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Results
22-Jul-23
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Analysis
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Atul
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PBT down 37%
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Atul
consolidated net sales declined 19.96% to Rs 1182.02 crore in Q1FY24 compared
to Q1FY23. Sales of Life Science
Chemicals segment has gone down 27.75% to Rs 350.22 crore (accounting for
28.33% of total sales). Sales of
Performance & Other Chemicals segment has gone down 17.27% to Rs 874.46
crore (accounting for 70.73% of total sales).
Sales of Others segment rose 4.00% to Rs 11.71 crore (accounting for
0.95% of total sales). Inter-segment
sales came down from Rs 76.09 crore to Rs 54.37 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 31.78% to
Rs 143.08 crore. PBIT of Life Science
Chemicals segment fell 34.32% to Rs 52.24 crore (accounting for 36.51% of total
PBIT). PBIT of Performance & Other
Chemicals segment fell 31.64% to Rs 89.02 crore (accounting for 62.22% of total
PBIT). PBIT of Others reported profit of
Rs 1.82 crore compared to loss of Rs 0.03 crore.
PBIT
margin of Life Science Chemicals segment fell from 16.41% to 14.92%. PBIT margin of Performance & Other
Chemicals segment fell from 12.32% to 10.18%.
PBIT margin of Others segment rose from negative 0.27% to 15.54%. Overall PBIT margin fell from 13.51% to
11.57%.
Operating
profit margin has declined from 15.77% to 15.42%, leading to 21.76% decline in
operating profit to Rs 182.26 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
49.46% to 45.57%. Purchase of finished
goods cost rose from 3.89% to 4.07%.
Employee cost increased from 5.91% to 8.82%. Other
expenses fell from 25.57% to 24.84%.
Power and Oil fuel cost rose from 10.43% to 12.30%.
Other
income fell 77.18% to Rs 8.2 crore.
PBIDT fell 29.17% to Rs 190.46 crore.
Provision for interest rose 29.30% to Rs 2.03 crore.
PBDT
fell 29.51% to Rs 188.43 crore.
Provision for depreciation rose 9.81% to Rs 51.93 crore.
Profit
before tax down 37.96% to Rs 136.50 crore.
Share of profit/loss was 73.45% higher at Rs 1.96 crore. Provision for tax was expense of Rs 36.41
crore, compared to Rs 57.69 crore.
Effective tax rate was 26.30% compared to 26.09%.
Minority
interest decreased 23.81% to Rs -1.30 crore.
Net profit attributable to owners of the company decreased 37.18% to Rs
103.35 crore.
Promoters’
stake was 45.06% as of 30 June 2023 ,compared to 45.05% as of 30 June 2022
. Promoters pledged stake was 0.98% as
of 30 June 2023 ,compared to 1.50% as of 30 June 2022 .
Full year results
analysis
Net
sales of Atul have increased 6.82% to Rs 5427.52 crore. Sales of Life Science Chemicals segment has
gone up 33.72% to Rs 1,959.16 crore (accounting for 34.28% of total
sales). Sales of Performance & Other
Chemicals segment has gone down 1.41% to Rs 3,706.17 crore (accounting for
64.85% of total sales). Sales of Others
segment fell 29.07% to Rs 49.64 crore (accounting for 0.87% of total
sales). Inter-segment sales rose Rs
213.37 crore to Rs 287.45 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 14.78% to
Rs 664.05 crore. PBIT of Life Science
Chemicals segment rose 136.28% to Rs 422.65 crore (accounting for 63.65% of
total PBIT). PBIT of Performance &
Other Chemicals segment fell 58.28% to Rs 240.25 crore (accounting for 36.18%
of total PBIT). PBIT of Others segment
fell 95.29% to Rs 1.15 crore (accounting for 0.17% of total PBIT).
PBIT
margin of Life Science Chemicals segment rose from 12.21% to 21.57%. PBIT margin of Performance & Other
Chemicals segment fell from 15.32% to 6.48%.
PBIT margin of Others segment fell from 34.91% to 2.32%. Overall PBIT margin fell from 14.72% to
11.62%.
Operating
profit margin has declined from 17.94% to 14.28%, leading to 14.99% decline in
operating profit to Rs 774.85 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
49.17% to 48.30%. Purchase of finished
goods cost rose from 3.70% to 4.16%.
Employee cost increased from 6.48% to 6.87%. Other expenses rose from 23.42% to
26.31%. Power and Oil fuel cost rose
from 9.65% to 12.01%.
Other
income rose 51.14% to Rs 114.87 crore.
PBIDT fell 9.90% to Rs 889.72 crore.
