Atul LTD FY 2024

July 03, 2024
The Manager The Manager

Listing Department Listing Department
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers Exchange Plaza, C – 1, Block G
Dalal Street Bandra Kurla Complex, Bandra (East)
Mumbai 400 001 Mumbai 400 051
Through: BSE Listing portal Through: NEAPS
Scrip code: 500027 Symbol: ATUL
Dear Sir,
Sub: Annual report for the financial year ended March 31, 2024
Pursuant to the Regulation 34(1)(a) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to submit annual
report for the financial year 2023-24 including notice of the 47th Annual General Meeting of the
Company for the record of the stock exchanges.
The annual report is also available on the website of the Company at:
Annual Report 2023-24
Kindly acknowledge the receipt of the above.
Thank you,
Yours faithfully,
For Atul Limited

LALIT
Digitally signed by LALIT PATNI
DN: c=IN, o=PERSONAL,
pseudonym=e2d5a0b712e647029fe748aa
6aeac617,
2.5.4.20=dcbb01b07dca40e6aff961c68152
5a3fc379bd945ca90941eb2fa3a4c06ef195,
PATNI
postalCode=396020, st=Gujarat,
serialNumber=12e57a0c1a13a50412ce942
250bfdfb5d658c0413d4e8fca6850513e961
d4bb2, cn=LALIT PATNI
Date: 2024.07.03 15:01:52 +05'30'
Lalit Patni
Company Secretary and
Chief Compliance Officer
Encl: as above
ENDURE | ENHANCE | EXCEL
Atul Ltd | Annual Report 2023-24
Contents The tree featured on the cover page of this report, commonly known as
the coastal she-oak or saru (scientific name: Casuarina equisetifolia),
is native to India (amongst other countries). It produces high-quality
Board of Directors 01 fuelwood and charcoal, is termite-resistant and highly durable, and is used
as a supporting material in buildings. Additionally, it has a high carbon
Directors’ Report 05 sequestration capacity. Atul draws inspiration from such wonders of nature.
The unseen roots of the tree represent the firm foundation and enriching
Annexure to the Directors’ Report 11
legacy of the Company, while the trunk signifies its perseverance to endure
Management Discussion and and withstand the test of time. The leaves and branches symbolise the
Analysis 23 aspiration of the Company to enhance its operations and to grow. The tree
reaching towards the sky represents endeavour of the Company to excel,
Corporate Governance Report 31
achieve new heights in the midst of competition
Business Responsibility and
Sustainability Report 52 In the middle of difficulty lies opportunity.
Notice 89 -Albert Einstein
Performance trend 103
Standalone Financial Statements
Independent Auditor’s Report 105 47th Annual General Meeting
Financial Statements 116 Friday, July 26, 2024
Consolidated Financial Statements 10:30 am
Independent Auditor’s Report 184 The meeting will be held through video conferencing
Financial Statements 192
Forward looking statements

In this annual report, we have shared information and made forward looking statements to enable investors to know
our product portfolio, business logic and direction and thereby comprehend our prospects. Such statements that we
make are based on our assumptions. We have tried wherever possible to identify such statements by using words
such as ‘anticipate’, ‘believe’, ‘estimate’, ‘intend’, ‘plan’, ‘project’ or words of similar substance in connection with any
discussion of future performance. We cannot guarantee that these forward looking statements will be realised although
we believe we have been prudent in our assumptions. The actual results may be affected because of uncertainties, risks
and even inaccurate assumptions. If uncertainties or known or unknown risks materialise or if underlying assumptions
prove inaccurate, actual results may vary materially from those anticipated, believed, estimated, intended, planned or
projected. We undertake no obligation to publicly update any forward looking statements, whether as a result of new
information, future events or otherwise.
The Members may send in their comments or suggestions for improvement of the annual report by e-mail to
shareholders@atul.co.in
To download or read this report online, please visit

www.atul.co.in
Corporate Overview Statutory Reports Financial Statements
Board of Directors
The strong foundation of ethical conduct laid down by the Founders coupled with the strategic direction of its Board, strengthens the
business plans and drives sustainable business growth at Atul.
The Company is led by a seasoned and diverse team that encourages meritocracy, empowerment and decentralised decision-making.
Its governance stands on trust, transparency and adherence to the core Values of the Company. Atul holds itself and its business
partners to the highest level of ethics and accountability.
Governance structure
The Board of Directors represents a mix of professionalism, qualification, knowledge, skillsets, integrity, expertise and diversity of
experience. Their profound understanding of the operations of the Company and knowledge of the business and the industry help
drive effective decision-making that enhances organisational growth and safeguards the interests of stakeholders. The Board provides
oversight and a strategic direction to decision-making on all economic, environmental and social aspects and reviews the performance
of the Company every quarter. The Board generally meets five times a year. As of March 31, 2024, the Board comprises 12 members
including four Executives and eight Independent Directors.
Committees of the Board

Audit Committee Nomination and Remuneration Committee C Chairperson
Corporate Social Responsibility Committee Risk Management Committee

M Member
Investment Committee Stakeholders Relationship Committee
Executive Directors
Sunil Lalbhai Samveg Lalbhai

Mr Sunil Lalbhai is a Managing Director since June 1984 and Mr Samveg Lalbhai is a Director of the Company since
the Chairman of the Board of the Company since August 2007. January 2000 and a Managing Director of the Company since
December 2000.
Mr Lalbhai holds a postgraduate degree in Chemistry from
the University of Massachusetts and a postgraduate degree in Mr Lalbhai holds a graduate degree in Commerce from
Economic Policy and Planning from Northeastern University. Gujarat University.
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Atul Ltd
M M
M M
Bharathy Mohanan Gopi Kannan Thirukonda

Mr Bharathy Mohanan joined the Company in August 1992 Mr Gopi Kannan Thirukonda joined the Company in October
and is a Whole-time Director since January 2009. He is 1993 and is a Whole-time Director since October 2014. He is
currently the President, Utilities and Services and the Occupier currently the Chief Financial Officer of the Company.
of the Company.
Mr Thirukonda holds a graduate degree in Science from
Mr Mohanan holds a graduate degree in Engineering the University of Madras and a postgraduate diploma in
(Honours) from the University of Calicut. management from the Indian Institute of Management,
Ahmedabad. He is a Member of the Institute of Chartered
Accountants of India, the Institute of Cost and Management
Accountants of India and the Institute of Company Secretaries
of India.
Non-executive Directors
Susim Datta Mukund Chitale

Mr Susim Datta was a Director of the Company from October Mr Mukund Chitale is a Director of the Company since October
2002 to March 2024. He was the Chairman of Hindustan 2014. He is a founder of the Chartered Accountancy firm,
Unilever Ltd as well as all Unilever Group companies in India Mukund M Chitale & Co.
and Nepal from 1990 to 1996.
Mr Chitale holds a graduate degree in Commerce from the
Mr Datta holds a postgraduate degree in Science and University of Mumbai and is a Fellow Member of the Institute
Technology from the University of Calcutta and is a Chartered of Chartered Accountants of India.
Engineer.
2 Annual Report 2023-24

M M
C C
M M
M M
Shubhalakshmi Panse Baldev Arora

Ms Shubhalakshmi Panse is a Director of the Board since Mr Baldev Arora is a Director of the Board since April 2015. He
March 2015. She was the Chairperson and Managing Director was the Chairman of Cyanamid Agro Ltd and the Chairman
of Allahabad Bank Ltd. and Managing Director of Wyeth Lederle Ltd.
Ms Panse holds a postgraduate degree in Science from Mr Arora holds a graduate degree in Mechanical Engineering
Savitribai Phule Pune University and a postgraduate degree from Panjab University.
in Business Administration from Drexel University and is a
certified Associate of the Indian Institute of Bankers.
M M
Pradeep Banerjee Rangaswamy Iyer

Mr Pradeep Banerjee is a Director of the Board since May Mr Rangaswamy Iyer is a Director of the Board since May
2022. He was an Executive Director on the Board of Hindustan 2023. He was the Finance Director and Managing Director of
Unilever Ltd (HUL), Managing Director of a joint venture entity Cyanamid and Wyeth India Ltd. Currently, he advises Lincoln
of HUL in the Netherlands and the Chairman of a joint venture International, USA, and consults multiple firms on business
entity in Nepal. He is a senior advisor to Boston Consulting strategy and development.
Group and a Designated Partner in Pradeep Banerjee
Mr Iyer holds a postgraduate degree in Commerce and a
Associates LLP.
postgraduate degree in Financial Management from the
Mr Banerjee holds a graduate degree in Chemical Engineering University of Mumbai.
from Indian Institute of Technology, Delhi.
3
Atul Ltd
Sharadchandra Abhyankar Sujal Shah

Mr Sharadchandra Abhyankar is a Director of the Board since Mr Sujal Shah is a Director of the Board since October 2023.
October 2023. He is a Senior Partner at Khaitan & Co and is He is a Founding Partner at SSPA & Co. He contributed to
engaged with the NSE Center of Excellence, UPES School of drafting valuation standards for the Institute of Chartered
Law, Government Law College, Mumbai and the Department Accountants of India and has authored numerous
of Law at Mumbai University. valuation-related papers.
Mr Abhyankar holds a graduate degree in Arts (Economics Mr Shah holds a graduate degree in Commerce from the
and Commerce) and a postgraduate degree in Law from University of Mumbai and is a Fellow Member of the Institute
the University of Mumbai and is a Fellow of Government of Chartered Accountants of India.
Law College, Mumbai. He is also a member of The Bombay
Incorporated Law Society.
Praveen Kadle
Mr Praveen Kadle is a Director of the Company since May 2024.
He is the Managing Director of Prachetas Capital Pvt Ltd and a
Non-executive Director of Tata International Ltd. He has held
various senior positions in Tata Group and has served as the
Founding Managing Director of Tata Capital Ltd for almost a
decade and as an Executive Director (Corporate Affairs) and Chief
Financial Officer of Tata Motors Ltd.
Mr Kadle holds a degree in Commerce from the University of

Mumbai. He is a Member of the Institute of Chartered Accountants
of India, the Institute of Cost and Management Accountants of
India and the Institute of Company Secretaries of India.

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 (62) (18) (62) (18)
general reserve)
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 by 27% whereas those of Performance and Other

Standalone revenue for the year at ` 4,358 cr Chemicals (POC) segment decreased by 5%. PBT
decreased by 14% compared to that of last year. at ` 451 cr decreased by 34% mainly because of
The decline was the outcome of decrease in price decrease in sales, lower exchange gains and higher
realisation in India and outside by 19% and increase depreciation and loss of ` 32 cr and ` 51 cr in Atul
in volume by 5%. Sales in India decreased by 3% Products Ltd (100% subsidiary) and Anaven LLP
as compared with those outside which decreased (50-50 joint operation with Nouryon BV) respectively.
by 25%. Sales volume increased in India by 18%, Atul Products commissioned a new manufacturing
but decreased outside by 9%. Details about the two plant to manufacture 300 TPD caustic in December
segments are given in Management Discussion and 2023 and had start-up related problems (which are
Analysis. PBT at ` 510 cr decreased by 30% mainly expected to be largely overcome by the end of the
because of decrease in sales, lower exchange gains first quarter). Anaven – which operates one of the
and higher depreciation. most modern plants in the world to manufacture
Monochloro acetic acid and the best in India – did
Consolidated revenue for the year at ` 4,726 cr not run its plant at the optimum capacity because of
decreased by 13% compared to that of last year. Sales lower offtake of the product.
of Life Science Chemicals (LSC) segment decreased
5
Atul Ltd
03. Dividend and buy-back of equity shares root causes and a clear understanding of risk

The Board recommended dividend of inter-relationships.
` 20 per equity share of ` 10 each fully paid-up for c) Risk assessment and prioritisation – Focuses on
the year ended on March 31, 2024. The dividend will determining risk priority and risk ownership for
entail an outflow of ` 58.88 cr on the paid-up equity critical risks. This involves the assessment of the
share capital of ` 29.44 cr. various impacts taking into consideration risk
The Board approved ` 50 cr for the buy-back of equity appetite and the existing mitigation controls.
shares through the open market stock exchange d) Risk mitigation – Focuses on addressing critical
route to return surplus funds to the members of risks to restrict their impact(s) to an acceptable
the Company and improve earnings per share by level (within the defined risk appetite).
decrease in the equity base, thereby leading to This involves a clear definition of actions,
long-term increase in value for the members. The responsibilities and milestones.
Company bought back 72,000 equity shares at an
aggregate consideration of ` 49.93 cr. e) Risk reporting and monitoring – Focuses on
providing to the Audit Committee and Board
04. Energy conservation, technology absorption periodic information on risk profile evolution and
and foreign exchange earnings and outgo mitigation plans.
Information required under Section 134 (3)(m) of the
Roles and responsibilities
Companies Act, 2013 (the Act), read with Rule 8(3) of
the Companies (Accounts) Rules, 2014, as amended Governance
from time to time, forms a part of this report, which is The Board approved the Risk Management Policy of
given on page number 11. the Company. The Company laid down procedures
to inform the Board on a) to d) listed above. The
05. Insurance
Audit Committee | the Risk Management Committee
The Company has taken adequate insurance to periodically reviews the risk management system
cover the risks to its employees, property (land and gives its recommendations, if any, to the Board.
and buildings), plant, equipment, other assets and
third-parties.
The Board reviews and guides the Risk
Management Policy.
06. Risk management
Implementation
Risk management is an integral part of the business
practice of the Company. The framework of risk Implementation of the Risk Management Policy is
management concentrates on formalising a system the responsibility of the Management. It ensures
to deal with the most relevant risks, building on the functioning of the risk management system as
existing management practices, knowledge and per the guidance of the Audit Committee | the Risk
structures. With the help of a reputed international Management Committee. The Company has a risk
consultancy firm, the Company developed and management oversight structure in which each
implemented a comprehensive risk management sub-segment has a Chief Risk and Compliance Officer.
system to ensure that risks to its continued existence
The Management at various levels takes
as a going concern and to its growth are identified and accountability for risk identification, appropriateness
remedied on a timely basis. The Company considered
of risk analysis and timeliness, as well as the
leading standards and practices while defining and
adequacy of risk mitigation decisions at both
developing the formal risk management system,
individual and aggregate levels. It is also responsible
leading standards and practices were considered.
for the implementation, tracking and reporting of
The risk management system is relevant to the
defined mitigation plans, including periodic reporting
business reality, is pragmatic, simple and involves
to the Audit Committee and Board.
the following:
As per the requirements of Rule 3(1) of the Companies
a) Risk identification and definition – Focuses on
(Accounts) Rules, 2014, the Company uses only
identifying relevant risks, creating | updating
such accounting software for maintaining its books
clear definitions to ensure undisputed
of account that records the audit trail of all the
understanding along with details of the
transactions, creates an edit log of all the changes
underlying root causes | contributing factors.
made in the books of account along with when such
b) Risk classification – Focuses on understanding changes were made and by whom. This feature of
the various impacts of risks and the level of recording the audit trail has operated throughout the
influence on their root causes. This involves year and was not tampered with during the year.
identifying various processes, generating the

