|
Atul
consolidated net sales increased 24.71% to Rs 1249.96 crore in Q2FY22 compared
to Q2FY21. Sales of Life Science
Chemicals segment has gone up 0.04% to Rs 347.68 crore (accounting for 26.87%
of total sales). Sales of Performance & Other Chemicals segment has gone up
34.38% to Rs 926.66 crore (accounting for 71.61% of total sales). Sales of
Others segment rose 83.02% to Rs 19.73 crore (accounting for 1.52% of total
sales). Inter-segment sales came down
from Rs 45.83 crore to Rs 44.11 crore.
Operating
profit margin has declined from 26.06% to 17.49%, leading to 16.28% decline in
operating profit to Rs 218.66 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 41.91% to 50.56%. Purchase of
finished goods cost fell from 4.43% to 4.15%. Employee cost decreased from
7.58% to 6.57%. Other expenses rose from 20.31% to 21.68%. Power and Oil fuel
cost rose from 8.38% to 8.65%.
Other
income rose 226.98% to Rs 21.09 crore.
PBIDT fell 10.41% to Rs 239.75 crore.
Profit before interest, tax and other unallocable items (PBIT) has
slumped 21.19% to Rs 182.29 crore. PBIT
of Life Science Chemicals segment fell 51.01% to Rs 32.88 crore (accounting for
18.04% of total PBIT). PBIT of
Performance & Other Chemicals segment fell 10.36% to Rs 142.85 crore
(accounting for 78.36% of total PBIT).
PBIT of Others segment rose 36.10% to Rs 6.56 crore (accounting for
3.60% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 19.31% to 9.46%. PBIT margin of Performance & Other
Chemicals segment fell from 23.11% to 15.42%.
PBIT margin of Others segment fell from 44.71% to 33.25%. Overall PBIT margin fell from 22.07% to 14.09%.
Provision
for interest fell 17.13% to Rs 1.79 crore.
PBDT fell 10.36% to Rs 237.96 crore.
Provision for depreciation rose 32.43% to Rs 43.98 crore. Profit before tax down 16.48% to Rs 193.98
crore. Share of profit/loss was 31.56%
lower at Rs 1.67 crore. Provision for
tax was expense of Rs 49.53 crore, compared to Rs 59.63 crore. Effective tax rate was 25.32% compared to
25.41%.
Net
profit attributable to owners of the company decreased 15.90% to Rs 146.63
crore.
Equity
capital decreased from Rs 29.68 crore as of 30 September 2020 to Rs 29.61 crore
as of 30 September 2021 . Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 44.94% as of 30 September 2021 ,compared to 44.81% as of 30 September
2020 . Promoters pledged stake was 1.50%
as of 30 September 2021 ,compared to 5.27% as of 30 September 2020.
For year-to-date (YTD)
results analysis
Net
sales (including other operating income) of Atul has increased 40.15% to Rs
2330.16 crore. Sales of Life Science
Chemicals segment has gone up 13.22% to Rs 700.17 crore (accounting for 29.00%
of total sales). Sales of Performance
& Other Chemicals segment has gone up 51.35% to Rs 1,680.17 crore (accounting
for 69.58% of total sales). Sales of Others segment rose 76.65% to Rs 34.43
crore (accounting for 1.43% of total sales).
Inter-segment sales came down from Rs 85.33 crore to Rs 84.61
crore.
Operating
profit margin has declined from 25.25% to 19.52%, leading to 8.32% rise in
operating profit to Rs 454.77 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
40.44% to 48.97%. Purchase of finished
goods cost fell from 4.55% to 3.92%.
Employee cost decreased from 9.02% to 6.76%. Other expenses rose from
20.88% to 21.61%. Power and Oil fuel cost rose from 8.26% to 8.66%.
Other
income rose 7.69% to Rs 50.71 crore. PBIDT rose 8.26% to Rs 505.48 crore. Profit before interest, tax and other
unallocable items (PBIT) has jumped 6.55% to Rs 391.43 crore. PBIT of Life Science Chemicals segment fell
30.46% to Rs 82.17 crore (accounting for 20.99% of total PBIT). PBIT of Performance & Other Chemicals
segment rose 22.16% to Rs 299.18 crore (accounting for 76.43% of total
PBIT). PBIT of Others segment rose
134.42% to Rs 10.08 crore (accounting for 2.58% of total PBIT).
PBIT
margin of Life Science Chemicals segment fell from 19.11% to 11.74%. PBIT margin of Performance & Other
Chemicals segment fell from 22.06% to 17.81%.
PBIT margin of Others segment rose from 22.06% to 29.28%. Overall PBIT margin fell from 21.02% to
16.21%.
Provision
for interest fell 20.29% to Rs 3.85 crore.
PBDT rose 8.56% to Rs 501.63 crore.
Provision for depreciation rose 31.52% to Rs 87.24 crore. Profit before tax grew 4.71% to Rs 414.39
crore. Share of profit/loss was 32.72%
higher at Rs 3.61 crore. Provision for
tax was expense of Rs 106.73 crore, compared to Rs 105.48 crore. Effective tax rate was 25.53% compared to
26.47%.
Net
profit attributable to owners of the company increased 7% to Rs 312.57
crore.
