Corporate Overview Statutory Reports Financial Statements 5 Directors’ Report Dear Members, The Board of Directors (Board) presents the annual report of Atul Ltd together with the audited Financial Statements for the year ended on March 31, 2024. 01. Financial results (` cr) Standalone Consolidated 2023-24 2022-23 2023-24 2022-23 Revenue from operations 4,358 5,062 4,726 5,427 Other income 134 199 58 115 Total income 4,492 5,261 4,784 5,542 Profit before tax 510 730 451 688 Tax expenses (125) (178) (127) (181) Profit for the year 385 552 324 507 Profit is attributable to: Owners of the Company 385 552 323 514 Non-controlling interests - - 1 (7) Balance in retained earnings at the beginning of the year 4,107 3,664 4,153 3,747 Profit attributable to owners of the Company 385 552 323 514 Transfer from comprehensive income - 5 - 6 Buy-back of equity shares (net of amount adjusted from general reserve) (62) (18) (62) (18) Dividend (74) (96) (74) (96) Balance in retained earnings at the end of the year 4,356 4,107 4,340 4,153 02. Performance Standalone revenue for the year at ` 4,358 cr decreased by 14% compared to that of last year. The decline was the outcome of decrease in price realisation in India and outside by 19% and increase in volume by 5%. Sales in India decreased by 3% as compared with those outside which decreased by 25%. Sales volume increased in India by 18%, but decreased outside by 9%. Details about the two segments are given in Management Discussion and Analysis. PBT at ` 510 cr decreased by 30% mainly because of decrease in sales, lower exchange gains and higher depreciation. Consolidated revenue for the year at ` 4,726 cr decreased by 13%compared to that of last year. Sales of Life Science Chemicals (LSC) segment decreased by 27% whereas those of Performance and Other Chemicals (POC) segment decreased by 5%. PBT at ` 451 cr decreased by 34% mainly because of decrease in sales, lower exchange gains and higher depreciation and loss of ` 32 cr and ` 51 cr in Atul Products Ltd (100% subsidiary) and Anaven LLP (50-50 joint operation with Nouryon BV) respectively. Atul Products commissioned a new manufacturing plant to manufacture 300 TPD caustic in December 2023 and had start-up related problems (which are expected to be largely overcome by the end of the first quarter). Anaven – which operates one of the most modern plants in the world to manufacture Monochloro acetic acid and the best in India – did not run its plant at the optimum capacity because of lower offtake of the product.
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