In respect of the aforesaid accounting software, after amount of ` 4.58 cr as principal and an amount of ` 1.29
thorough testing and validation, the audit trail was cr as interest are overdue (net of tax deducted at source)
not enabled for direct data changes at the database as at March 31, 2024. The principal amount is secured
level in view of the possible impact on the efficient and hence, the Company has not made any provision.
performance of the system. In respect of audit trail As a matter of abundant precaution, the Company has
at the database level, the Company has established made provision for the interest of ` 1.29 cr (net of tax
and maintained an adequate internal control deposited at source) in the books as at March 31, 2024,
framework over its financial reporting and based on though the Company is expecting to recover the same.
its assessment, concluded that the internal controls The Company is evaluating various options to mitigate
for the year ended March 31, 2024, were effective. It the unprecedented adverse business conditions which
is in the process of upgrading the system to meet the Anaven LLP is facing.
database level audit trail requirement and expects to
implement this from May 01, 2024. 10.
Subsidiary, joint venture and associate
companies | entities and joint operation
07. Internal financial controls
During 2023-24, there were no changes in the
The internal financial controls over financial reporting
number of subsidiary, joint venture and associate
are designed to provide reasonable assurance
companies | entities and joint operation. Details of
regarding the reliability of financial reporting and subsidiary, joint venture and associate companies |
the preparation of the Financial Statements. These entities and joint operation are given on page
include policies and procedures that: number 13.
a) pertain to the maintenance of records, which in
reasonable detail, accurately and fairly reflect 11. Related party transactions
the transactions and dispositions of the assets All the transactions entered into with the related
of the Company, parties were in the ordinary course of business and
on an arm’s length basis. Details of such transactions
b) provide reasonable assurance that transactions are given on page number 151. No transactions were
are recorded as necessary to permit the entered into by the Company that required disclosure
preparation of the Financial Statements in in Form AOC-2.
accordance with Generally Accepted Accounting
Principles and that receipts and expenditures 12. Corporate social responsibility
are being made only in accordance with the The Corporate Social Responsibility (CSR) Policy,
authorisations of the Management and Directors the CSR report and the composition of the CSR
of the Company, Committee are given on page number 15.
c)
provide reasonable assurance regarding the
prevention or timely detection of unauthorised 13. Annual return
acquisition, use, or disposition of the assets Annual return is available on the website of the
that can have a material effect on the Company at:
Financial Statements. A reputed international
www.atul.co.in/investors/annual-general-meetings/
consultancy firm has reviewed the adequacy of
the internal financial controls concerning to the 14. Auditors
Financial Statements.
Statutory Auditors
The Management assessed the effectiveness of the
internal financial controls over financial reporting as Deloitte Haskins & Sells LLP, Chartered Accountants
of March 31, 2024, and the Board believes that the were reappointed as the Statutory Auditors of the
controls are adequate. Company at the 45th Annual General Meeting (AGM)
held on July 29, 2022, until the conclusion of the 50th
08. Fixed deposits AGM.
During 2023-24, the Company did not accept any The Auditor’s Report for the financial year ended on
fixed deposits. March 31, 2024, does not contain any qualification,
reservation or adverse remark. The report is enclosed
09. Loans, guarantees, investments and security with the Financial Statements in this annual report.
articulars of loans, guarantees, investments and security
P
provided are given on page numbers 137 and 139. Cost Auditors
During 2023-24, the Company has received all The Company has maintained cost records as
stipulated amounts of principal and interest as per required under the Act and the Companies (Cost
schedule in respect of loans granted, except that, in Records and Audit) Rules, 2014. The members
respect of the secured loan given to Anaven LLP, the ratified the appointment of R Nanabhoy & Co as the
Cost Auditors for 2023-24, on July 28, 2023.
7
Atul Ltd
Secretarial Auditors appointed as an Independent Director effective

SPANJ & Associates, Company Secretaries, continue May 01, 2024, for a period of five years.
to be the Secretarial Auditors for 2023-24 and their e)
Mr Bansi Mehta, Mr Srinivasa Rangan and
report is given on page number 18. Mr Susim Datta, Independent Directors and
Mr Rajendra Shah, Non-executive Director
15. Directors’ responsibility statement ceased to be Directors during the year.
a)
In preparation of the annual accounts for the
The Board places on record its deep
financial year that ended on March 31, 2024,
appreciation for their valuable contribution
the applicable accounting standards have been
through sustained involvement, critical analysis
followed and there are no material departures.
and insightful guidance.
b)
The accounting policies were selected and In the opinion of the Board, Mr Rangaswamy
applied consistently and judgements and Iyer, Mr Sharad Abhyankar, Mr Sujal Shah and
estimates thus made were reasonable and Mr Praveen Kadle, Independent Directors, fulfil
prudent to give a true and fair view of the state requisite conditions as per applicable laws and are
of affairs of the Company at the end of the independent of the management of the Company.
financial year and of the profit and loss of the
Company for that period. 16.2 Policy on appointment and remuneration
c) Proper and sufficient care was taken for the The policy is displayed on the website of the Company
maintenance of adequate accounting records at www.atul.co.in/investors/policies
in accordance with the provisions of the Act The salient features of the Policy are as under:
for safeguarding the assets of the Company
and for preventing and detecting fraud and 16.2.1 Appointment
other irregularities. While recommending the appointment of Directors,
d) The attached annual accounts for the year ended the Nomination and Remuneration Committee
considers the following factors:
on March 31, 2024, were prepared on a going
concern basis. a) ualification: well-educated
Q and experienced
in senior leadership positions in
e) Adequate internal financial controls to be
industry profession.
followed by the Company were laid down, and
they were adequate and operating effectively. b) Trait: positive attributes and qualities.
This is given under paragraph number 07.
c) Independence: criteria prescribed in the Act
f)
Proper systems were devised to ensure and the Securities and Exchange Board of
compliance with the provisions of all applicable India (Listing Obligations and Disclosure
laws and the same were adequate and Requirements) Regulations, 2015 (the
operating effectively. Regulations), for the Independent Directors,
including no pecuniary interest and conflict
16. Directors of interest.
16.1 Appointments | Reappointments | Cessations 16.2.2 Remuneration of the Non-executive Directors
a)
According to Article 86 of the Articles of a)
Sitting fees: up to ` 50,000 for attending a
Association of the Company, Mr Bharathy Board, Committee and any other meeting
Mohanan retires by rotation and being eligible,
b) Commission: up to 1% of net profit as may be
offers himself for reappointment at the AGM
decided by the Board based on
scheduled on July 26, 2024.
i) Membership of committee(s),
b)
Mr Rangaswamy Iyer was appointed as an ii) Profit
Independent Director effective May 01, 2023,
for a period of five years. iii) Attendance
iv) Category (Independent or Non-executive)
c)
Mr Sharadchandra Abhyankar and Mr Sujal
Shah were appointed as Independent Directors, 16.2.3 Remuneration of the Executive Directors
effective October 20, 2023, for a period of This is given under paragraph number 17.2.
five years.
16.3 Criteria and method of the annual evaluation
d)
Subject to the approval of the members in
the AGM, Mr Gopi Kannan Thirukonda was 16.3.1
The criteria for evaluation of the performance of
reappointed by the Board as a Whole-time a) the Executive Directors, b) the Non-executive
Director effective October 17, 2024, for a period Director (other than Independent Directors), c) the
of three years and Mr Praveen Kadle was Independent Directors, d) the Chairman, e) the

Committees of the Board and f) the Board as a 17.2.2. Factors for determining and changing fixed pay:
whole are summarised in the table at the end of the a) Existing compensation
Directors’ Report on page number 10.
b) Education
16.3.2 The Independent Directors have carried out annual:
c) Experience
a) review of the performance of the Executive
d) Salary bands
Directors
e) Performance
b) review of the performance of the Chairman and
assessment of quality, quantity and timeliness f) Market benchmark
of the flow of information to the Board 17.2.3 Factors for determining and changing variable pay:
c) review of the performance of the Board as a a) Company performance
whole b) Business performance
16.3.3 The Board has carried out an annual evaluation of c) Individual performance
the performance of: d) Work level
a)
its committees, namely, Audit, Corporate 18. Analysis of remuneration
Social Responsibility, Investment, Nomination
The information required pursuant to Sections 134
and Remuneration, Risk Management and
(3)(q) and 197(12) of the Act, read with Rule 5 of
Stakeholders Relationship the Companies (Appointment and Remuneration
b) the Independent Directors of Managerial Personnel) Rules, 2014, in respect
of employees of the Company, forms a part of this
The templates for the above purpose were circulated Report. However, as per the provisions of Sections 134
in advance for feedback from the Directors. and 136 of the Act, the Report and the Accounts are
16.4
Familiarisation programs for the Independent being sent to the members and others entitled thereto
Directors excluding the information on particulars of employees,
which are available for inspection by the members.
The Company has familiarisation programs for its
Any member interested in obtaining a copy of such
Independent Directors. It comprises, amongst others,
statement may write to the Company Secretary at
presentations by and discussions with the Senior
the registered office of the Company.
Management on the nature of the industries in which
it operates, its vision and strategy, its organisation 19. Management Discussion and Analysis
structure, and relevant regulatory changes. A visit
The Management Discussion and Analysis covering
is organised to one or more of its manufacturing
the performance of the two reporting segments,
sites. Details of the familiarisation programs are also namely, LSC and POC, is given on page number 23.
available at www.atul.co.in/about/directors/
20. Corporate Governance Report
17. Key managerial personnel and other employees
20.1 Declaration by the Independent Directors
17.1 Appointments and cessations of the Key Managerial
Personnel The Independent Directors have given declarations
under Section 149(6) of the Act.
There were no appointments | cessations of the Key
Managerial Personnel during 2023-24. 20.2 Report
17.2 Remuneration The Corporate Governance Report along with the

certificate from the Practicing Company Secretary
The Remuneration Policy related to the Key regarding the compliance of the conditions of
Managerial Personnel and other employees consists of Corporate Governance pursuant to Regulation 34(3),
the following: read with Schedule V of the Regulations, is given
on page number 31. Details about the number of
17.2.1 C
omponents:
meetings of the Board held during 2023-24, are
a) Fixed pay given on page number 36. The composition of the
i) Basic Salary Audit Committee is given on page number 39.
ii) Allowances All the recommendations given by the Audit
iii) Perquisites Committee were accepted by the Board.
iv) Retirals 20.3 Whistleblower Policy
b) Variable pay The Board, on the recommendation of the Audit
Committee, had approved a vigil mechanism
(Whistleblower Policy). The Policy provides
9
Atul Ltd
an independent mechanism for reporting and Requirements) Regulations, 2015, the Business
resolving complaints about unethical behaviour, Responsibility and Sustainability Report is given on
actual or suspected fraud and violation of page number 52.
the Code of Conduct of the Company and is
displayed on the website of the Company at 22. Dividend Distribution Policy
www.atul.co.in/investors/policies As per Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations
No person has been denied access to the Audit
and Disclosure Requirements) Regulations,
Committee.
2015, the Dividend Distribution Policy is
20.4 Secretarial standards displayed on the website of the Company at
www.atul.co.in/investors/policies
Secretarial standards as applicable to the Company
were followed and complied with during 2023-24. 23. Acknowledgements
20.5
Prevention, prohibition and redressal of sexual The Board expresses its sincere thanks to all the
harassment employees, customers, suppliers, lenders, regulatory
and government authorities, stock exchanges and
Details required under the Sexual Harassment of
investors for their support.
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, and rules thereunder are given For and on behalf of the Board of Directors
on page number 44. (Sunil Lalbhai)
Mumbai Chairman and Managing Director
21.
Business Responsibility and Sustainability
April 26, 2024 DIN: 00045590
Report
As per Regulation 34 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure
Evaluation of Evaluation by Criteria

Executive Director Independent Directors Qualification, Experience, Availability and attendance, Integrity,
Commitment, Governance, Transparency, Communication,
Business leadership, People leadership, Investor relations
Non-executive Director Independent Directors Qualification, Experience, Availability and attendance, Integrity,
(other than Independent Commitment, Governance, Independence, Communication,
Director) Preparedness, Participation and Value addition
Independent Director All other Board Members Qualification, Experience, Availability and attendance, Integrity,
Commitment, Governance, Independence, Communication,
Preparedness, Participation and Value addition
Chairman Independent Directors Qualification, Experience, Availability and attendance, Integrity,
Commitment, Governance, Impartiality, Communication, Business
leadership, People leadership and Meeting conduct
Committees Board Members Composition, Process and Dynamics
Board as a whole Independent Directors Composition, Process and Dynamics
Notes:
i) Figures less than ` 50,000 have been shown as ‘0.00’ at relevant places in the annual report.
ii) DIN stands for Director identification number.

