30
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PBT
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179.96
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234
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-23
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801.58
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874.43
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-8
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Share of Profit/(Loss) from Associates
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1.83
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2.12
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-14
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8.16
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7.25
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13
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PBT before EO
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181.79
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236.12
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-23
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809.74
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881.68
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-8
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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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181.79
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236.12
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-23
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809.74
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881.68
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-8
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Taxation
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45.23
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59.45
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-24
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205
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221.66
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-8
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PAT
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136.56
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176.67
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-23
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604.74
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660.02
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-8
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Minority Interest (MI)
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0.3
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1.62
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-81
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0.48
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4.26
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-89
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Net profit
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136.26
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175.05
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-22
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604.26
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655.76
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-8
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EPS (Rs)*
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#
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#
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204.2
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221.6
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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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2203 (03)
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2103 (03)
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Var.(%)
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% of (Total)
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2203 (12)
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2103 (12)
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Var.(%)
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Sales
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Life Science Chemicals
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26
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367.32
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311.89
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18
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28
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1,465.10
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1,216.37
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20
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Performance & Other Chemicals
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73
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1,052.63
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817.16
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29
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71
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3,759.18
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2,621.88
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43
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Others
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1
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14.61
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14.93
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-2
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1
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69.98
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48.48
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44
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Total Reported Sales
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100
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1,434.56
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1,143.98
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25
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100
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5,294.26
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3,886.73
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36
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Less: Inter segment revenues
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64.14
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28.05
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129
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213.37
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155.26
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37
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Net Sales
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1,370.42
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1,115.93
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23
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5,080.89
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3,731.47
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36
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PBIT
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Life Science Chemicals
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28
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51.9
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50.64
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2
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23
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178.88
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219.57
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-19
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Performance & Other Chemicals
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70
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127.63
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183.21
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-30
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74
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575.89
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594.16
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-3
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Others
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2
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4.07
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4.52
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-10
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3
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24.43
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11.3
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116
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Total PBIT
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100
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183.6
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238.37
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-23
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100
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779.2
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825.03
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-6
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Less : Interest
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3.41
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2.36
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44
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9.17
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9.35
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-2
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Add: Other un-allcoable
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1.6
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0.11
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999
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39.71
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66
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-40
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PBT
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181.79
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236.12
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-23
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809.74
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881.68
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-8
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