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 9130
|
Atul : Consolidated Results
|
|
Particulars
|
2109 (03)
|
2009 (03)
|
Var.(%)
|
2109 (06)
|
2009 (06)
|
Var.(%)
|
2103 (12)
|
2003 (12)
|
Var.(%)
|
|
Net Sales
|
1,249.96
|
1,002.29
|
25
|
2,330.16
|
1,662.65
|
40
|
3,731.47
|
4,093.06
|
-9
|
|
OPM (%)
|
17.5
|
26.1
|
|
19.5
|
25.3
|
|
24.6
|
22.0
|
|
|
OP
|
218.66
|
261.17
|
-16
|
454.77
|
419.83
|
8
|
917.12
|
902.01
|
2
|
|
Other Inc.
|
21.09
|
6.45
|
227
|
50.71
|
47.09
|
8
|
102.98
|
78.04
|
32
|
|
PBIDT
|
239.75
|
267.62
|
-10
|
505.48
|
466.92
|
8
|
1,020.10
|
980.05
|
4
|
|
Interest
|
1.79
|
2.16
|
-17
|
3.85
|
4.83
|
-20
|
9.35
|
9.4
|
-1
|
|
PBDT
|
237.96
|
265.46
|
-10
|
501.63
|
462.09
|
9
|
1,010.75
|
970.65
|
4
|
|
Depreciation
|
43.98
|
33.21
|
32
|
87.24
|
66.33
|
32
|
136.32
|
130.21
|
5
|
|
PBT
|
193.98
|
232.25
|
-16
|
414.39
|
395.76
|
5
|
874.43
|
840.44
|
4
|
|
Share of Profit/(Loss) from Associates
|
1.67
|
2.44
|
-32
|
3.61
|
2.72
|
33
|
7.25
|
4.98
|
46
|
|
PBT before EO
|
195.65
|
234.69
|
-17
|
418
|
398.48
|
5
|
881.68
|
845.42
|
4
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
195.65
|
234.69
|
-17
|
418
|
398.48
|
5
|
881.68
|
845.42
|
4
|
|
Taxation
|
49.53
|
59.63
|
-17
|
106.73
|
105.48
|
1
|
221.66
|
174.51
|
27
|
|
PAT
|
146.12
|
175.06
|
-17
|
311.27
|
293
|
6
|
660.02
|
670.91
|
-2
|
|
Minority Interest (MI)
|
-0.51
|
0.71
|
LP
|
-1.3
|
0.87
|
LP
|
4.26
|
4.45
|
-4
|
|
Net profit
|
146.63
|
174.35
|
-16
|
312.57
|
292.13
|
7
|
655.76
|
666.46
|
-2
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
221.64
|
225.25
|
-2
|
|
Notes
|
|
* EPS is on current equity of Rs 29.59 crore, Face value of Rs
10, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|
Atul : Consolidated Segment Results
|
|
|
% of (Total)
|
2109 (03)
|
2009 (03)
|
Var.(%)
|
% of (Total)
|
2109 (06)
|
2009 (06)
|
Var.(%)
|
% of (Total)
|
2103 (12)
|
2003 (12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Life Science Chemicals
|
27
|
347.68
|
347.54
|
0
|
29
|
700.17
|
618.4
|
13
|
31
|
1,216.37
|
1,251.95
|
-3
|
|
Performance & Other Chemicals
|
72
|
926.66
|
689.6
|
34
|
70
|
1,680.17
|
1,110.09
|
51
|
67
|
2,621.88
|
2,984.50
|
-12
|
|
Others
|
2
|
19.73
|
10.78
|
83
|
1
|
34.43
|
19.49
|
77
|
1
|
48.48
|
36.83
|
32
|
|
Total Reported Sales
|
100
|
1,294.07
|
1,047.92
|
23
|
100
|
2,414.77
|
1,747.98
|
38
|
100
|
3,886.73
|
4,273.28
|
-9
|
|
Less: Inter segment revenues
|
|
44.11
|
45.83
|
-4
|
|
84.61
|
85.33
|
-1
|
|
155.26
|
180.22
|
-14
|
|
Net Sales
|
|
1,249.96
|
1,002.09
|
25
|
|
2,330.16
|
1,662.65
|
40
|
|
3,731.47
|
4,093.06
|
-9
|
|
PBIT
|
|
|
|
|
|
Life Science Chemicals
|
18
|
32.88
|
67.12
|
-51
|
21
|
82.17
|
118.16
|
-30
|
27
|
219.57
|
223.16
|
-2
|
|
Performance & Other Chemicals
|
78
|
142.85
|
159.36
|
-10
|
76
|
299.18
|
244.91
|
22
|
72
|
594.16
|
603.97
|
-2
|
|
Others
|
4
|
6.56
|
4.82
|
36
|
3
|
10.08
|
4.3
|
134
|
1
|
11.3
|
11.13
|
2
|
|
Total PBIT
|
100
|
182.29
|
231.3
|
-21
|
100
|
391.43
|
367.37
|
7
|
100
|
825.03
|
838.26
|
-2
|
|
Less : Interest
|
|
1.79
|
2.16
|
-17
|
|
3.85
|
4.83
|
-20
|
|
9.35
|
9.4
|
-1
|
|
Add: Other un-allcoable
|
|
15.15
|
5.55
|
173
|
|
30.42
|
35.94
|
-15
|
|
66
|
16.56
|
299
|
|
PBT
|
|
195.65
|
234.69
|
-17
|
|
418.00
|
398.48
|
5
|
|
881.68
|
845.42
|
4
|
|