Annexure to the Directors’ Report

Index
No. Subject title Page
1. Energy conservation, technology absorption and foreign exchange earnings and outgo
1.1 Energy conservation 11
1.2 Technology absorption 12
1.3 Foreign exchange earnings and outgo 12
2. Subsidiary, joint venture and associate companies | entities and joint operation
2.1 Operational 13
2.2 Non-operational 14
3. Corporate social responsibility
3.1 A brief outline of CSR Policy, programs and scope of the Company 15
3.2 Composition of the CSR Committee 15
3.3 Details of URL for disclosure of the composition of the CSR Committee, CSR Policy and CSR projects on 15
the website of the Company
3.4 Impact assessment 16
3.5 CSR obligation 16
3.6 Details of the CSR amount spent | unspent for the financial year 16
3.7 Details of the unspent CSR amount for the preceding three financial years 16
3.8 Details relating to the capital asset created or acquired through CSR spend 17
3.9 Reasons for not spending two percent of the average net profit 17
4. Secretarial Audit Report 18
5. Statement of particulars under Sections 134(3)(q) and 197(12) of the Companies Act, 2013 21
1. Energy conservation, technology absorption and foreign exchange earnings and outgo
1.1. Energy conservation
1.1.1 Measures taken:
a) Installation of evaporative chiller to reduce consumption of power
b) Installation of hot water air pre-heater to decrease consumption of piped natural gas
c) Replacement of low-pressure reciprocating air compressors with energy-efficient screw air compressors
1.1.2 Additional investments and proposals being implemented:
a) Recycling of yard steam piping steam condensate as boiler feed water across the site
b) Replacement of fifth-generation cell elements with sixth-generation energy-efficient cell elements
c) Replacement of old electrical motors with energy-efficient motors
11
Atul Ltd
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:
The 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:
The 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 from waste and developed 48 new products.
c) Future plan:
The 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

2. Subsidiary, joint venture and associate companies | entities and joint operation
2.1. Operational
(` cr)
No. Name Equity Other Total Total Investments Revenue Profit Provision Profit Dividend % Reporting
share equity assets liabilities before for after shareholding currency
capital tax tax tax
Corporate Overview
Subsidiary companies
01. Aaranyak Urmi Ltd 0.21 (0.10) 0.35 0.24 - 0.34 (0.00) (0.00) (0.00) - 100% INR
02. Atul Bioscience Ltd 29.02 39.31 163.54 95.20 0.01 132.11 2.83 0.89 1.94 - 100% INR
03. Atul Biospace Ltd 11.03 7.00 18.61 0.58 10.00 2.82 0.08 0.06 0.02 - 100% INR
04. Atul Brasil Quimicos Ltda 1.18 0.92 2.55 0.45 - 0.80 (0.73) - (0.73) - 100% BRL
05. Atul China Ltd 3.91 10.59 47.00 32.50 - 159.77 2.00 0.09 1.91 - 100% RMB
06. Atul Consumer Products Ltd 0.05 1.19 3.57 2.33 0.03 15.73 0.59 0.17 0.43 - 100% INR
07. Atul Crop Care Ltd 0.05 1.57 4.63 3.01 0.00 24.00 0.90 0.12 0.78 - 100% INR
Statutory Reports
08. Atul Europe Ltd 34.58 7.81 69.85 27.46 10.64 115.27 0.68 0.20 0.47 4.35 100% GBP
09. Atul Fin Resources Ltd 22.85 13.99 37.27 0.43 19.47 5.62 5.32 0.49 4.84 - 100% INR
10. Atul Finserv Ltd 48.70 113.34 191.61 29.57 138.61 3.33 0.53 0.15 0.38 - 100% INR
11. Atul Infotech Pvt Ltd 0.30 21.17 22.77 1.30 0.02 6.65 0.68 0.18 0.50 - 100% INR
12. Atul Ireland Ltd 0.90 (0.56) 1.37 1.03 - 2.03 (0.24) - (0.24) - 100% EUR
13. Atul Middle East FZ-LLC 0.68 6.78 7.55 0.09 - 2.94 1.06 - 1.06 - 100% AED
14. Atul Products Ltd 5.00 453.23 1,043.86 585.63 - 64.85 (32.35) 0.01 (32.36) - 100% INR
15. Atul Rajasthan Date Palms Ltd 8.11 (0.91) 21.48 14.28 - 1.23 (0.09) 0.02 (0.12) - 73.98% INR
16. Atul USA Inc 16.68 35.75 101.56 49.13 - 370.71 7.15 1.71 5.43 8.31 100% USD
Financial Statements
17. DPD Ltd 2.63 67.24 86.90 17.03 - 49.19 16.25 2.08 14.17 - 98% GBP
18. Osia Infrastructure Ltd 3.85 4.97 10.26 1.44 0.00 16.21 2.17 0.51 1.66 - 100% INR
Associate companies
19. Amal Ltd 12.36 76.97 98.67 9.33 77.42 30.76 3.46 1.03 2.43 - 49.86% INR
20. Amal Speciality Chemicals Ltd 7.72 33.72 90.78 49.34 - 57.64 (1.94) - (1.94) - 49.86% INR
Joint venture company

21. Rudolf Atul Chemicals Ltd 5.84 48.31 74.62 20.47 - 139.26 27.79 8.57 19.22 2.92 50% INR
Joint operation
22. Anaven LLP 134.00 (61.63) 223.73 151.36 - 72.49 (50.97) - (50.97) - 50% INR
13
2.2. Non-operational
14
(` cr)
Atul Ltd
No. Name Equity Other Total Total Investments Revenue Profit Provision Profit Dividend % Reporting
share equity assets liabilities before for after shareholding currency
capital tax tax tax
01. Aasthan Dates Ltd 2.10 (0.24) 1.86 0.00 - 0.06 0.06 0.00 0.06 - 100% INR
02. Atul Aarogya Ltd 0.07 0.06 0.13 0.00 - - 0.00 0.00 0.00 - 100% INR

03. Atul Adhesives Pvt Ltd 0.59 (0.04) 0.54 0.00 - - 0.03 0.01 0.02 - 100% INR
04. Atul Ayurveda Ltd 0.08 0.00 0.09 0.00 0.00 - 0.00 0.00 0.00 - 100% INR
05. Atul Clean Energy Ltd 0.10 (0.00) 0.10 0.00 0.00 - 0.00 (0.00) 0.00 - 100% INR
06. Atul Deutschland GmbH 0.90 (0.65) 0.68 0.43 - - (0.03) - (0.03) - 100% Euro
07. Atul Entertainment Ltd 0.07 0.04 0.11 0.00 0.00 - 0.00 (0.00) 0.00 - 100% INR
08. Atul Healthcare Ltd 22.77 (0.25) 22.52 0.00 22.50 - (0.00) - (0.00) - 100% INR
09. Atul Hospitality Ltd 0.06 0.03 0.09 0.00 - - 0.00 - 0.00 - 100% INR
10. Atul Lifescience Ltd 0.10 (0.01) 0.09 0.00 - - 0.00 - 0.00 - 100% INR
11. Atul Natural Dyes Ltd 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) - 100% INR
12. Atul Natural Foods Ltd 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) - 100% INR
13. Atul Nivesh Ltd 2.50 1.13 3.63 0.00 - - 0.31 0.08 0.23 - 100% INR
14. Atul Paints Ltd 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) - 100% INR
15. Atul Polymers Products Ltd 0.05 (0.03) 0.08 0.06 - - 0.00 - 0.00 - 100% INR
16. Atul Renewable Energy Ltd 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) - 100% INR
17. Atul (Retail) Brands Ltd 0.10 (0.00) 0.10 0.00 - - 0.00 0.00 0.00 - 100% INR
18. Atul Seeds Ltd 0.09 (0.02) 0.07 0.00 - - 0.00 0.00 0.00 - 100% INR
19. Biyaban Agri Ltd 1.09 (0.52) 0.58 0.01 - 0.03 0.02 0.00 0.02 - 100% INR
20. Jayati Infrastructure Ltd 0.09 (0.02) 0.07 0.00 - - 0.00 0.00 0.00 - 100% INR
21. Osia Dairy Ltd 0.09 (0.02) 0.07 0.00 - - 0.00 0.00 0.00 - 100% INR
22. Raja Dates Ltd 4.10 (0.58) 3.59 0.07 - 0.14 0.01 (0.02) 0.03 - 100% INR
23. Sehat Foods Ltd 0.10 0.00 0.11 0.00 - - 0.00 0.00 0.00 - 100% INR
Associate company
24. Valsad Institute of Medical
Sciences Ltd 27.00 8.47 50.95 15.48 - - 0.30 0.12 0.18 - 50% INR
AED: United Arab Emirate Dirham, BRL: Brazilian Real, CNY: Chinese Yuan, GBP: Great Britain Pound, INR: Indian Rupee, USD: United States Dollar
Rate of exchange considered as on March 31, 2024 are 1 AED = ` 22.71, 1 BRL = ` 16.63, 1 CNY = ` 11.55, 1 Euro = ` 89.91, 1 GBP = ` 105.14, 1 USD = ` 83.40
3. Corporate social responsibility

3.1 A brief outline of CSR Policy, programs and scope of the Company
3.1.1 Policy
Atul will volunteer its resources to the extent it can reasonably afford to contribute towards enhancing the quality
of life, thereby the standard of living of people, particularly the marginalised sections of the society. Essentially, the
indicative beneficiaries are the needy, who are living below the poverty line in rural or urban areas, particularly where
Atul is operating. The endeavour is to uplift them through the chosen programs (mentioned below) so that they can
live with dignity and self-respect.
3.1.2 Programs and scope
The Company will take up projects and | or carry out activities under six broad programs: a) Education b) Empowerment,
c) Health d) Relief e) Infrastructure and f) Conservation with varied scope of work.
a) Education
i) Establish and | or support educational institutions
ii) Enhance education in rural areas
iii) Support needy and | or meritorious students
b) Empowerment
i) Establish and | or support vocational training institutes
ii) Promote sustainable livelihood opportunities for women and youth
iii) Promote integrated development of rural | tribal areas
c) Health
i) Establish and | or improve medical care centers
ii) Promote health, nutrition, hygiene and sanitation
iii) Promote sports and fitness
d) Relief
i) Eradicate hunger and malnutrition
ii) Support deserving | needy people
iii) Provide support during natural calamities
e) Infrastructure
i) Develop and | or improve rural infrastructure
ii) Develop and | or improve rural amenities
iii) Develop and | or improve child-friendly infrastructure
f) Conservation
i) Conserve natural resources
ii) Protect environment | flora and fauna
iii) Protect and | or promote art and culture
3.2 Composition of the CSR Committee:
No. Name of Directors Designation | Nature of Number of meeting Number of meeting

Directorship held during the year attended during the year
1. Shubhalakshmi Panse Chairperson | Independent Director 1 1
2. Sunil Lalbhai Member | Executive Director 1 1
3. Bharathy Mohanan Member | Executive Director 1 1
3.3 Details of URL for disclosure of the composition of the CSR Committee, CSR Policy and CSR projects on the website
of the Company:
www.atul.co.in/investors/investorsstakeholders-information/corporate-social-responsibility/
15
Atul Ltd
3.4 Impact assessment:

The Company has carried out impact assessment through an independent third party. The detailed report and executive
summary is available at www.atul.co.in/investors/investorsstakeholders-information/corporate-social-responsibility/
3.5 CSR obligation:
(` cr)
a) Average net profit of the Company as per Section 135(5) 765.34
b) 2% of the average net profit of the Company as per Section 135(5) 15.31
c) Surplus arising out of the CSR projects or programs or activities of the previous Nil
financial years
d) Amount required to be set-off for the financial year Nil
e) Total CSR obligation for the financial year [b) + c) - d)] 15.31
3.6. a) Details of the amount spent (ongoing projects and other than ongoing projects) for the financial year: ` 14.57 cr
b) Amount spent on administrative overheads: ` 0.72 cr
c) Amount spent on impact assessment: ` 0.03 cr
d) Total amount spent for the financial year [a)+b)+c)]: ` 15.32 cr
e) CSR amount spent or unspent for the financial year:
(` cr)
Amount unspent
Total amount Total amount transferred to Amount transferred to any fund specified under
spent for the the Unspent CSR Account as Schedule VII as per the second proviso to
financial year per Section 135(6) Section 135(5)
Amount Date of transfer Name of the fund Amount Date of transfer
15.32 Nil NA NA Nil NA
NA: not applicable
f) Excess amount for set-off, if any:
(` cr)
No. Particulars Amount
(i) 2% of average net profit of the Company as per Section 135(5) 15.31
(ii) Total amount spent for the financial year 15.32
(iii) Excess amount spent for the financial year [(ii)-(i)] 0.01
(iv) Surplus arising out of the CSR projects or programs or activities of the previous Nil
financial years
(v) Amount available for set-off in succeeding financial years [(iii)-(iv)] Nil
*Being a small amount, no set-off is considered
3.7. Details of the unspent CSR amount for the preceding three financial years:
No. Preceding Amount Amount Amount Amount transferred to any fund Amount Deficiency,
financial transferred in spent specified under Schedule VII as per remaining to if any
year to the Unspent in the Section 135(5), if any be spent in
Unspent CSR financial Amount Date of transfer succeeding
CSR Account year financial years
Account under
under Section
Section 135(6)
135 (6)
- - - - - - - - -

3.8. Whether any capital assets have been created or acquired through CSR spend in the financial year?
Yes
If yes, enter the number of capital assets created | acquired: one
Details relating to the asset(s) created or acquired through CSR spend in the financial year:
No. Short Pincode Date of Amount Details of entity | authority |

particulars of of the creation of CSR beneficiary of the registered owner
the property | property | amount
CSR Name Registered
asset(s) asset(s spend
registration address
including (` cr)
number, if
complete
applicable
address and
location of the
property
1. Atul Community 396 020 August 14, 2.39 CSR00007021 Atul Rural ARDF hall,
Center building 2023 Development Near Riverside
Survey no. 480 Fund colony 1,
Atul Atul 396 020,
396 020, Gujarat, India
Gujarat, India
3.9. Reasons if the Company has failed to spend two percent of the average net profit as per Section 135(5):
not applicable
Chairperson CSR Committee Chairman and Managing Director

Shubhalakshmi Panse Sunil Lalbhai
DIN: 02599310 DIN: 00045590
17
Atul Ltd
4. Secretarial Audit Report

Form number MR – 3
Secretarial Audit Report
For the financial year ended on March 31, 2024
{Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014}
To the members of Atul Ltd
We have conducted the Secretarial Audit of the compliance with applicable statutory provisions and the adherence to good
corporate practices by Atul Ltd (hereinafter called the Company). The Secretarial Audit was conducted in a manner that provided
us with a reasonable basis for evaluating the corporate conducts | statutory compliances and expressing our opinion thereon.
Based on our verification of the books, papers, minute books, forms and returns filed and other records maintained by the
Company and also the information provided by the Company, its officers, agents and authorised representatives, during the
conduct of the Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the
financial year ended March 31, 2024, complied with the statutory provisions listed hereunder and also that the Company
has proper Board-processes and compliance mechanisms in place to the extent, in the manner and subject to the reporting
made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company
for the financial year ended March 31, 2024, according to the provisions of:
a) The Companies Act, 2013 (Act) and the rules made thereunder;
b) The Securities Contracts (Regulation) Act, 1956 and the rules made thereunder;
c) The Depositories Act, 1996 and the regulations and bye-laws framed thereunder;
d) The Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of foreign
direct investment, overseas direct investment and external commercial borrowings;
e) The following regulations and guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(SEBI Act):
i) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
ii) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
iii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
iv) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
v) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021
vi) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with client
vii) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021
viii) The Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018
ix) The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
ther sector-specific laws as applicable to the Company, including product laws, pollution laws, manufacturing laws
O
and safety laws as per confirmations of compliances placed before the Board of Directors, for our verification carried out
on a test-check basis and considered as an assurance for the existence of a proper compliance management system.
However, it has been found that there were no instances requiring compliance with the provisions of the laws indicated
at points iii), iv), v) and vii) of paragraph e) mentioned hereinabove during the period under review.
We have also examined compliance with the applicable clauses of the following:
a) Secretarial standards issued by the Institute of Company Secretaries of India.
b) The Listing Agreements entered into by the Company with BSE Ltd and National Stock Exchange of India Ltd and
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as
amended).

