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Results
21-Jan-23
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Analysis
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Atul
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Low export demand and high input costs impacted performance and other chemicals profitability
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Consolidated
net sales of Atul have declined 8.12% to Rs 1268.25 crore in Q3FY23 compared to
Q3FY22. Sales of Life Science Chemicals
segment has gone up 23.67% to Rs 491.73 crore (accounting for 36.81% of total
sales). Sales of Performance & Other
Chemicals segment has gone down 19.33% to Rs 828.01 crore (accounting for
61.99% of total sales). Sales of Others
segment fell 23.88% to Rs 15.94 crore (accounting for 1.19% of total
sales). Inter-segment sales rose Rs
64.62 crore to Rs 67.43 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 34.09% to
Rs 134.56 crore. PBIT of Life Science
Chemicals segment rose 147.13% to Rs 110.74 crore (accounting for 82.30% of
total PBIT). PBIT of Performance &
Other Chemicals segment fell 85.73% to Rs 21.27 crore (accounting for 15.81% of
total PBIT). PBIT of Others segment fell
75.19% to Rs 2.55 crore (accounting for 1.90% of total PBIT).
PBIT
margin of Life Science Chemicals segment rose from 11.27% to 22.52%. PBIT margin of Performance & Other
Chemicals segment fell from 14.52% to 2.57%.
PBIT margin of Others segment fell from 49.09% to 16.00%. Overall PBIT margin fell from 14.13% to
10.07%. Low export demand and high input
costs have impacted the profitability of the performance and other chemicals
segment while better price realization and volume growth in the crop protection
sub-segment have improved profitability in the Life science chemicals segment.
Operating
profit margin has declined from 18.22% to 13.58%, leading to 31.50% decline in
operating profit to Rs 172.25 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
50.08% to 48.72%. Purchase of finished
goods cost rose from 2.82% to 3.18%.
Employee cost increased from 5.75% to 7.16%. Other expenses rose from 24.40% to 27.11%. Power and Oil fuel cost rose from 11.31% to
13.23%.
Other
income rose 644.63% to Rs 22.86 crore.
PBIDT fell 23.35% to Rs 195.11 crore.
Provision for interest rose 15.18% to Rs 2.2 crore.
PBDT
fell 23.64% to Rs 192.91 crore.
Provision for depreciation rose 10.97% to Rs 50.38 crore.
Profit
before tax down 31.22% to Rs 142.53 crore.
Provision for tax was expense of Rs 39.4 crore, compared to Rs 53.04
crore. Effective tax rate was 27.69%
compared to 25.26%.
Net
profit attributable to owners of the company decreased 32.38% to Rs 105.10
crore.
Promoters’
stake was 45.06% as of 31 December 2022 compared to 44.94% as of 31 December
2021. Promoters pledged stake was 0.75%
as of 31 December 2022 compared to 1.50% as of 31 December 2021 .
For year-to-date (YTD)
results analysis
Net
sales of Atul have increased 14.07% to Rs 4232.37 crore. Sales of Life Science Chemicals segment has
gone up 41.25% to Rs 1,550.60 crore (accounting for 34.74% of total
sales). Sales of Performance & Other
Chemicals segment has gone up 6.27% to Rs 2,876.27 crore (accounting for 64.44%
of total sales). Sales of Others segment
fell 33.83% to Rs 36.64 crore (accounting for 0.82% of total sales). Inter-segment sales rose Rs 149.23 crore to
Rs 231.14 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 6.54% to Rs
556.65 crore. PBIT of Life Science
Chemicals segment rose 161.49% to Rs 332.04 crore (accounting for 59.65% of
total PBIT). PBIT of Performance &
Other Chemicals segment fell 49.91% to Rs 224.52 crore (accounting for 40.33%
of total PBIT). PBIT of Others segment
fell 99.56% to Rs 0.09 crore (accounting for 0.02% of total PBIT).
PBIT
margin of Life Science Chemicals segment rose from 11.57% to 21.41%. PBIT margin of Performance & Other
Chemicals segment fell from 16.56% to 7.81%.
PBIT margin of Others segment fell from 36.77% to 0.25%. Overall PBIT margin fell from 15.43% to
12.47%.
Operating
profit margin has declined from 19.03% to 14.78%, leading to 11.44% decline in
operating profit to Rs 625.48 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
49.39% to 48.76%. Purchase of finished
goods cost rose from 3.50% to 4.04%.
Employee cost increased from 6.38% to 6.45%. Other expenses rose from 22.67% to
26.10%. Power and Oil fuel cost rose
from 9.67% to 11.82%.
