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Letter to the shareholders
Dear Shareholders,
Although we live in times of promising partnerships,
ƥĚČĺŠūŕūijĿČîŕ ċƑĚîŒƥĺƑūƭijĺƙ îŠē ČūŠƥĚŞƎūƑîƑNj ŕĿDŽĿŠijȡ ƥĺĚNj
îƑĚ îŕƙū ƎƭŠČƥƭîƥĚē ċNj ƥƑîēĚ ēĿƙƎƭƥĚƙȡ ČŕĿŞîƥĚ ČĺîŠijĚ îŠē
ĿŠĚƐƭîŕĿƥĿĚƙȦ ¹ū ĚƙƎūƭƙĚ ƥĺĚ ƥĺƑĚĚ ƎĿŕŕîƑƙ ūlj ƙƭƙƥîĿŠîċĿŕĿƥNj ȶ
economic, environmental and social – in pertinent ways, we
have with us the exemplary legacy of our visionary Founder,
qƑ eîƙƥƭƑċĺîĿ gîŕċĺîĿȫ Ŀƥ ĿŠƙƎĿƑĚƙ ƭƙ ƥū ČūŠēƭČƥ ċƭƙĿŠĚƙƙ
ĿŞċĿċĿŠij îŠē ljūƙƥĚƑĿŠij
eternal Values and qualities
– integrity, perseverance, larger purpose, humility and
attention to details – which gives us inner strength, direction
îŠē ċîŕîŠČĚ ƥū ƎĚƑljūƑŞ ĿŠ î ČūŠƙƥîŠƥŕNj ĚDŽūŕDŽĿŠij DžūƑŕēȦ
A year ago, economic activity was accelerating; 12 months
ŕîƥĚƑȡ ŞƭČĺ ĺîƙ ČĺîŠijĚēȦ
ØūƑŕē ĚČūŠūŞNj
at US$ 84 tn grew
îƥ ǩȦǬɼ ĿŠ ǨǦǧǮȡ ƙŕūDžĚƑ ƥĺîŠ ǩȦǭɼ ĿŠ ǨǦǧǭȦ TŠēĿîŠ ĚČūŠūŞNj
îƥ À¬ɐ ǨȦǭ ƥŠ ijƑĚDž îƥ ǭȦǧɼ ĿŠ ǨǦǧǮȡ ĺĿijĺĚƑ ƥĺîŠ ǬȦǭɼ ĿŠ
ǨǦǧǭ ȶ Ŀƥ ƑĚē ŠƭŞċĚƑ ƙĚDŽĚŠ îljƥĚƑ ƥĺĚ À¬ ȡ ĺĿŠîȡ cîƎîŠȡ
HĚƑŞîŠNjȡ ƥĺĚ Àe îŠē GƑîŠČĚȦ ¹ĺĚDžūƑŕē ĚČūŠūŞNj Ŀƙ ƎƑūŏĚČƥĚē
ƥū ijƑūDž ƙŕūDžĚƑ îƥ ǩȦǩɼ ĿŠ ǨǦǧǯ DžĿƥĺ ĿŞƎƑūDŽĚē ƎƑūƙƎĚČƥƙ ljūƑ
ƥĺĚ ƙĚČūŠē ĺîŕljȦ TŠēĿîŠ ĚČūŠūŞNjȡ DžĿƥĺ ƙƥƑƭČƥƭƑîŕ ƑĚljūƑŞƙȡ Ŀƙ
ĚNJƎĚČƥĚē ƥū ijƑūDž îƥ ǭȦǨɼ ĿŠ ǨǦǧǯȹǨǦȦ
ČƑūƙƙ ĚČūŠūŞĿĚƙȡ
ƥĺĚ ĿŞƎĚƑîƥĿDŽĚƙ îƑĚ ƥū ĚŠĺîŠČĚ ĚljǛČĿĚŠČĿĚƙȡ ĿŠČūƑƎūƑîƥĚ
innovations and reinforce inclusiveness – they remain valid