During the period under review, the Company has complied with the provisions of the Act, rules, regulations, guidelines,
standards mentioned hereinabove and there is an adequate compliance management system for other sector-specific laws
as reported hereinabove. We have relied on the representations made by the Company and its officers for systems and
mechanisms formed by the Company for compliance under other sector-specific laws and regulations applicable to the
Company.
e further report that the Board of Directors of the Company is duly constituted with proper balance of the Executive
W
Directors and the Non-executive Directors (Independent and Non-independent). The changes in the composition of the
Board that took place during the period under review were carried out in compliance with the provisions of the Act. During
the year under review, the following changes occurred in the Board of Directors:
a) Mr Rangaswamy Iyer (DIN: 00474407), was appointed as an Independent Director effective May 01, 2023, for a
period of five years. The shareholders have approved his appointment at the Annual General Meeting held on July 28,
2023;
b) Mr Bansi Mehta (DIN: 00035019), ceased to be an Independent Director of the Company upon completion of his term
of five years on May 31, 2023;
c) Mr Sunil Lalbhai (DIN: 00045590), was reappointed as the Chairman and Managing Director of the Company effective
July 01, 2024, for a period of five years at the Annual General Meeting held on July 28, 2023;
d) Mr Rajendra Shah (DIN: 00009851), ceased to be a Non-executive Director who desired not to be reappointed upon
the expiry of his term at the Annual General Meeting held on July 28, 2023;
e) Mr Sharadchandra Abhyankar (DIN: 00108866), was appointed as an Independent Director of the Company effective
October 20, 2023, for a period of five years. The shareholders have approved his appointment through the Postal
Ballot on December 01, 2023;
f) Mr Sujal Shah (DIN: 00058019), was appointed as an Independent Director of the Company effective October 20,
2023, for a period of five years. The shareholders have approved his appointment through the Postal Ballot on
December 01, 2023;
g) Mr Srinivasa Rangan (DIN: 00030248), an Independent Director of the Company resigned on December 13, 2023;
h) Mr Susim Datta (DIN: 00032812), ceased to be an Independent Director of the Company upon completion of his
second term of five years on March 31, 2024;
dequate notice was given to all the Directors to schedule the Board meetings, agenda and detailed notes on the agenda
A
were sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful participation at the meeting.
he majority decision is carried through, while the views of the dissenting Members are captured and recorded as part of the
T
minutes, wherever required.
e further report that there are adequate systems and processes in the Company commensurate with the size and operations
W
of the Company to monitor and ensure compliance with the applicable laws, rules, regulations and guidelines.
e further report that during the audit period, there were no specific events or actions having a major bearing on the
W
affairs of the Company in pursuance of the above-referred laws, rules, regulations, guidelines, standards, etc. Against
the buy-back offer of equity shares of the Company for an amount not exceeding ` 50.00 cr at a price not exceeding
` 7,500/- per equity share, the Company bought back 72,000 equity shares from the open market through stock exchanges
at an average price of ` 6,934.70/- per equity share {Volume weighted average price calculated in terms of the SEBI
(Buy-back of Securities) Regulations, 2018} at an aggregate consideration of ` 49.93 cr. The buy-back was closed on
January 01, 2024.
For SPANJ & ASSOCIATES

Company Secretaries
(Ashish C Doshi)
Partner
Membership number: F3544
Certificate of practice number: 2356
Ahmedabad UDIN: F003544F000246391
April 26, 2024 Peer review certificate number: 702 | 2020
19
Atul Ltd
Annexure – I to the Secretarial Audit Report
Subject: Secretarial Audit Report for the financial year ended on March 31, 2024
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the Management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the secretarial records. We believe that the processes and practices we followed
provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Account of the Company.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and the happening of events, etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations and standards is the
responsibility of the Management. Our examination was limited to the verification of procedures on a test basis.
6. The Secretarial Audit report is neither an assurance of the future viability of the Company nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.
For SPANJ & ASSOCIATES

Company Secretaries
(Ashish C Doshi)
Partner
Membership number: F3544
Ahmedabad UDIN: F003544F000246391

5. Statement of particulars under Sections 134(3)(q) and 197(12) of the Companies Act, 2013*
Particulars Status
a) Ratio of the remuneration of each Director to the Number of times
median remuneration of the employees of the if total if total remuneration
Company for the financial year remuneration of the Director,
of the Director excluding variable
is considered pay and commission,
is considered
Rajendra Shah1 1.09 0.35
Bansi Mehta 1
0.35 0.09
Susim Datta 2.65 0.61
Srinivasa Rangan 1
2.43 0.53
Mukund Chitale 3.42 0.88
Shubhalakshmi Panse 4.64 1.14
Baldev Arora 5.80 1.51
Pradeep Banerjee 2.87 0.61
Rangaswamy Iyer 1
3.69 0.79
Sharadchandra Abhyankar1 1.57 0.44
Sujal Shah 1
1.57 0.44
Sunil Lalbhai 259.17 125.67
Samveg Lalbhai 79.04 34.78
Bharathy Mohanan 42.95 38.38
Gopi Kannan Thirukonda 57.54 51.47
b) Percentage increase | (decrease) in remuneration Directors %
of the Directors, the Chief Executive Officer,
Rajendra Shah1 (66.47)%
the Chief Financial Officer and the Company
Secretary, if any, in the financial year Bansi Mehta1 (92.95)%
Susim Datta (28.72)%
Srinivasa Rangan1 (17.74)%
Mukund Chitale (29.04)%
Shubhalakshmi Panse 37.55%
Baldev Arora (7.60)%
Pradeep Banerjee (2.55)%
Rangaswamy Iyer1 NA
Sharadchandra Abhyankar 1
NA
Sujal Shah1 NA
Chairman and Managing Director
Sunil Lalbhai (23.32)%
Managing Director
Samveg Lalbhai 0.83%
Whole-time Director
Bharathy Mohanan 4.21%
Whole-time Director and
Chief Financial Officer
Gopi Kannan Thirukonda 5.46%
Company Secretary
Lalit Patni 18.44%
21
Atul Ltd
Particulars Status
c) Percentage increase | (decrease) in the median (0.94)%
remuneration of employees in the financial year
d) Number of permanent employees on the rolls of 3,255
the Company
e)
Average percentile increase already made Average increase for Key Managerial Personnel and for other employees
in the salaries of employees other than the was about 8%.
managerial personnel in the last financial year
There is no exceptional increase in remuneration of Key Managerial
and its comparison with the percentile increase
Personnel.
in the managerial remuneration and justification
thereof. Also, provide an explanation if there are
any exceptional circumstances for increase in
the managerial remuneration
f) Affirmation that the remuneration is as per the It is affirmed that the remuneration is as per the Remuneration Policy
Remuneration Policy of the Company of the Company.
*Read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and forming part of the Directors’ Report
for the year ended on March 31, 2024.
for part of the year
1

Management Discussion and Analysis

Key performance ratios UoM 2023-24 2022-23 Increase | (Decrease)
Debtors turnover times 4.94 5.12 (4%)
Inventory turnover times 7.10 7.42 (4%)
Payable turnover times 6.35 7.27 (13%)
Interest coverage % 348.00 447.50 (22%)
Current ratio times 2.15 2.60 (17%)
Operating profit margin % 16.18 17.89 (10%)
Net profit margin % 8.95 11.04 (19%)
Return on net worth % 7.96 12.40 (36%)
Return on net worth has dropped in the financial year 2023-24, on account of reduction in profitability of the Company. There are no significant
changes (25% or more as compared to the financial year 2022-23) in the key financial ratios except the one mentioned above.
Atul Ltd identified two reporting segments, namely, Life Science Chemicals and Performance and Other Chemicals.
Life Science Chemicals segment
1,257 1,715 (27%)

Sales (` cr)
2023-24 2022-23 change
Share in total sales (%) 29% 34% (5%)

2023-24 2022-23 change
Life Science Chemicals segment consists of three sub-segments, namely, Crop Protection, Pharmaceuticals and Intermediates
and Aromatics - I.
Crop Protection - Bulk Actives

Product groups: herbicides, insecticides, fungicides, others
The products falling under account of volume was 25%. The Sales of crop protection chemicals in
these product groups Company completed one project the world decreased from US$ 69.2 bn
are used by customers and undertook one project for in 2022 to US$ 68.3 bn in 2023, due to
belonging to the Agriculture implementation. contractions across various segments.
and Crop Protection
Chemicals industries. The product
groups comprise 34 products and 43
formulations. 2,4-D, Indoxacarb and
Sulfonylurea herbicides are some of the
key products.
During 2023-24, sales decreased by

48% from ` 953 cr to ` 491 cr. Sales
in India decreased by 27% from
` 218 cr to ` 160 cr. Sales outside
India decreased by 55% from
` 735 cr to ` 331 cr. De-growth on
23
Atul Ltd
The pivotal factors influencing the US$ 9.8 bn. This growth is driven by Seasonal aspects may adversely
market dynamics were the build-up of both exports and domestic consumption. affect the demand. Competition
high-cost inventory at customer end, India has emerged as the second-largest from Chinese sources may impact
decreasing input prices and increasing exporter of crop protection chemicals sales realisations as well as market
supplies from China. The world market during 2023-24. The Company will share. The geopolitical developments
is projected to grow at a CAGR of 4.2% participate in this growth by - i) improving leading to supply chain disruptions
from 2024 to 2032, expecting to reach internal efficiencies and working and high freight costs can impact the
US$ 98.5 billion by 2032. capital management, ii) focusing on profitability of the business. Given
The CAGR of the agrochemical market value-added products, iii) expanding that some of these chemicals can
in India is expected to be higher than the regulatory approval footprint and, be hazardous, due care needs to be
the world average, reaching 6-6.5% iv) evaluating investment opportunities taken in their manufacture and use.
by 2027-28, and projected to reach in vertical integration.
Crop Protection – Retail

Product groups: herbicides, insecticides, fungicides, others
The products falling under protection formulations market is The Company will continue to grow
these product groups estimated to have grown by 3% from by - i) pursuing organic growth of
are used to serve the ` 27,200 cr in 2023 to ` 28,000 cr in the existing portfolio through market
growing needs of food, 2024. Expecting a normal monsoon development activities, ii) widening
feed and fibre. The product during the year 2024-25 based on the portfolio by way of enhanced
groups comprise 52 brands, some forecasts, the domestic crop protection cooperation, iii) strengthening the
of the brands are Zura, Salix, Cyno, market is expected to grow at 10% distribution channel and iv) continuing
Rymix, Amsac, Sindica, covering volumetrically, however further price to develop patented novel formulations.
61 formulations (23 herbicides, erosion may nullify part of the volume Competitive trade practices as well
21 insecticides, nine fungicides, growth leading to overall 5% to 7% as the launch of new products by
eight bio-stimulants and adjuvants). value growth. competition may have a material
During 2023-24, sales increased impact on growth.
by 4% from ` 197 cr to ` 205 cr.
Growth on account of volume was
23%. The Company launched
a novel and patented herbicide
for sugarcane crop (brand name
Sindica) in the last quarter of
2023-24. Besides Sindica, the
Company has developed 11 unique
patentable formulations, out of
which patent was granted for four
formulations and published for
seven formulations. It is currently
generating statutory data for
five formulations for securing
regulatory approval.
The size of the domestic crop

Pharmaceuticals and Aromatics – I

Product groups: active pharmaceutical ingredients and its intermediates, others
The products falling by 16% from ` 158 cr to ` 131 cr, pharmaceutical market is on track to
under these product mainly due to a conscious decision to reach US$ 65 bn by 2024 and expand
groups are used by reduce certain non-strategic areas of further to US$ 120-130 bn by 2030.
customers belonging the business. The Company, along with ABL,
to the Pharmaceutical industry for The world Pharmaceutical industry, will participate in this growth
various therapeutic categories such valued at US$ 1.6 trillion in 2023, by – i) focusing on getting regulatory
as antidepressant, antidiabetic, is poised to reach US$ 1.7 trillion clearances for its API facilities,
anti-infective, antifungal, antiretroviral by 2025, with the conventional ii) increasing manufacturing efficiencies,
and cardiovascular. The product pharmaceutical segment estimated iii) debottlenecking and adding capacities
groups comprise about 90 products. and iv) introducing new products.
at US$ 1.1 trillion. The API industry,
Acyclovir, Dapsone, Desvenlafaxine,
valued at US$ 235 bn in 2023, is The price and demand of some
Fluconazole, Valacyclovir and
projected to hit US$ 357 bn by 2032. products have seen inconsistency
Venlafaxine are some of the Active
Biologics accounted for about 52% and are likely to vary widely over the
Pharmaceutical Ingredients (APIs)
of sales of the top 100 products in short-term. Fluctuations in foreign
while carbonates and chloroformates
2022, with oncology leading the way exchange may impact sales.
are some of the key product groups
with sales growing at a CAGR of Key trends such as supply chain
of intermediates.
approximately 12.7%. The presence disruptions, rising inflation and
During 2023-24, sales decreased by of the Company in this sector is evolving ESG expectations will
1% from ` 559 cr to ` 556 cr. Sales in
crucial, particularly as the domestic significantly influence market growth.
India increased by 5% from ` 315 cr to
` 332 cr. Sales outside India decreased
by 8% from ` 244 cr to ` 224 cr and
formed 40% of the total sales. Growth
on account of volume was about 13%
mainly due to i) debottlenecking done
in the plants and ii) availability of the
reconstructed PHIN-II plant for few
months, which was not available in
2022-23 due to the fire accident that
occurred in the plant in April 2022. The
PHIN-II plant is fully insured and the
claims are gradually being realised.
Sales of Atul Bioscience Ltd (ABL), a
100% subsidiary company, decreased
25
Atul Ltd
Performance and Other Chemicals segment
3,044 3,287 (7%)

