Atul Ltd

₹ 5,621 -1.04%

31 May - close price

About

Atul Ltd. is a diversified and integrated Indian chemical company (a part of Lalbhai Group, Gujarat). The products of the company are used in various Industries and come mainly under two segments, Life Science Chemicals and Performance and Other Chemicals under 9 Businesses. ^[1]

Since its incorporation, the company has manufactured many products for the first time in India Dyes including Vat Dyes, crop care chemicals, Phosgene, Carbamite, 2,4-D Acid, para Cresol, tissue culture raised date palms. ^[2]

Key Points

Evolution of the company over the years
Atul was earlier one of the largest dyestuff manufacturing companies in India; however, through its strong R&D initiatives, JV with multinational companies, and acquisitions, Atul has expanded its product portfolio significantly over the last few years in the areas of aromatics, crop protection, polymers and pharma intermediates which are specialty chemicals as compared to conventional dyestuff products. This shift in product mix has led to better profitability which has also shown a greater degree of resilience compared to the scenario of around a decade back. ^[1]

Website BSE NSE

Market Cap ₹ 16,550 Cr.
Current Price ₹ 5,621
High / Low ₹ 7,590 / 5,611
Stock P/E 43.0
Book Value ₹ 1,729
Dividend Yield 0.36 %
ROCE 10.6 %
ROE 7.95 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

The company has delivered a poor sales growth of 2.16% over past five years.
Company has a low return on equity of 11.6% over last 3 years.
Dividend payout has been low at 15.0% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	1,078	1,038	1,212	1,345	1,399	1,426	1,356	1,194	1,086	1,030	1,110	1,106	1,112
	836	822	1,007	1,111	1,190	1,219	1,167	1,015	965	883	970	957	985
Operating Profit	242	216	205	234	209	206	189	180	121	147	139	149	126
OPM %	22%	21%	17%	17%	15%	14%	14%	15%	11%	14%	13%	13%	11%
	16	30	30	7	23	47	72	45	36	27	42	44	21
Interest	1	0	0	1	2	1	0	0	1	1	1	0	1
Depreciation	32	36	37	38	37	40	40	41	42	43	44	47	50
Profit before tax	226	210	198	203	194	213	220	183	115	131	137	146	96
Tax %	25%	26%	25%	24%	23%	25%	23%	25%	23%	26%	25%	25%	22%
	169	156	149	154	149	159	168	137	88	97	103	110	75
EPS in Rs	57.18	52.76	50.30	52.09	50.19	53.72	57.02	46.37	29.97	32.72	35.01	37.19	25.44
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	1,983	2,343	2,535	2,454	2,695	3,107	3,916	3,906	3,512	4,993	5,062	4,358
	1,736	2,000	2,159	2,012	2,224	2,635	3,178	3,061	2,665	4,128	4,334	3,796
Operating Profit	247	343	376	443	470	473	738	845	847	865	728	561
OPM %	12%	15%	15%	18%	17%	15%	19%	22%	24%	17%	14%	13%
	26	40	15	45	42	38	30	77	103	88	167	135
Interest	32	31	24	26	21	9	4	2	2	3	2	2
Depreciation	49	54	55	62	91	105	112	117	120	146	163	184
Profit before tax	192	297	312	400	401	397	652	803	828	804	730	510
Tax %	30%	28%	30%	31%	29%	32%	34%	20%	24%	24%	24%	25%
	136	213	217	274	285	270	429	640	631	608	552	385
EPS in Rs	45.69	71.74	73.30	92.53	96.18	91.16	144.51	215.82	213.23	205.34	187.08	130.62
Dividend Payout %	13%	10%	12%	11%	10%	13%	10%	13%	9%	12%	17%	15%

Compounded Sales Growth
10 Years:	6%
5 Years:	2%
3 Years:	7%
TTM:	-14%

Compounded Profit Growth
10 Years:	6%
5 Years:	-2%
3 Years:	-14%
TTM:	-32%

Stock Price CAGR
10 Years:	20%
5 Years:	7%
3 Years:	-13%
1 Year:	-17%

Return on Equity
10 Years:	15%
5 Years:	14%
3 Years:	12%
Last Year:	8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	29
Reserves	726	912	986	1,562	1,891	2,168	2,620	3,041	3,682	4,287	4,560	5,060
	355	351	281	302	155	0	-0	-0	-0	73	5	11
	416	483	465	487	544	722	696	779	876	961	836	905
Total Liabilities	1,527	1,776	1,762	2,381	2,620	2,919	3,346	3,849	4,587	5,351	5,431	6,005
	480	520	474	713	931	922	921	907	1,059	1,276	1,349	1,657
CWIP	46	53	104	170	37	70	70	235	239	173	356	217
Investments	129	136	149	449	532	595	926	1,330	1,551	1,551	1,128	2,460
	873	1,067	1,035	1,050	1,120	1,333	1,428	1,377	1,739	2,350	2,598	1,671
Total Assets	1,527	1,776	1,762	2,381	2,620	2,919	3,346	3,849	4,587	5,351	5,431	6,005

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	167	141	317	375	370	325	397	852	677	217	732	624
	-89	-80	-196	-342	-160	-87	-358	-709	-603	-225	-498	-483
	-81	-60	-123	-34	-208	-224	-44	-154	-64	11	-252	-133
Net Cash Flow	-3	1	-3	-1	2	15	-5	-10	10	3	-18	8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	67	70	63	62	69	84	71	67	74	77	64	71
Inventory Days	102	111	98	111	99	82	76	83	116	98	88	87
Days Payable	91	94	74	88	88	101	74	93	128	86	72	86
Cash Conversion Cycle	77	86	88	86	79	65	73	57	62	89	80	71
Working Capital Days	67	77	69	79	82	82	77	58	61	80	82	105
ROCE %	20%	27%	26%	27%	21%	19%	27%	28%	24%	19%	17%

Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	44.93%	44.94%	44.94%	44.94%	45.05%	45.06%	45.06%	45.05%	45.05%	45.05%	45.06%	45.17%
	10.27%	10.22%	9.98%	9.22%	8.82%	9.20%	8.92%	8.15%	7.61%	7.71%	8.06%	8.47%
	22.37%	22.21%	22.20%	23.43%	23.37%	23.41%	24.21%	25.23%	26.16%	26.50%	26.08%	25.67%
	22.43%	22.64%	22.88%	22.41%	22.76%	22.32%	21.78%	21.56%	21.17%	20.73%	20.79%	20.69%
No. of Shareholders	54,524	59,726	67,025	64,429	69,679	70,248	66,455	67,542	68,751	66,776	65,757	66,589

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	44.47%	44.64%	44.70%	44.80%	44.93%	44.94%	45.05%	45.17%
	6.12%	4.91%	6.61%	6.89%	9.48%	9.22%	8.15%	8.47%
	20.52%	23.44%	22.72%	24.49%	23.11%	23.43%	25.23%	25.67%
	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	28.89%	26.39%	25.97%	23.81%	22.48%	22.41%	21.56%	20.69%
No. of Shareholders	30,021	24,738	27,117	35,827	50,197	64,429	67,542	66,589

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Atul Ltd

Atul Ltd

Peer comparison

Quarterly Results

Profit & Loss

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Cash Flows

Ratios

Shareholding Pattern

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