îŕƙū ljūƑ TŠēĿî îŠē ĿŠ Ŀƥƙ ūDžŠ DžîNj ljūƑ ūƭƑ ūŞƎîŠNjȦ
The two relevant industries, namely,
world Chemical
ĿŠēƭƙƥƑNj
and
¡ĺîƑŞîČĚƭƥĿČîŕ ĿŠēƭƙƥƑNj
îƥ À¬ɐ ǪȦǬ ƥŠ îŠē
À¬ɐ ǧȦǧ ƥŠ ijƑĚDž ċNj ǭɼ îŠē Ǭɼ ƑĚƙƎĚČƥĿDŽĚŕNj îŠē ƥūijĚƥĺĚƑ
ƑĚē ŠƭŞċĚƑ ƥĺƑĚĚ ĿŠ ƥĺĚ DžūƑŕē ĚČūŠūŞNjȦ TŠēĿîŠ ĺĚŞĿČîŕ
ĿŠēƭƙƥƑNj îƥ À¬ɐ ǧǪǨ ċŠ îŠē TŠēĿîŠ ¡ĺîƑŞîČĚƭƥĿČîŕ ĿŠēƭƙƥƑNj
îƥ À¬ɐ ǩǩ ċŠ ijƑĚDž ċNj ǧǩɼ îŠē Ǯɼ ƑĚƙƎĚČƥĿDŽĚŕNjȦ /DŽĚƑNjƥĺĿŠij
we do and everyone we come across throughout our lifetime
Ŀƙ ƥūƭČĺĚē ċNj ČĺĚŞĿƙƥƑNjȦ ØĿƥĺ ƥĺĚ Ǩǭ ĿŠēƭƙƥƑĿĚƙ ƙĚƑDŽĚē ċNj
our Company expanding, its own growth will correspond to
our aspirations, energy, strength in science and technology
and Values – our Company is well placed, and we are as
ĚŠƥĺƭƙĿîƙƥĿČ îƙ ĚDŽĚƑ îċūƭƥ Ŀƥƙ ċƭƙĿŠĚƙƙĚƙȦ
In 2018-19, our Company further improved its
performance
– it realised standalone sales of
`
3,845 cr, against
`
3,052 cr, EBITDA margin of 20% against 17%,
ƎƑūǛƥ ċĚljūƑĚ
tax of
`
652 cr against
`
397 cr and
¤ū /
of 32%against 22%
in 2017-18 – consequently, earnings per share increased to
`
145 against
`
ǯǧȦ ¹ĺĚ ūîƑē ĺîƙ ƑĚČūŞŞĚŠēĚē î ĺĿijĺĚƑ
dividend
ȳƥĺĚ ĺĿijĺĚƙƥ ƙū ljîƑȴ ūlj ǧǫǦɼ ȶ ƥĺĚ ƎîNjȹūƭƥ Ŀƙ ǧǨȦǫɼȦ
I look forward to your unanimous approval – our Company
is implementing nine projects with an investment of
`
412 cr and also making an investment of
`
57 cr in its
ƙƭċƙĿēĿîƑNj îŠē ŏūĿŠƥ DŽĚŠƥƭƑĚ ĚŠƥĿƥĿĚƙ ȹ ƥĺĚ ŞūƑĚ ƥĺĚƙĚ
ĿŠDŽĚƙƥŞĚŠƥƙ îƑĚ ljƭŠēĚē ƥĺƑūƭijĺ ĿŠƥĚƑŠîŕ îČČƑƭîŕƙȡ ƥĺĚ ċĚƥƥĚƑȦ