Sales (` cr)
2023-24 2022-23 change
Share in total sales (%) 71% 66% 5%

2023-24 2022-23 change
Performance and Other Chemicals segment consists of four sub-segments, namely, Aromatics-II, Bulk Chemicals and
Intermediates, Colors and Polymers.
Aromatics–II
Product groups: intermediates, perfumery, others
The products falling under size of the world Fragrance industry standard of living. The Company
these product groups are is estimated at US$ 13.7 bn and is will participate in this growth
mainly used by customers growing at about 3.5%-4%. The size by - i) broadening its market reach,
belonging to the Fragrance of the world Personal Care industry is ii) increasing its manufacturing
and Personal Care industries. estimated at US$ 253.3 bn, of which efficiencies, debottlenecking and
The product groups comprise the personal care ingredients segment adding capacities, iii) introducing new
about 41 products. para-Cresol, is US$ 30 bn and is growing at products and iv) evaluating inorganic
para Anisic aldehyde and para Cresidine about 5%. growth opportunities.
are some of the key products.
The main user industries, namely, Fluctuations in foreign exchange may
During 2023-24, sales decreased Fragrance and Personal Care are impact sales realisations.
by 4% from ` 766 cr to ` 736 cr. growing well due to an improved
Sales in India decreased by 9% from
India marginally decreased from
` 448 cr to ` 446 cr and formed 61%
of the total sales. The decrease in
sales on account of volume was 13%.
The Company completed one project
during the year.
The world market for para-Cresol
(a key product) is estimated at
70,000 MT and is growing at about
2%. Though earlier the product used
to be manufactured in the UK and the
USA, China and India are now the
major suppliers of the product. The

Bulk Chemicals and Intermediates

Product groups: bulk chemicals, adhesion promoters, others
The products falling under and is growing at about 3.9%. The size the manufacturing capacities of
the bulk chemicals product of the world Tyre industry is estimated various products. The Company
groups are mainly used for at US$ 287 bn and is growing at will participate in this growth
internal consumption, while about 8%. The size of the world by - i) increasing its manufacturing
the products in the intermediate Chlor-alkali industry is estimated efficiencies, ii) debottlenecking and
product groups are used by at US$ 72 bn and is growing at adding capacities, iii) introducing
customers belonging to the Cosmetic, about 5%. downstream products and
Dyestuff, Pharmaceutical and The Tyre industry is projected to grow iv) widening its market reach.
Tyre industries. The product groups supported by the resurgence in Asia The demand and price of bulk
comprise 23 products. Resorcinol, Pacific. The captive consumption chemicals are cyclical in nature.
Resorcinol–formaldehyde resin and of bulk chemicals is expected to Fluctuations in foreign exchange may
1,3–Cyclohexanedione are some of the grow as the Company expands impact sales realisations.
key products.
During 2023-24, sales reduced
by 15% from ` 316 cr to ` 268 cr.
Sales in India decreased from ` 188 cr
to ` 158 cr while sales outside India
decreased from ` 128 cr to ` 110 cr.
Sales outside India formed 41% of the
total. Growth on account of volume
was 10%, which was negated by
price erosion.
The world market for Resorcinol (a key
product) is estimated at US$ 378 mn
Colors
Product groups: dyestuffs, pigments, dye intermediates, textile chemicals, others
The product groups comprise High inflation in textile-importing exterior paints in Europe and other
488 products. The products countries and higher inventory levels markets contributed to a significant
are used by customers across the textile value chain further loss in sales of high-performance
belonging to the Textile, Paint impacted the demand for textile dyes pigments. The domestic denim market
and Coatings and Paper industries. Vat and chemicals. This in turn affected improved during the second half of
green 1, Sulphur black 1 and Pigment the selling prices and margins of dyes the year 2023-24, resulting in better
red 168 are some of the key products. and chemicals. Lower demand for demand for Sulphur black. Rudolf Atul
During 2023-24, sales decreased by

in India marginally increased from
India decreased by 28% from
` 295 cr to ` 212 cr and formed 39%
of the total sales. The decrease in
sales on account of volume was
3%. Fluctuation in cotton prices
affected the competitiveness of
textile producers engaged in exports.
27
Atul Ltd
Chemicals Ltd (RACL), a joint venture estimated at US$ 5.9 bn (constitutes chemicals and iv) developing newer
company formed in 2011-12, provides both organic and inorganic pigments) applications for existing products.
a complete range of textile chemicals and is expected to grow at about 4% High inflation, fluctuations in foreign
in the Indian market; its sales increased in the coming years. exchange, limited availability of the
by 25% from ` 111 cr to ` 138 cr, The main user industries, namely, US dollars in South American, Asian
primarily because of an increase in Textile, Paper, Paint and Coatings and African markets, low demand and
volume by 33%. will continue to be influenced by competition from China may impact
The size of the world Textile Dyestuff macro-economic and geo-political sales. Treatment costs are expected to
industry is estimated at US$ 6.6 bn factors. The Company along with remain high because of stricter regulatory
and is expected to grow by about 3% RACL is expected to grow by - norms and increasing demand for the
in the coming years. China continues i) improving capacity utilisation and implementation of green chemistry
to be the largest manufacturer of dyes managing cash flows ii) broadening principles and ESG compliance.
followed by India. The world market the market reach in new geographies,
for high-performance pigments is iii) introducing new dyes and textile
Polymers - Performance Materials

Product groups: epoxy resins, curing agents, reactive diluents, accelerators and catalysts and sulfones
The products falling The world market for epoxy resins key macro-level factors influencing
under these product and curing agents is estimated at industrial growth.
groups are used by US$ 12.4 bn and is growing at In India, major growth is observed
customers belonging to the Adhesives, about 3%, while the Indian market in Construction, Defence, Electrical
Aerospace and Defence, Automotive, is estimated at US$ 410 mn and is and Electronics and Paint and
Composites, Construction, Electrical growing at about 8%. Asia Pacific Coatings industries. The Company will
and Electronics, Food and Beverage has been the leading consumer of participate in this growth by – i) adding
packaging, Marine, Paint and Coatings, epoxy resins, supported by the high new capacities for key products and
Sport and Leisure, Transport and demand from India. Infrastructure debottlenecking capacities ii) improving
Wind Energy industries. The product manufacturing and working capital
development along with increasing
groups comprise 48 synthetic products efficiencies, iii) introducing new
automotive production has fuelled
and 272 formulations. Liquid epoxy products and iv) expanding market
demand for paints and coatings in
resins, solid epoxy resins, solvent cut reach to new geographies.
this region. The world market for
resins, cycloaliphatic resins, epoxy
sulfones (curing agents) is estimated Lower demand in export markets
phenol novolac, multifunctional
at US$ 420 mn and is growing at will keep the market competitive in
resins, aromatic amines and their
about 6%. Aerospace, automobile, the near term and may keep margins
adducts, 4,4’-Diaminodiphenyl sulfone,
defence and medical applications are under pressure.
3,3’-Diaminodiphenyl sulfone and
4,4’-Dichlorodiphenyl sulfone are some
of the key products.
During 2023-24, sales volume
increased by 18%, however, due
to lower sales price, sales value
decreased by 6% from ` 1,268 cr to
` 1,194 cr. Sales in India increased by
outside India decreased by 15% from
` 568 cr to ` 482 cr and formed 40% of
the total. Growth on account of volume
was 18%.

Polymers – Retail
Product groups: adhesives based on epoxy, synthetic rubber, polyurethane, cyanoacrylate, PVC, PVA and epoxy
sealants, tapes and protective paints
The products falling US$ 3.1 bn by 2030. Eleven National new products and iv) widening
under these product players dominate the marketplace. market reach in new geographies.
groups are used by Price sensitivity, fluctuating raw
Footwear, foam and furnishing,
customers belonging to the material prices and new entrants
construction, furniture and HVAC
automobiles, construction chemicals, in the market will keep the market
applications are growing well.
flooring, foam and furnishing, competitive and may keep margins
The Company will participate
footwear, furniture, handicraft, under pressure. Since the two main raw
HVAC, stone processing and sports in this growth by – i) improving
materials, namely Chloroprene rubber
goods industries. The product groups manufacturing and working capital and thermoplastic polyurethane
comprise 236 products. Synthetic efficiencies, ii) debottlenecking and are imported, fluctuations in foreign
rubber adhesives (brushable and adding capacities, iii) introducing exchange may impact margins.
sprayable), polyurethane adhesives,
natural rubber adhesives, epoxy
adhesives, cyanoacrylate adhesives,
epoxy sealants, multipurpose spray
and protective paints are some of the
key product groups predominantly
targeted towards the domestic market.
During 2023-24, sales marginally
decreased from ` 245 cr to ` 243 cr.
Growth on account of volume was 7%,
which was negated by price erosion.
The domestic market for Adhesives
and Sealants is estimated at
US$ 2.2 bn and is projected to grow
at a CAGR of 5.1% reaching a value of
Internal Control Systems

The Company has tested and upgraded for both design specialising in internal audits. Together,
comprehensive internal and operational effectiveness by they have the responsibility to identify
control systems which are the Management, and the same is areas requiring control enhancements,
audited by the Statutory Auditors. automation and implementation of
commensurate with the
Significant audit observations, follow- leading practices for the Company, its
nature of its business, its size and
up actions, and recommendations subsidiary, joint venture and associate
the complexity of its operations. They
thereon are reported to the Senior entities and also Atul Foundation and
provide reasonable assurance on Management and the Audit Committee the entities overseen by it.
the effectiveness and efficiency of for their review.
The annual internal audit plan is
its operations, reliability of financial
Internal Audit reviewed and approved by the Audit
reporting and compliance with the
The Company has an in-house Committee to ensure adequate
applicable laws and regulations.
Internal Audit department which coverage. Progress of the internal audit
The internal control systems that includes professionals from finance plans, significant audit observations
deploy an amalgam of modern and and engineering disciplines and is and the status of agreed actions are
traditional processes are routinely also working with reputed audit firms reviewed by the Management on
29
Atul Ltd
a monthly basis and by the Audit

Committee on a quarterly basis.
Enterprise Risk Management
The Company believes that risks are
inevitable in any business and its
approach is to identify, track and mitigate
instead of avoiding them. Enterprise
risk management (ERM) is an integral
part of a business and its framework
includes the identification, classification,
assessment, prioritisation, mitigation,
monitoring and reporting of key risks.
The Company has adopted a bottom-up a top-down approach where the The Company has constituted an ERM
and top-down approach to drive ERM. Senior Management ensures the council comprising Senior Management
The bottom-up approach includes the comprehensiveness of the framework, officials to ensure the adoption of a
identification and regular assessment and effectiveness of mitigation comprehensive framework and the
of risks by respective businesses and measures and assesses long-term and effectiveness of mitigation measures.
cross-functional teams, along with a plan macro risks. Risks are consolidated ERM is driven by the Board of Directors
for mitigating such risks in a structured under major risk themes to create focus through the Risk Management Committee
manner. This is complemented by areas and prioritise mitigation plans. of the Board.
Human Resources
People are the core of contract labour management, members to prepare them for elevated
foundation of the Company v) conducted holistic shop floor training roles and as future successors.
and it is committed to to enhance the functional competence Employee relations at all locations
building a safe, inclusive of the team members in plants, and remained cordial. The number of team
and supportive workplace where vi) provided crèche facility for the members in the Company increased from
everyone feels can thrive. The Company children of the team members. 3,528 to 3,597. This number comprises its
is ardent about investing in the
One of the key challenges for the team members as well as those working
continuous learning and development of
Company is to create a leadership for its retail businesses, information
its team members to enable them to be
pipeline by developing and retaining technology, and administrative services
future-ready.
team members to secure its growth. It via four subsidiary entities, namely Atul
During 2023-24, the Company believes in the ‘leaders develop leaders’ Crop Care, Atul Consumer Products,
undertook six key people-related philosophy and is thus committed to Atul Infotech, and Atul Finserv. The
initiatives: i) digitalised onboarding developing the leadership capabilities number excludes team members in
process for new team members, of its managers. The managers are associate, joint venture, and other
ii) achieved a considerable increase encouraged to nurture their team subsidiary entities.
in the number of key positions filled
internally in the middle and senior
levels; this is an ongoing initiative and
more needs to be done, iii) improved
focus on campus recruitment by
enhancing the quality and the number
of management and executive trainees,
to create a talent pool for occupying
key positions in the future, iv) launched
end-to-end process automation

Atul Ltd
1. Philosophy
Transparency and accountability are the two basic tenets of Corporate Governance. Atul is proud to belong to
a Group whose Founder lived his life with eternal Values and built the business enterprises on the foundation of
good governance.
The Company is committed to conducting business the right way, which means taking decisions and acting in an
ethical way and in compliance with the applicable legal requirements. It endeavours to continuously improve its
Corporate Governance performance to earn the trust and respect of all its stakeholders.
The Board of Directors (Board) is responsible for and is committed to good Corporate Governance and plays
a critical role in overseeing how the Management serves the short and long-term interests of the members and
other stakeholders.
2. Board
2.1. Board business
The normal business of the Board comprises:
2.1.1 Approving:
a) appointment of the Cost Auditors
b) capital expenditure and operating budgets
c) commission payable to the Directors within the limit set by the shareholders
d) contracts in which the Director(s) are deemed to be interested
e) cost audit reports
f) creation of charge on assets in favour of lenders
g) declaration of interim dividend
h) joint ventures, collaborations, mergers and acquisitions
i) loans and investments
j) matters requiring statutory | Board consent
k) sale of investments and assets
l) short, medium or long-term borrowings
m) unaudited quarterly financial results and audited annual accounts, both consolidated and on a standalone
basis, including segment revenue, results and capital employed
2.1.2 Monitoring:
a) effectiveness of the governance practices and making desirable changes
b) implementation of performance objectives and corporate performance
c) potential conflicts of interest of the Management, the Board Members and the shareholders, including misuse of
corporate assets and abuse in related party transactions
d) the Board nomination process such that it is transparent and results in a diversity of experience, gender,
knowledge, perspective and thoughts in the Board
e) the Management and providing strategic guidance while ensuring that encouraging positive thinking does not
result in over-optimism that either leads to significant risks not being recognised or exposes the Company to
excessive risk.
2.1.3 Noting:
a) general notices of interest of the Directors
b) minutes of the meetings of the Board and its committees and also the resolution(s) passed by circulation