Other
income rose 68.58% to Rs 90.66 crore.
PBIDT fell 5.77% to Rs 716.14 crore.
Provision for interest fell 0.87% to Rs 5.71 crore.
PBDT
fell 5.81% to Rs 710.43 crore. Provision
for depreciation rose 10.63% to Rs 146.74 crore.
Profit
before tax down 9.32% to Rs 563.69 crore.
Share of profit/loss was 65.09% lower at Rs 2.21 crore. Provision for tax was expense of Rs 151.48
crore, compared to Rs 159.77 crore.
Effective tax rate was 26.77% compared to 25.44%.
Net
profit attributable to owners of the company decreased 10.14% to Rs 420.53
crore.
Promoters’
stake was 45.06% as of 31 December 2022 compared to 44.94% as of 31 December
2021 .
Promoters
pledged stake was 0.75% as of 31 December 2022 compared to 1.50% as of 31
December 2021 .
The
scrip is currently trading at Rs 7433
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Atul : Consolidated Results
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Particulars
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2212 (03)
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2112 (03)
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Var.(%)
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2212 (09)
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2112 (09)
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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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1,268.25
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1,380.31
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-8
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4,232.37
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3,710.47
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14
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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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13.58
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18.22
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14.78
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19.03
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17.94
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24.58
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OP
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172.25
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251.47
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-32
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625.48
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706.24
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-11
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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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22.86
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3.07
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645
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90.66
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53.78
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69
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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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195.11
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254.54
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-23
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716.14
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760.02
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-6
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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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2.2
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1.91
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15
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5.71
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5.76
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-1
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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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192.91
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252.63
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-24
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710.43
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754.26
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-6
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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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50.38
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45.4
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11
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146.74
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132.64
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11
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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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142.53
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207.23
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-31
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563.69
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621.62
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-9
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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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-0.25
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2.72
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PL
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2.21
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6.33
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-65
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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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142.28
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209.95
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-32
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565.9
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627.95
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-10
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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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0
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0
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-
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PBT after EO
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142.28
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209.95
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-32
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565.9
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627.95
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-10
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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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39.4
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53.04
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-26
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151.48
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159.77
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-5
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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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102.88
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156.91
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-34
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414.42
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468.18
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-11
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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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-2.22
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1.48
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LP
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-6.11
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0.18
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LP
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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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105.1
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155.43
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-32
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420.53
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468
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-10
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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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35.61
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52.66
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142.49
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158.57
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204.74
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222.19
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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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2212 (03)
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2112 (03)
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Var.(%)
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% of (Total)
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2212 (09)
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2112 (09)
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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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37
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491.73
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397.61
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24
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35
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1,550.60
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1,097.78
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41
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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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62
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828.01
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1,026.38
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-19
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64
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2,876.27
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2,706.55
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6
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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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15.94
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20.94
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-24
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1
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36.64
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55.37
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-34
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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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1,335.68
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1,444.93
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-8
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100
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4,463.51
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3,859.70
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16
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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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67.43
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64.62
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4
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231.14
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149.23
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55
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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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1,268.25
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1,380.31
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-8
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4,232.37
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3,710.47
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14
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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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82
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110.74
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44.81
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147
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60
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332.04
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126.98
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161
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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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16
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21.27
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149.08
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-86
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40
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224.52
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448.26
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-50
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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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2.55
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10.28
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-75
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0
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0.09
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20.36
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-100
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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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134.56
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204.17
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-34
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100
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556.65
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595.6
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-7
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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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2.2
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1.91
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15
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5.71
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5.76
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-1
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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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9.92
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7.69
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29
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14.96
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38.11
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-61
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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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142.28
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209.95
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-32
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565.9
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627.95
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-10
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100
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809.74
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881.68
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-8
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Previous News |
Atul consolidated net profit declines 32.38% in the December 2022 quarter
(
Results
-
Announcements
20-Jan-23
15:35
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Atul consolidated net profit declines 40.15% in the September 2023 quarter
(
Results
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Announcements
20-Oct-23
14:32
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Atul village received Platinum Green Village certification
(
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08-Jun-24
13:54
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Atul consolidated net profit declines 20.06% in the June 2020 quarter
(
Results
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24-Jul-20
14:40
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Atul standalone net profit declines 38.60% in the September 2023 quarter
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Results
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20-Oct-23
14:32
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21-Oct-20
14:40
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(
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Reports
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14:18
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(
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24-Jul-20
14:29
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15-Jan-15
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