Of the total rise in sales of 26% in 2018-19, only 3%
ČîŞĚ ljƑūŞ ijƑūDžƥĺ ĿŠ DŽūŕƭŞĚ ŞîĿŠŕNj ċĚČîƭƙĚ î ljĚDž ūlj ƥĺĚ
manufacturing assets did not run to their potential despite
ŞîƑŒĚƥ ēĚŞîŠēȦ ~ƭƑ ūŞƎîŠNj Ŀƙ ĚNJƎĚČƥĚē ƥū ijĚŠĚƑîƥĚȡ ūŠ
î ƙƥîŠēîŕūŠĚ ċîƙĿƙȡ îēēĿƥĿūŠîŕ ƙîŕĚƙ ūlj
`
846 cr from nine
new projects
ƭŠēĚƑ ĿŞƎŕĚŞĚŠƥîƥĿūŠ ȳîƥ ljƭŕŕ ČîƎîČĿƥNjȴȦ ¹Džū
of these projects are related to environment protection
ȹ ĿŠ îċūƭƥ ǧǫ ŞūŠƥĺƙ ljƑūŞ ŠūDžȡ ƥDžū ūlj ƥĺĚ ljūƭƑ ƙĿƥĚƙ ūlj
ūƭƑ ūŞƎîŠNj îƥ ƥƭŕ îƑĚ ĚNJƎĚČƥĚē ƥū ċĚČūŞĚ ǕĚƑū ŕĿƐƭĿē
ēĿƙČĺîƑijĚ ȳèg'ȴȦ ŠŒŕĚƙĺDžîƑ ƙĿƥĚ Ŀƙ îŕƑĚîēNj èg' ƙĿŠČĚ ǨǦǧǨȦ
¹ĺĚ ƙƭċƙĿēĿîƑNj îŠē ŏūĿŠƥ DŽĚŠƥƭƑĚ ȳc×ȴ ĚŠƥĿƥĿĚƙ îƑĚ îŕƙū ŞîŒĿŠij
ƙĚƎîƑîƥĚ ĿŠDŽĚƙƥŞĚŠƥƙ ƥū ŞîŒĚ ƥĺĚĿƑ ƎŕîŠƥƙ èg'Ȧ
Operating
ƙƭċƙĿēĿîƑNj ČūŞƎîŠĿĚƙ
did well – Atul Bioscience
crossed sales of
`
ǧǦǦ ČƑ ljūƑ ƥĺĚ ǛƑƙƥ ƥĿŞĚ îŠē îČƐƭĿƑĚē î
ŞîŠƭljîČƥƭƑĿŠij ljîČĿŕĿƥNj ĿŠ ŞċĚƑŠîƥĺȡ qîĺîƑîƙĺƥƑîȫ '¡'
is implementing an expansion project and will increase
its capacity in 2019-20; Amal has steadily improved its
ƎƑūǛƥȦ ¤ƭēūŕlj ƥƭŕ ĺĚŞĿČîŕƙȡ
JV
DžĿƥĺ ¤ƭēūŕljȡ Ŀƙ ĚNJƎîŠēĿŠij
Ŀƥƙ ljūūƥƎƑĿŠƥƙ îČƑūƙƙ TŠēĿîȦ TŠ ǨǦǧǮȹǧǯȡ ƥĺĚƙĚ ČūŞƎîŠĿĚƙȡ
together, achieved sales of
`
ǨǪǩ ČƑ îŠē ƎƑūǛƥ ċĚljūƑĚ ƥîNJ ūlj
`
ǪǨ ČƑȦ ƥƭŕ ¤îŏîƙƥĺîŠ 'îƥĚ ¡îŕŞƙȡ c× DžĿƥĺ ƥĺĚ HūDŽĚƑŠŞĚŠƥ
ūlj ¤îŏîƙƥĺîŠȡ Ŀƙ ƙƥîċĿŕĿƙĿŠij Ŀƥƙ ƎƑūēƭČƥĿūŠ ljîČĿŕĿƥNjȦ
ŠîDŽĚŠȡ
c× DžĿƥĺ sūƭƑNjūŠȡ Ŀƙ ĚNJƎĚČƥĚē ƥū ƙƥîƑƥ ƎƑūēƭČƥĿūŠ ĿŠ ĚîƑŕNj
ǨǦǨǦȹǨǧ ȶ ƥĺĚ ƎƑūŏĚČƥ Ŀƙ ƑƭŠŠĿŠij ċĚĺĿŠē ƙČĺĚēƭŕĚȦ