2.1.4 Recommending:
a) appointment of the Statutory Auditors
b) final dividend
2.1.5 Reviewing:
a) corporate strategy, major plans of action, Risk Policy, annual budgets and business plans
b) default in payment of statutory dues
c) fatal or serious accidents, dangerous occurrences and material environmental matters
d) foreign exchange exposure and exchange rate movement
e) the integrity of the accounting and financial reporting systems and that appropriate systems of control are in
place, in particular, systems for risk management, financial and operational control and compliance with the law
and relevant standards
2.1.6 Setting:
a) a well-defined mandate, composition and working procedures of the committees
b) a corporate culture and the Values
2.1.7 Others:
a) Acting on a fully informed basis, in good faith, with due diligence and care, and in the best interest of the
Company and the shareholders.
b) Aligning remuneration of the key executives and the Board Members with the long-term interests of the Company
and the shareholders.
c) Applying high ethical standards.
d) Assigning a sufficient number of Non-executive Board Members capable of exercising independent judgement
to items where there is a potential for conflict of interest.
e) Assisting the Executive Management by challenging the assumptions underlying strategy, strategic initiatives
(such as acquisitions), risk appetite, exposures and the key areas of focus of the Company.
f) Encouraging training of the Directors on a continuous basis to ensure that the Board Members are kept updated.
g) Exercising objective and independent judgement on corporate affairs.
h) Facilitating the Independent Directors to perform their roles effectively as Board Members and also as members
of Committees.
i) Meeting the expectations of operational transparency of the stakeholders while maintaining the confidentiality
of information to foster a culture of good decision-making.
2.2. Appointment and tenure
2|3rd of the Directors (other than the Independent Directors) are rotational Directors. 1|3rd of rotational Directors retire
in every Annual General Meeting (AGM) and, if eligible, offer themselves for reappointment.
The Whole-time Directors are appointed by the members for a period of up to five years. The contracts with
Whole-time Directors provide a notice period of six months and severance pay as per the provisions of the Companies
Act, 2013.
2.3. Composition, name, other directorships | committee memberships
The Board comprises experts drawn from diverse fields | professions. Currently, it consists of 11 members, comprising
seven Non-executive Directors (all Independent) and four Executive Directors (including two promoters). The
Independent Directors account for 63.64% of the strength of the Board, as against the minimum requirement of 50%
as per the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 (the Regulations) and 33.33% as per the Companies Act, 2013.
The Independent Directors fulfil the conditions specified in the Regulations and are independent of the Management.
The Board has identified certain skills | expertise | competence as required to be possessed by the Board of Directors
to ensure the effective functioning of the business(es) and sectors of the Company. The mapping of these skills |
expertise | competence among the Directors is as given here:
33
Atul Ltd
Skills | expertise | competence Name of Directors

Commercial Sunil Lalbhai, Samveg Lalbhai, Bharathy Mohanan
Domain industry Baldev Arora, Sunil Lalbhai, Rangaswamy Iyer
Finance Mukund Chitale, Shubhalakshmi Panse, Rangaswamy Iyer, Sujal Shah,
Gopi Kannan Thirukonda
General management Shubhalakshmi Panse, Baldev Arora, Sunil Lalbhai
Legal, including laws related to Mukund Chitale, Sharadchandra Abhyankar, Sujal Shah, Gopi Kannan
corporate governance Thirukonda
Sales and marketing Baldev Arora, Pradeep Banerjee, Sunil Lalbhai
Science and technology Baldev Arora, Pradeep Banerjee, Bharathy Mohanan
The Non-executive Directors are eminent professionals drawn from the above areas. Relevant details about the Board
Members are as under:
No. Name Directorship(s) Membership(s) Chairpersonship(s) Names of other listed

in other of the of the company(ies) in which
company(ies)* Committee(s) of Committee(s) of the Director holds a
the Board(s)** the Board(s)** Directorship
Chairman and
Managing Director
01. Sunil Lalbhai 6 2 3 Amal Ltd | Non-executive
Director
Navin Fluorine International
Ltd | Independent Director
Pfizer Ltd | Independent
Director
The Bombay Dyeing and
Manufacturing Company
Managing Director
02. Samveg Lalbhai 2 - - Bengal Tea and Fabrics
Ltd | Non-executive Director
The Anup Engineering Ltd |
Non-executive Director
Whole-time
Directors
03. Bharathy Mohanan 9 - - -
04. Gopi Kannan 8 4 - Amal Ltd | Non-executive
Thirukonda Director
Non-executive
Directors
05. Mukund Chitale 2 - 3 Bhageria Industries Ltd |
Independent Director
Macrotech Developers Ltd |

No. Name Directorship(s) Membership(s) Chairpersonship(s) Names of other listed

in other of the of the company(ies) in which
company(ies)* Committee(s) of Committee(s) of the Director holds a
the Board(s)** the Board(s)** Directorship
06. Shubhalakshmi 2 3 1 Can Fin Homes Ltd |
Panse Independent Director
Sudarshan Chemical
Industries | Independent
Director
07. Baldev Arora - 1 1 -
08. Pradeep Banerjee 8 4 2 Chambal Fertilisers
and Chemicals Ltd |
Gabriel India Ltd |
Jubilant Ingrevia Ltd |
Whirlpool of India Ltd |
09. Rangaswamy Iyer 1 2 - -
10. Sharadchandra 2 1 3 ABM Knowledgeware Ltd |
Abhyankar Independent Director
Dreamfolks Services Ltd |
Whiteoak Capital Trustee
11. Sujal Shah 8 4 2 Amrit Corp Ltd |
Deepak Fertilizers and
Petrochemicals Corporation
Hindoostan Mills Ltd |
Mafatlal Industries Ltd |
Navin Fluorine International
NOCIL Ltd | Independent
Director
*Excludes Directorships in foreign companies and private limited companies
**In compliance with Regulation 27 of the Regulations, Memberships | Chairmanships of only the Audit Committees and the
Stakeholders Relationship Committees of all public limited companies, including the Company were considered
Mr Sunil Lalbhai and Mr Samveg Lalbhai are promoter Directors. All Non-executive Directors are Independent. Brief résumé of the
Directors are given on page numbers 01 to 04.
35
Atul Ltd
2.4. Board meetings

The Board meeting dates and attendance in meetings
Board Meetings and attendance AGM and

attendance
1 2 3 4 5 6 Total
Friday,
Friday, Friday, Friday, Tuesday, Friday, Friday, attendance
Name July 28, 2023
April 28, July 21, October November January March 22,
through video
2023 at 2023 at 20, 07, 19, 2024 at
conferencing
Mumbai Mumbai 2023 at 2023 at 2024 at Mumbai
Mumbai Mumbai Mumbai
Sunil Lalbhai       6 
Rajendra Shah 1   NA NA NA NA 2 -
Bansi Mehta2 A NA NA NA NA NA - -
Samveg Lalbhai       6 
Susim Datta 3
    A  5 
Bharathy Mohanan       6 
Srinivasa Rangan 4   A  NA NA 3 -
Mukund Chitale A   A   4 
Gopi Kannan Thirukonda       6 
Shubhalakshmi Panse       6 
Baldev Arora A      5 
Pradeep Banerjee       6 
Rangaswamy Iyer 5
NA      5 
Sharadchandra NA NA     4 NA
Abhyankar6
Sujal Shah6 NA NA     4 NA
Total attendees 9 12 12 12 11 12 -
1
up to July 28, 2023 | 2up to May 31, 2023 | 3up to March 31, 2024 | 4up to December 13, 2023 | 5effective May 01, 2023 |
6
effective October 20, 2023
 - Present | A - Absent | NA - Not applicable
2.5. Appointment | Cessation
2.5.1 Appointed:
a) Mr Rangaswamy Iyer was appointed as an Independent Director effective May 01, 2023.
b) Mr Sharadchandra Abhyankar was appointed as an Independent Director effective October 20, 2023.
c) Mr Sujal Shah was appointed as an Independent Director effective October 20, 2023.
2.5.2 Ceased:
a) Mr Bansi Mehta, Independent Director retired on May 31, 2023, upon completion of his term.
b) Mr Rajendra Shah, Non-executive Director retired by rotation on July 28, 2023.
c) Mr Srinivasa Rangan, Independent Director resigned on December 13, 2023, due to his other engagements.
d) Mr Susim Datta, Independent Director retired on March 31, 2024, upon completion of his second term.

2.6. Remuneration
No. Name Remuneration during the year (`)

Sitting fees Salary and Commission Total
perquisites
Chairman and Managing Director
01. Sunil Lalbhai - 5,00,72,121 5,31,94,000 10,32,66,121
Managing Director
02. Samveg Lalbhai - 1,38,57,615 1,76,34,030 3,14,91,645
Whole-time Directors
03. Bharathy Mohanan - 1,71,14,3181 - 1,71,14,318
04. Gopi Kannan Thirukonda - 2,29,25,9732 - 2,29,25,973
Non-executive Directors
05. Rajendra Shah3 1,40,000 - 2,92,500 4,32,500
06. Bansi Mehta3 35,000 - 1,05,000 1,40,000
07. Susim Datta 2,45,000 - 8,10,000 10,55,000
08. Srinivasa Rangan3 2,10,000 - 7,59,375 9,69,375
09. Mukund Chitale 3,50,000 - 10,12,500 13,62,500
10. Shubhalakshmi Panse 4,55,000 - 13,95,000 18,50,000
11. Baldev Arora 6,00,000 - 17,10,000 23,10,000
12. Pradeep Banerjee 2,45,000 - 9,00,000 11,45,000
13. Rangaswamy Iyer3 3,15,000 - 11,55,000 14,70,000
14. Sharadchandra Abhyankar3 1,75,000 - 4,50,000 6,25,000
15. Sujal Shah3 1,75,000 - 4,50,000 6,25,000
includes variable pay ` 18,23,000

1
includes variable pay ` 24,17,000

2
3
for a part of the year
Sitting fees of up to ` 50,000 per meeting, constitute fees paid to the Non-executive Directors for attending Board,
Committee and other meetings.
Commission of up to 1% of the net profit of the Company to the Non-executive Directors was approved by the
members of the Company at the AGM held on July 28, 2023, for a period of five years, effective April 01, 2023.
The Board approves, within the aforesaid limit as per the Remuneration Policy of the Company, the commission
payable to each Non-executive Director. The Remuneration policy is disclosed on the website of the Company at
www.atul.co.in/investors/policies
3. Committees of the Board
The Board has constituted the following Committees:
a) Audit Committee
b) Corporate Social Responsibility Committee
c) Investment Committee
d) Nomination and Remuneration Committee
e) Risk Management Committee
f) Stakeholders Relationship Committee
37
Atul Ltd
3.1 Audit Committee

3.1.1 Role
a) Approving:
i) appointment of the Chief Financial Officer
ii) transactions with related parties and subsequent modifications thereof
b) Conducting:
i)
pre-audit discussions with the Auditors regarding the nature and scope of the audit and post-audit
discussion to ascertain any areas of concern
ii) valuation of undertakings or assets, wherever necessary
c) Formulating:
i) code of conduct and related matters
ii) scope, functioning, periodicity and methodology for conducting the internal audit in consultation with the
Internal Auditor
d) Reviewing:
i) adequacy of the internal audit function, including the structure of the Internal Audit department, staffing and
seniority of the official heading the department, reporting structure coverage and frequency of internal audit
ii) compliance reports of all applicable laws as well as steps taken to rectify instances of non-compliance
periodically
iii) compliance with the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015, at least once in a financial year and verify that the systems for internal control are
adequate and are operating effectively
iv) financial reporting process and the disclosure of financial information to ensure that the Financial Statements
are correct, credible and sufficient
v) periodically with the Auditors the internal control systems, and the scope of the audit, including the
observations of the Auditors and the Financial Statements before submission to the Board
vi) reasons for substantial defaults, if any, in the payment to the depositors, the debenture holders, the members
(in case of non-payment of declared dividends) and creditors
vii) significant transactions and arrangements entered into by the unlisted subsidiary companies
viii) the annual Financial Statements and Auditor’s Report with the Management before submission to the
Board for approval with particular reference to:
• any change in accounting policies and practices
• compliance with accounting standards
• compliance with the stock exchanges and legal requirements concerning the Financial Statements
• disclosure of any related party transactions
• going concern assumption
• major accounting entries involving estimates based on the exercise of judgement by the Management
• matters required to be included in the Directors’ Responsibility Statement for the Directors’ Report
• qualifications in the draft Audit Report
• significant adjustments made in the Financial Statements arising out of audit findings
ix) the Auditors’ independence, performance and effectiveness of the audit process
x) the Financial Statements, in particular, investments made by unlisted subsidiary companies
xi) the following information mandatorily:
• appointment, removal and terms of remuneration of the Chief Internal Auditor
• Internal Audit Reports relating to weaknesses in the internal control systems

• Management Discussion and Analysis of financial condition and results of operations

• management letters | letters of internal control weaknesses issued by the Statutory Auditors
• statement of related party transactions submitted by the Management
xii) the functioning of the whistleblowing mechanism
xiii) utilisation of loans | advances from the holding company to the subsidiary company or investments by the
holding company in the subsidiary company exceeding ` 100 cr or 10% of the asset size of the subsidiary
company, whichever is lower
xiv) with the Internal Auditors any significant findings and follow-up thereon, including findings of any internal
investigations into matters where there is suspected fraud or irregularity or failure of the internal control
systems of material nature and reporting such matters to the Board
xv) with the Management, the statement of uses | applications of funds raised through an issue (public issue,
rights issue, preferential issue, etc), the statement of funds utilised for purposes other than those stated and
the report submitted by the monitoring agency monitoring the utilisation of proceeds of such issue
e) Others:
i) Consider and comment on the rationale, cost-benefits and impact of schemes involving merger, demerger,
amalgamation, etc on the Company and the shareholders.
ii) Evaluating internal financial controls and risk management systems.
iii) Recommending appointment, remuneration and terms of appointment of the Auditors and approval for
payment for any other services.
iv) Scrutinising inter-corporate loans and investments.
v) Other functions as mentioned in the terms of reference of the Audit Committee.
3.1.2 Composition, meetings and attendance
The Committee comprises the following members, all having relevant experience in financial matters. During
2023-24, four meetings were held:
No. Name Designation Meetings entitled Meetings attended