Provision for interest fell 13.85% to Rs 7.9 crore. Loan funds declined from Rs 144.17 crore as
of 31 March 2022 to Rs 52.24 crore as of 31 March 2023. Inventories declined from Rs 864.12 crore as
of 31 March 2022 to Rs 789.36 crore as of 31 March 2023. Sundry debtors were lower at Rs 844.61 crore
as of 31 March 2023 compared to Rs 989.01 crore as of 31 March 2022. Cash and bank balance declined from Rs 68.92
crore as of 31 March 2022 to Rs 52.03 crore as of 31 March 2023. Investments declined from Rs 1,310.59 crore
as of 31 March 2022 to Rs 838.18 crore as of 31 March 2023.
PBDT
fell 9.86% to Rs 881.82 crore. Provision
for depreciation rose 11.95% to Rs 197.81 crore. Fixed assets increased to Rs 2,773.37 crore
as of 31 March 2023 from Rs 2,025.52 crore as of 31 March 2022. Intangible assets stood at Rs 29.14
crore.
Profit
before tax down 14.67% to Rs 684.01 crore.
Share of profit/loss was 53.06% lower at Rs 3.83 crore. Provision for tax was expense of Rs 181.21
crore, compared to Rs 205 crore.
Effective tax rate was 26.34% compared to 25.32%.
Net
profit attributable to owners of the company decreased 14.92% to Rs 514.09
crore.
Equity
capital decreased from Rs 29.61 crore as of 31 March 2022 to Rs 29.53 crore as
of 31 March 2023 . Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 45.06% as of 31 March 2023 ,compared to 44.94% as of 31 March 2022
. Promoters pledged stake was 0.98% as
of 31 March 2023 ,compared to 1.50% as of 31 March 2022 .
Cash
flow from operating activities increased to Rs 706.69 crore for year ended
March 2023 from Rs 231.45 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 874.68 crore, compared to Rs
590.90 crore during the year ended March 2022.
The
scrip is currently trading at Rs 7012
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Atul : Consolidated Results
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Particulars
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2306 (03)
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2206 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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1,182.02
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1,476.85
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-20
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5,427.52
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5,080.89
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7
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OPM (%)
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15.4
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15.8
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14.3
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17.9
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OP
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182.26
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232.95
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-22
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774.85
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911.44
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-15
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Other Inc.
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8.2
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35.94
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-77
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114.87
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76
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51
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PBIDT
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190.46
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268.89
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-29
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889.72
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987.44
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-10
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Interest
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2.03
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1.57
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29
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7.9
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9.17
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-14
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PBDT
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188.43
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267.32
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-30
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881.82
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978.27
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-10
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Depreciation
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51.93
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47.29
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10
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197.81
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176.69
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12
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PBT
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136.5
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220.03
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-38
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684.01
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801.58
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-15
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Share of Profit/(Loss) from Associates
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1.96
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1.13
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73
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3.83
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8.16
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-53
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PBT before EO
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138.46
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221.16
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-37
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687.84
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809.74
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-15
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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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138.46
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221.16
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-37
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687.84
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809.74
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-15
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Taxation
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36.41
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57.69
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-37
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181.21
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205
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-12
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PAT
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102.05
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163.47
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-38
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506.63
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604.74
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-16
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Minority Interest (MI)
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-1.3
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-1.05
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-24
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-7.46
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0.48
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LP
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Net profit
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103.35
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164.52
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-37
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514.09
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604.26
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-15
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EPS (Rs)*
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#
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#
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174.19
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204.74
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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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2306 (03)
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2206 (03)
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Var.(%)
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% of (Total)
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2303 (12)
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2203 (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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350.22
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484.72
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-28
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34
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1,959.16
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1,465.10
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34
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Performance & Other Chemicals
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71
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874.46
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1,056.96
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-17
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65
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3,706.17
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3,759.18
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-1
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Others
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1
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11.71
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11.26
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4
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1
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49.64
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69.98
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-29
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Total Reported Sales
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100
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1,236.39
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1,552.94
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-20
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100
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5,714.97
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5,294.26
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8
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Less: Inter segment revenues
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54.37
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76.09
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-29
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287.45
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213.37
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35
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Net Sales
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1,182.02
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1,476.85
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-20
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5,427.52
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5,080.89
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7
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PBIT
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Life Science Chemicals
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37
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52.24
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79.54
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-34
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64
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422.65
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178.88
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136
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Performance & Other Chemicals
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62
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89.02
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130.23
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-32
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36
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240.25
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575.89
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-58
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Others
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1
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1.82
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-0.03
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LP
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0
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1.15
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24.43
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-95
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Total PBIT
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100
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143.08
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209.74
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-32
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100
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664.05
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779.2
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-15
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Less : Interest
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2.03
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1.57
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29
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7.9
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9.17
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-14
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Add: Other un-allcoable
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-2.59
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12.99
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PL
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31.69
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39.71
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-20
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PBT
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138.46
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221.16
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-37
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687.84
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809.74
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-15
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Figures in Rs crore
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Source: Capitaline Corporate Database
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