Atul Foundation
ČūŠƥĿŠƭĚƙ ƥū ƑĚîljǛƑŞ ƥĺĚ ƭŕƥĿŞîƥĚ
ƎƭƑƎūƙĚ ūlj î ƑĚƙƎūŠƙĿċŕĚ ČūŞƎîŠNj îŠē ĺĚŕƎƙ ƭƙ ēĚƥĚƑŞĿŠĚ
Ŀlj DžĚ îƑĚ ƑĚŞîĿŠĿŠij ƥƑƭĚ ƥū ūƭƑ ŕĚijîČNjȦ 'ƭƑĿŠij ǨǦǧǮȹǧǯȡ
the Foundation and entities under it took up initiatives
in the areas of national priorities, namely, conservation,
ĚēƭČîƥĿūŠȡ ĚŞƎūDžĚƑŞĚŠƥȡ ĺĚîŕƥĺȡ ĿŠljƑîƙƥƑƭČƥƭƑĚ îŠē ƑĚŕĿĚljȦ
Kalyani School, Atul Vidyalaya and Atul Vidyamandir are
ČūŠƙĿēĚƑĚē îŞūŠijƙƥ ƥĺĚ ċĚƙƥ ČĚŠƥĚƑƙ ūlj ŕĚîƑŠĿŠij îŠē
Atul
Adhyapika,
OūƭƙĚĺūŕē ¹ūĿŕĚƥƙ îŠē ¹ƑĿċîŕ 'ĚDŽĚŕūƎŞĚŠƥ îƑĚ
ƙūŞĚ DŽĚƑNj ijūūē ĿŠĿƥĿîƥĿDŽĚƙȦ TŠ Ŀƥƙ ƙŞîŕŕ DžîNjȡ ƥĺĚ GūƭŠēîƥĿūŠ
ČūŕŕîċūƑîƥĚē ʈ ƙƭƎƎūƑƥĚē ūƥĺĚƑ ūƑijîŠĿƙîƥĿūŠƙ ĿŠ HƭŏîƑîƥȡ
eĚƑîŕîȡ qîĺîƑîƙĺƥƑî îŠē ¤îŏîƙƥĺîŠȦ
'Ƒ ¬îƥijƭƑƭ îĿŏîŕ îŠē qƑ OîƙŞƭŒĺ ¬ĺîĺ ēĚČĿēĚē ƥū ƙƥĚƎ
down as
Non-executive Directors
after 35 and 27 years
ƑĚƙƎĚČƥĿDŽĚŕNjȦ ¹ĺĚĿƑ ČūŠƙĿƙƥĚŠƥ îŠē ƙĿijŠĿǛČîŠƥ ČūŠƥƑĿċƭƥĿūŠ
ċƑūƭijĺƥ ēĚƎƥĺ îŠē ċƑĚîēƥĺ ĿŠ ƥĺĚ ēĚŕĿċĚƑîƥĿūŠƙ DžĺĿČĺ ƥūūŒ
place in the Board and its Committee meetings; they were
also a source of immense strength and learning for me – On
ċĚĺîŕlj ūlj ƥĺĚ ūîƑē îŠē ŞNjƙĚŕljȡ T DžĿƙĺ ƥū ƥĺ ƥĺĚŞ ljūƑ ƥĺĚĿƑ
ƎƑūljĚƙƙĿūŠîŕ ƑūŕĚ DžĿƥĺ î ƎĚƑƙūŠîŕ ƥūƭČĺȦ qNj ČūŕŕĚîijƭĚƙ îŠē
T îƑĚ ijƑîƥĚljƭŕ ƥū ƥĺĚ sūŠȹĚNJĚČƭƥĿDŽĚ 'ĿƑĚČƥūƑƙ Džĺū ĚŠƑĿČĺ ƥĺĚ
Management with their critical analysis, deep involvement
îŠē ČūŠƙƥƑƭČƥĿDŽĚ îƎƎƑūîČĺȦ
Corporate Overview 01-22
Statutory Reports 23-105 Financial Statements 107-250
ƥƭŕ gƥē ʈ ŠŠƭîŕ ¤ĚƎūƑƥ ǨǦǧǮȹǧǯ