1. Bansi Mehta1 Chairman 1 1
2. Mukund Chitale 2
Member 4 3
3. Srinivasa Rangan3 Member 3 2
4. Baldev Arora Member 4 4
5. Rangaswamy Iyer 4
Member 3 3
6. Shubhalakshmi Panse5 Member 2 2
7. Sujal Shah 6
Member - -
up to May 31, 2023 | 2Chairman effective June 01, 2023 | 3up to December 13, 2023 | 4effective May 01, 2023 | 5effective
1
August 01, 2023 | 6effective January 19, 2024
The Statutory Auditors, the Cost Auditors, the Chairman and Managing Director, the Whole-time Director and Chief
Financial Officer (CFO), the Company Secretary, and the heads of Finance, Accounts, Costing and Internal Audit are
permanent invitees to the meetings. The Board notes the minutes of the Audit Committee meetings.
3.2. Corporate Social Responsibility Committee
3.2.1 Role
a) Formulating and recommending the Corporate Social Responsibility (CSR) Policy to the Board.
b) Formulating and recommending to the Board the annual action plan, which must include:
i) the list of CSR projects or programs that are to be undertaken
ii) the manner of execution
iii) the modalities of utilisation of funds and implementation schedules
39
Atul Ltd
iv) monitoring and reporting mechanism

v) details of need and impact assessment
c) Indicating reasons to the Board in case the amount of expenditure is less than 2% of the average net profit in a
given year.
d) Monitoring the CSR Policy from time to time.
e) Recommending the amount of expenditure to be incurred on the CSR activities, which may not be less than 2%
of the average net profit of the last three years.
The Committee comprises the following members. During 2023-24, one meeting was held:
No. Name Designation Meeting entitled Meeting attended

1. Shubhalakshmi Panse Chairperson 1 1
2. Sunil Lalbhai Member 1 1
3. Bharathy Mohanan Member 1 1
The Board notes the minutes of the CSR Committee meetings.
3.3. Investment Committee
3.3.1 Role
a) Approving capital expenditure proposals exceeding ` 5 cr, but not exceeding ` 25 cr each.
b) Recommending to the Board for approval of capital expenditure proposals exceeding ` 25 cr each.
c) Recommending to the Board acquisition, disinvestment and divestment proposals.
d) Reviewing business strategies.
e) Reviewing the progress of the approved projects.
The Committee comprises the following members. During 2023-24, two meetings were held:

1. Rajendra Shah 1
Chairman 1 1
2. Bansi Mehta2 Member - -
3. Susim Datta 3
Member 2 1
4. Baldev Arora 4
Member 2 2
6. Shubhalakshmi Panse 5
Member 2 2

1
up to July 28, 2023 | 2up to May 31, 2023 | 3Chairman effective July 18, 2023 up to March 31, 2024 | 4Chairman effective
April 01, 2024 | 5effective June 01, 2023
The Board notes the minutes of the Investment Committee meetings.

3.4. Nomination and Remuneration Committee
3.4.1 Role
a) Devising a policy on Board diversity.
b) Evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation,
prepare a description of the role and capabilities required of an Independent Director.
c) Formulating criteria for evaluation of the Independent Directors and the Board.
d) Formulating criteria for determining qualifications, traits and independence of a Director and recommending to
the Board a policy relating to the remuneration for the Directors, Key Managerial Personnel and other employees.

e) Identifying persons who are qualified to become Directors and who may be appointed in Senior Management in
accordance with the criteria laid down, recommending to the Board their appointment and removal and carrying
out an evaluation of the performance of every Director.
f) Recommending | Determining remuneration of the Executive Directors | Senior Management Personnel as per
the policy.

1. Mukund Chitale Chairman 2 2
2. Rajendra Shah 1
Member 1 1
4. Srinivasa Rangan 2
Member 1 1
5. Shubhalakshmi Panse3 Member 1 1
1
up to July 28, 2023 | 2effective June 01, 2023 up to December 13, 2023 | 3effective August 01, 2023
The Board notes the minutes of the Nomination and Remuneration Committee meetings.
3.5. Risk Management Committee
3.5.1 Role
a) Coordinate its activities with the Audit Committee in instances where there is any overlap with audit activities.
b) Formulate a detailed risk management policy.
c) Monitor and review risk management plan (including a plan for cyber security).
d) Monitor and review the process and progress of:
i) risk identification and definition
ii) risk classification
iii) risk assessment and prioritisation
iv) risk mitigation
v) risk tracking | reporting mechanism
e) Review periodically and suggest changes in the Risk Management Policy to the Board.

1. Sunil Lalbhai Chairman 2 2
2. Bharathy Mohanan Member 2 1
3. Gopi Kannan Thirukonda Member 2 2
The Company Secretary and the Chief Assurance Officer are permanent invitees to the meetings. The Board notes the
minutes of the Risk Management Committee meetings.
3.6 Stakeholders Relationship Committee
3.6.1 Role
a) Considering and resolving grievances (including complaints related to the non-receipt of annual reports,
non-receipt of declared dividends and transfer of shares) of security holders (including the shareholders,
debenture holders and other security holders).
41
Atul Ltd
b) Resolving the grievances of the security holders related to general meetings, issue of new | duplicate certificates,
non-receipt of the annual report, non-receipt of declared dividends and transfer | transmission of shares, etc.
c) Reviewing any other related matter, which the Committee may deem fit in the circumstances of the case,
including the following:
i) adherence to the service standards with respect to various services being rendered by the Registrar and
share transfer agent
ii) change of name(s) of the members on share certificates
iii) consolidation of share certificates
iv) deletion of name(s) from share certificates
v) deletion of name(s) of guardian(s)
vi) dematerialisation of shares
vii) issue of duplicate share certificates
viii) measures and initiatives taken to reduce the quantum of unclaimed dividends and to ensure timely receipt
of dividend warrants | annual reports | statutory notices by the shareholder(s) of the Company
ix) measures taken for the effective exercise of voting rights by the shareholder(s)
x) rematerialisation of shares
xi) replacement of shares
xii) splitting-up of shares
xiii) transfer of shares
xiv) transmission of shares
xv) transposition of names
The Committee comprises the following members. During 2023-24, four meetings were held:

1. Baldev Arora Chairman 4 4
3. Gopi Kannan Thirukonda Member 4 4
Mr Lalit Patni, Company Secretary, is the Chief Compliance Officer.

During 2023-24, 26 complaints were received from the investors. All the grievances were solved to the satisfaction of
the investors.
No. Nature of complaint Received Redressed

1. Non-receipt of dividend warrant 3 3
2. Non-receipt of share certificates 3 3
3. Non-receipt of duplicate share certificates 13 13
4. Others 7 7
Total 26 26
The Board notes the minutes of the Stakeholders Relationship Committee meetings.

4. Subsidiary companies
As at March 31, 2024, the Company had 33 non-material Indian subsidiary companies:
a) 10 wholly-owned – Aaranyak Urmi Ltd, Atul Bioscience Ltd, Atul Biospace Ltd, Atul Consumer Products Ltd,
Atul Crop Care Ltd, Atul Fin Resources Ltd, Atul Finserv Ltd, Atul Infotech Pvt Ltd, Atul Products Ltd and Osia
Infrastructure Ltd
b) 22 others – Aasthan Dates Ltd, Anchor Adhesives Pvt Ltd, Atul Aarogya Ltd, Atul Ayurveda Ltd, Atul Clean
Energy Ltd, Atul Entertainment Ltd, Atul Healthcare Ltd, Atul Hospitality Ltd, Atul Lifescience Ltd, Atul Natural
Dyes Ltd, Atul Natural Foods Ltd, Atul Nivesh Ltd, Atul Paints Ltd, Atul Polymers Products Ltd, Atul Renewable
Energy Ltd, Atul (Retail) Brands Ltd, Atul Seeds Ltd, Biyaban Agri Ltd, Jayati Infrastructure Ltd, Osia Dairy Ltd,
Raja Dates Ltd and Sehat Foods Ltd
c) one joint venture – Atul Rajasthan Date Palms Ltd
During 2023-24, in terms of Regulation 16 (1) (c) of the Regulations, Atul USA Inc was a material subsidiary company
of the Company. Atul USA Inc was incorporated on May 11, 1994, in the USA. Sharpe Patel CPA, appointed its
statutory auditors on June 29, 2020.
The Financial Statements of the subsidiary companies were reviewed by the Audit Committee. The minutes of the
Board meetings of all the subsidiary companies were placed before the Board.
5. Senior Management
Particulars of Senior Management Personnel and change during 2023-24 are as follows:
No. Name Position

Executive Directors and Key Managerial Personnel
1 Sunil Lalbhai Chairman and Managing Director
2 Samveg Lalbhai Managing Director
3 Bharathy Mohanan Whole-time Director and Occupier
4 Gopi Kannan Thirukonda Whole-time Director and Chief Financial Officer
5 Lalit Patni Company Secretary and Chief Compliance Officer
Business Heads
1 Vivek Gadre President
2 Rajeev Kumar President
3 Satish Patil President
4 Prabhakar Chebiyyam President
5 Praveen Shankar President
6 Tejas Shukla Executive Vice President
7 Ujjaval Shah Executive Vice President
Function Heads
1 Dhiraj Asthana President
2 G Venugopala Rao President
3 Uday Bapat President
4 Suman Dutta President
5 Deepak Ahuja Executive Vice President
Others Senior Management Personnel
1 Ajitsingh Batra Executive Vice President
2 Barun Ghosh Executive Vice President
During the year, Mr Vasudev Koppaka, President, retired and Mr Barun Ghosh, Executive Vice President, was appointed.
43
Atul Ltd
6. Company policies
6.1. Compliance
Compliance certificates confirming due compliance with statutory requirements are placed at the Board meeting for
review by the Directors. A system of ensuring material compliance with the laws, orders, regulations and other legal
requirements concerning the business and affairs of the Company is in place. Instances of non-compliance, if any, are
also separately reported to the Board and subsequently rectified.
6.2. Code of Conduct
The Code of Conduct is available on the website of the Company at www.atul.co.in/investors/policies All the Directors
and the Senior Management personnel have affirmed their compliance with the code of conduct. A declaration to this
effect signed by the Chairman and Managing Director forms a part of this report.
6.3. Prevention of sexual harassment of women at workplace
Pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013, the Company
has framed a policy on the prevention of sexual harassment of women at the workplace and constituted Internal
Complaints Committee. The status of complaints during 2023-24 is as under:
Filed during 2023-24 Nil
Disposed of during 2023-24 Nil
Pending as at the end of 2023-24 Nil
6.4. Related party transactions

The Company has formulated a Related Party Transactions Policy and the same is disclosed on the website of the
Company at www.atul.co.in/investors/policies
6.5. ‘Material’ subsidiary companies
The Company has formulated a policy for determining ‘material’ subsidiary companies and the same is disclosed on
the website of the Company at www.atul.co.in/investors/policies
6.6. Familiarisation programs
The details of familiarisation programs imparted to Independent Directors are disclosed on the website of the
Company at www.atul.co.in/about/directors/
6.7. Whistleblower Policy
The Company has formulated a vigil mechanism (Whistleblower Policy) and the same is displayed on the website of
the Company at www.atul.co.in/investors/policies
6.8. Commodity price risk or foreign exchange risk and hedging activities
a) Risk management policy on commodities, including through hedging
The Company has in place a Risk Management Policy and mechanism to assess risks, periodically review
them and steps are taken to mitigate them. The Company uses certain raw materials, which are derivatives of
various commodities, from various sources, for manufacturing products of the Company. Hedging mechanisms
for products are not available for the major chemicals purchased by the Company. However, for minimising
procurement risk for a short duration, the Company enters into annual purchase contracts for key raw materials
linked to input costs | published benchmark prices. Additionally, the Company has a de-risking policy in place to
avoid any single source or spot procurement.
b) Exposure of the Company to commodity and commodity risks faced throughout the year: not applicable
c) Foreign exchange risks are tracked and managed within the risk management framework. Short-term foreign
currency asset-liability mismatch is continuously monitored and hedged. The foreign exchange market is highly
regulated and the Company ensures compliance with all the regulations.
6.9. Credit ratings
CARE Ratings maintained its credit rating at ‘AA+’ (Double A plus) and stable outlook for long-term bank facilities and
‘A1+’ (A One plus) for short-term bank facilities.

7. Affirmation and disclosure

There were no materially significant related party transactions, pecuniary transactions or relationships between the
Company and its Directors or the Management and their subsidiary companies or relatives, among others, during
2023-24 that may have a potential conflict with the interests of the Company at large. All details relating to financial
and commercial transactions where the Directors may have a pecuniary interest are provided to the Board. The
interested Directors neither participate in the discussion nor vote on such matters.
The Company complied with the statutory provisions, rules, and regulations relating to the capital markets during
the last three years and the stock exchanges or the Securities and Exchange Board of India (SEBI) or any statutory
authority did not impose any penalties or strictures on the Company for the said period.
8. Shareholders’ information
8.1. Last three Annual General Meetings (AGMs)
Year Location Date Time

2020-21 Through video conferencing at the deemed venue: July 30, 2021 10:30 am
Atul House
G I Patel Marg
Ahmedabad 380 014, Gujarat, India
Atul House
G I Patel Marg
Atul House
G I Patel Marg
8.2. Special resolutions passed in the previous three AGMs: yes

8.3. Resolutions passed through postal ballot:
During 2023-24, the businesses mentioned in 8.3.1 were passed by the members of the Company, through postal
ballot, only by way of remote e-voting process (Postal Ballot process) under Section 110, read with Section 108 of
the Companies Act, 2013 (the Act), the Companies (Management and Administration) Rules, 2014, Regulation 44 of
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the
Regulations) and in accordance with the procedure prescribed in circular number 14/2020 dated April 08, 2020, read
with the circular number 09/2023 dated September 25, 2023, issued by the Ministry of Corporate Affairs (the MCA
Circulars), Secretarial Standard-2 on General Meetings issued by the Institute of Company Secretaries of India.
8.3.1 Businesses and details of voting
Resolution Type of Favour Against

resolution
No. of % of votes No. of % of votes
votes votes
1.
Appointment of Mr Sharadchandra Special 2,19,41,406 92.86 16,86,112 7.14
Abhyankar as an Independent Director for
five consecutive years
2.
Appointment of Mr Sujal Shah as an Special 1,98,44,524 83.99 37,82,993 16.01
Independent Director for five consecutive
years
45
Atul Ltd
8.3.2 Ms Nirali Patel, Partner, SPANJ & Associates, Practicing Company Secretary conducted the postal ballot process for
postal ballot Notice dated October 20, 2023. The following procedure was adopted by the Company for the postal
ballot process:
a) The Board of Directors at its meeting held on October 20, 2023, approved the postal ballot Notice and authorised
Officials of the Company to complete necessary formalities
b) Postal ballot Notice dated October 20, 2023, containing the resolutions and the explanatory statements were
sent to the members on October 31, 2023, through e-mail along with instructions for the remote e-voting process
for consideration
c) The Company availed services of Central Depository Services Ltd (CDSL) for facilitating remote e-voting, to
enable the members to cast their votes electronically
d) The postal ballot Notice was dispatched on October 31, 2023, and a newspaper advertisement was published
on November 01, 2023
e) Voting commenced on November 01, 2023, and ended on November 30, 2023
f) Results of voting were declared on December 01, 2023
g) The results declared along with the report of the Scrutiniser were placed on the website of the Company and
communicated to the BSE Ltd, the National Stock Exchange of India Ltd and CDSL.
8.4. Special resolution proposed to be conducted through postal ballot: nil
8.5. Annual General Meeting 2024
Details of the 47th AGM are as under:
Year Location Date Time

