Atul Ltd 12 Annual Report 2023-24 1.2. Technology absorption 1.2.1 Research and development a) Specific areas in which research and development (R&D) was carried out by the Company: T he Company focused its R&D efforts on developing continuous processes with a smaller plant and a better environmental footprint, developing new products, making value-added products from waste and improving existing processes. b) Benefits derived from R&D: T he Company increased the yield of 15 products, decreased the consumption of raw materials in 17 products and solvents in four products, recovered five value-added products fromwaste and developed 48 new products. c) Future plan: T he Company is investing further in people and equipment to strengthen its R&D and thereby enhance its capability. d) R&D expenditure (` cr) Capital Revenue Total Total R&D expenditure as a percentage of total sales 57.60 33.96 91.56 2.13% 1.2.2 Technology absorption, adaptation and innovation a) Efforts in brief made towards technology absorption, adaptation and innovation: The Company upgraded some of its operations by imbibing new technologies. b) Benefits derived as a result of the above efforts: The above efforts have resulted in a decrease in the time cycle and an increase in throughput. c) Technology imported during the last three years reckoned from the beginning of the financial year: The Company did not import any technology. 1.3. Foreign exchange earnings and outgo 1.3.1 Export sales: activities, development initiatives and future plans The Company sold its products in 88 countries, directly and through its subsidiary companies in the USA, the UK, the UAE, China and Brazil. Sales outside India* decreased by 23% from ` 2,315 cr to ` 1,793 cr. *Free On Board (FOB) value 1.3.2 Total foreign exchange earnings and outgo (` cr) Particulars 2023-24 2022-23 Earnings Exports – FOB value 1,793.22 2,314.82 Dividends 12.66 15.58 Outgo Payment for raw materials, books and periodicals, dividend, etc 717.81 917.61
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