Atul House
G I Patel Marg
As required under Regulation 36(3) of the Regulations, particulars of the Directors seeking reappointment | appointment
are given in the Notice of the AGM.
8.6. Financial year:
April 01 to March 31
8.7. Date of book closure:
July 13, 2024 to July 19, 2024
8.8. Date of dividend payment:
July 31, 2024
8.9. Listing on the stock exchanges
Equity shares of the Company are listed on the BSE Ltd (BSE) and the National Stock Exchange of India Ltd (NSE).
The Company has paid listing fees for 2023-24 to the stock exchanges where securities are listed. Pursuant to a
circular of the SEBI, custody charges were also paid to the depositories, namely National Securities Depository Ltd
and Central Depository Services (India) Ltd. The International Securities Identification Number of the equity shares of
the Company is INE100A01010. The corporate identity number is L99999GJ1975PLC002859.
8.10. Stock code:
BSE - 500027 and NSE - ATUL

8.11. Share price data and comparison with the BSE Sensex
The monthly high and low share prices of the Company in comparison with the BSE Sensex during 2023-24 are
as under:
Share price of the Company on BSE BSE Sensex

Month
High ` Low ` High Low
April 2023 7,167.95 6,773.65 61,209.46 58,793.08
May 2023 6,967.15 6,524.95 63,036.12 61,002.17
June 2023 7,165.95 6,643.00 64,768.58 62,359.14
July 2023 7,053.65 6,469.25 67,619.17 64,836.16
August 2023 7,349.90 6,656.45 66,658.12 64,723.63
September 2023 7,586.95 6,932.00 67,927.23 64,818.37
October 2023 7,060.00 6,140.00 66,592.16 63,092.98
November 2023 6,760.00 6,120.00 67,069.89 63,550.46
December 2023 7,200.00 6,609.40 72,484.34 67,149.07
January 2024 7,225.95 6,145.00 73,427.59 70,001.60
February 2024 6,530.80 6,005.55 73,413.93 70,809.84
March 2024 6,390.00 5,720.10 74,245.17 71,674.42
Atul share closing price vis-a-vis S&P Sensex closing price
76,000.00 7,500.00
74,000.00 7,250.00
72,000.00 7,000.00
70,000.00 6,750.00
68,000.00 6,500.00
66,000.00 6,250.00
64,000.00 6,000.00
62,000.00 5,750.00
60,000.00 5,500.00
April 23
May 23
June 23
July 23
August 23
September 23
October 23
November 23
December 23
January 24
February 24
March 24
Sensex Atul share price
8.12. Registrar and transfer agent

Link Intime India Pvt Ltd
506-508, Amarnath Business Center - 1, Umashankar Joshi Marg, Off C G Road, Ahmedabad 380 006, Gujarat, India
Telephone: (+91 79) 26465179 | 86 | 87.
8.13. Share transfer system
Securities lodged for transfer at the office of the Registrar are processed within 15 days from the date of lodgement
if the documents are clear in all respects. All requests for the dematerialisation of securities are processed and the
confirmation is given to the depositories within 15 days or the additional time allowed by the SEBI, as the case
may be.
Pursuant to Regulation 40(9) of the Regulations, certificates on a yearly basis were issued by the Company Secretary
in practice for due compliance with share transfer formalities by the Company. Pursuant to the Securities and Exchange
47
Atul Ltd
Board of India (Depositories and Participants) Regulations, 2018, certificates were also received from the Company
Secretary in practice for timely dematerialisation of the shares and for conducting the Secretarial Audit every quarter
for reconciliation of the share capital of the Company. All the certificates were filed with the stock exchanges where
the shares of the Company are listed.
8.14. Distribution of shareholding as on March 31, 2024
8.14.1 Shareholding-wise:
Holding Shareholders Shares

Numbers % of total Numbers % of total
1 - 10 38,393 55.88 1,49,665 0.51
11 - 50 18,888 27.49 4,90,636 1.67
51 - 100 5,067 7.37 3,93,873 1.34
101 - 500 4,889 7.12 10,97,922 3.73
501 - 1,000 735 1.07 5,33,272 1.81
1,001 - 2,000 307 0.45 4,40,950 1.50
2,001 - 3,000 110 0.16 2,71,499 0.92
3,001 - 4,000 60 0.09 2,16,414 0.73
4,001 - 5,000 42 0.06 1,94,414 0.66
5,001 - 10,000 84 0.12 5,91,374 2.01
10,001 and above 131 0.19 2,50,61,736 85.12
Total 68,706 100 2,94,41,755 100
8.14.2 Category-wise:
Category Shares % of total shares

Promoter group 1,32,98,278 45.17
Indian public 53,11,814 18.04
Mutual funds 49,89,070 16.95
Insurance companies 25,56,576 8.68
Foreign institutional investors 24,92,588 8.47
Bodies corporate 6,09,518 2.07
Non-resident Indians | other body corporates 1,67,953 0.57
Banks 15,622 0.05
State government 336 0.00
Total 2,94,41,755 100
8.15. Dematerialisation of shares and liquidity

The paid-up share capital of the Company is held by the members as at March 31, 2024, as follows:
99.09% in electronic form and 0.91% in the physical form.
8.16. Outstanding American Depository Receipts | Global Depository Receipts | warrants or any convertible instruments,
conversion date and their likely impact on equity
The paid-up share capital of the Company comprises equity shares. It does not have any preference shares,
outstanding American Depository Receipts, Global Depository Receipts, warrants or any convertible instruments.
8.17. Equity shares held by the Non-executive Directors
No. Name Shares

1. Mukund Chitale 50
2. Shubhalakshmi Panse 50
3. Baldev Arora 100
4. Pradeep Banerjee 15
5. Rangaswamy Iyer Nil
6. Sharadchandra Abhyankar Nil
7. Sujal Shah Nil

8.18. Location of plants

i) Atul 396 020, Gujarat, India
ii) GIDC, Ankleshwar 393 002, Gujarat, India
iii) GIDC, Kharod 394 115, Gujarat, India
iv) MIDC, Tarapur 401 506, Maharashtra, India
8.19. Address for correspondence
Secretarial and Legal department, Atul Ltd, Atul 396 020, Gujarat, India
E-mail address: sec@atul.co.in
8.20. E-mail address of grievance redressal office
shareholders@atul.co.in
8.21. Nomination facility
A member can nominate a person who will have rights to shares and | or amount payable in respect of shares
registered in his | her name in the event of his | her death. This facility is available to the members and the nomination
form can be downloaded from www.atul.co.in/investors/contact
8.22. Communication
Report | presentation sent to each Quarterly, half-yearly, annual investors’ presentations and Speech
household of the members delivered by the Chairman and Managing Director during the Annual
General Meeting were sent to the members through e-mail.
Results Quarterly, half-yearly and annual results of the Company were sent to the
stock exchanges immediately after approval by the Board and published
in The Economic Times (English) Ahmedabad and Mumbai editions and
The Economic Times (Gujarati) Ahmedabad edition. The results were
published in accordance with the guidelines of the stock exchanges.
Websites where displayed On the website of the Company: www.atul.co.in

On the website of the stock exchanges:
1. www.bseindia.com
2. www.nseindia.com
Presentations made to institutional Presentation was made to analysts on April 28, 2023, a copy thereof
investors or analysts was displayed on the website of the Company and circulated to the
members through e-mail.
Management Discussion and Analysis Management Discussion and Analysis is a part of the annual report.
Official news releases Official news releases as and when issued are placed on the website of
the Company.
8.23. Tentative Board meeting dates for consideration of results for 2024-25
No. Particulars Dates

1. First quarter results July 19, 2024
2. Second-quarter and half-yearly results October 25, 2024
3. Third quarter results January 24, 2025
4. Fourth quarter and annual results April 25, 2025
49
Atul Ltd
9.
Details of compliance with the mandatory requirements and extent of compliance with
non-mandatory requirements
9.1 Compliance with the mandatory requirements
The Company complied with the mandatory requirements of Corporate Governance as specified in Regulations 17 to
27 and Clauses (b) to (i) and (t) of sub-regulation (2) of Regulation 46 of the Regulations.
9.2 Extent of compliance with the non-mandatory requirements
The Company complies with the following non-mandatory requirements:
a) Reporting of the Internal Auditor to the Audit Committee
b) Unqualified Financial Statements
10. Payment to Statutory Auditors
During 2023-24, ` 1.08 cr was paid by the Company and its subsidiary companies to the Statutory Auditors | entities
in network firm | network entity of which the Statutory Auditors are a member.
11. Evaluation by the Independent Directors
The Independent Directors at their meeting held on March 22, 2024, carried out an annual evaluation in accordance
with Regulation 25(4) of the Regulations.
12. Role of the Company Secretary in the overall governance process
The Directors have access to the suggestions and services of the Company Secretary | Legal department in ensuring
the effective functioning of the Board and its Committees. The Company Secretary administers, attends and prepares
minutes of the Board and the Committee proceedings in accordance with the statutory requirements as well as the
norms of Corporate Governance.
13. Certification by the Chief Executive Officer and the Chief Financial Officer
Mr Sunil Lalbhai, Chairman and Managing Director and Mr Gopi Kannan Thirukonda, Whole-time Director and CFO,
issued a certificate to the Board as prescribed under Regulation 17(8) of the Regulations.
The said certificate was placed before the Board at the meeting held on April 26, 2024, in which the accounts for the
year ended on March 31, 2024, were considered and approved by the Board.
14. Certification by the Practicing Company Secretary
Certificate from RPAP & Co, Practicing Company Secretary, regarding the compliance of conditions of Corporate
Governance as stipulated in Schedule V of the Regulations, and non-disqualification | non-debarment of the Directors
of the Company, forms a part of the annual report.
15. Declaration by the Chairman and Managing Director
In accordance with Schedule V of the Regulations with the stock exchanges, all the Directors and Senior Management
Personnel have, respectively, affirmed compliance with the code of conduct as approved and adopted by the Board.
For Atul Ltd

(Sunil Lalbhai)
Mumbai Chairman and Managing Director
April 26, 2024 DIN: 00045590

Certificate regarding compliance of

conditions of Corporate Governance
We have examined the compliance of conditions of Corporate Governance by Atul Ltd for the year ended on March 31, 2024,
as stipulated in Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and Clause (b) to (i) and (t) of sub-regulation
(2) of Regulation 46 and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (collectively referred to as ‘SEBI Listing Regulations, 2015’).
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination and
verification of records were limited to procedures and implementation thereof, adopted by the Company to ensure compliance
with the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the Financial Statements
of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company
has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations, 2015 and that
none of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as
directors of companies by the SEBI, the Ministry of Corporate Affairs or any other statutory authority.
We state that such compliance is neither an assurance of the future viability nor the efficiency or effectiveness with which
the Management has conducted the affairs of the Company.
For RPAP & Co
Company Secretaries
(Rajesh Parekh)
Partner
Membership number: A8073
Ahmedabad UDIN: A008073F000236831
51
Atul Ltd
Business Responsibility and

Sustainability Report
SECTION A: GENERAL DISCLOSURES
I. BASIC DETAILS
01. Corporate identity number L99999GJ1975PLC002859
02. Name Atul Ltd
03. Year of incorporation 1975
04. Registered office address Atul House, G I Patel Marg, Ahmedabad 380 014, Gujarat, India
05. Corporate office address Atul 396 020, Gujarat, India
06. E-mail address sec@atul.co.in
07. Telephone (+91 2632) 230000
08. Website www.atul.co.in
09. Financial year 2023-24
10. Stock exchanges BSE Ltd and National Stock Exchange of India Ltd
11. Paid-up capital ` 29,44,17,550
12. Contact person Mr Bharathy Mohanan

(+91 2632) 230000
bn_mohanan@atul.co.in
13. Reporting boundary Standalone
14. Name of assurance provider Not applicable
15. Type of assurance obtained Not applicable

II. PRODUCTS | SERVICES

16. Business activities
No. Main activity Business activities % turnover
1. Life Science Chemicals R&D, technology, procurement, 29%

manufacturing, sales and marketing
2. Performance and Other Chemicals R&D, technology, procurement, 70%
3. Others R&D, technology, procurement, 1%
17. Products | services sold
No. Products | Services NIC* code % of total turnover
1. Intermediates 201 38%

2. Epoxy resins and hardeners 202 33%
3. Herbicides 202 16%
4. Textile dyestuffs 202 13%
*National Informatics Center
III. OPERATIONS
18. Number of locations where plants and offices are situated
Plants Offices
Location
Total
12
India
4 8
19. Markets served

a) Number of locations
Locations Numbers
National (states) 29
International (countries) 88
b) Contribution of exports as a percentage of total turnover

43%
c) Types of customers
The Company serves ~ 4,000 customers belonging to ~ 30 diverse industries.
53
Atul Ltd
IV. EMPLOYEES
20. As at the end of the financial year

Managers Workers
No. Particulars Total (A)
Male Female
No. (B) % (B/A) No. (C) % (C/A)
a) Employees
1. Permanent managers (A) 1,783 1,620 91% 163 9%

2. Other than permanent managers (B) 31 27 87% 4 13%
3. Total managers (A+B) 1,814 1,647 91% 167 9%
4. Permanent workers (C) 1,472 1,472 100% - NA

5. Other than permanent workers (D) 2,575 2,540 99% 35 1%
6. Total workers (C+D) 4,047 4,012 99% 35 1%
b) Differently abled employees
1. Permanent managers (E) 9 9 100% - NA

2. Other than permanent managers (F) - - NA - NA
3. Total differently abled managers (E+F) 9 9 100% - NA
4. Permanent workers (G) - - NA - NA

5. Other than permanent workers (H) - - NA - NA
6. Total differently abled workers (G+H) - - NA - NA
NA: not applicable
21. Representation of women
No. and % of females
Total (A) No. (B) % (B/A)
Board
12 1 8%
of Directors
Key Managerial
Personnel (KMP) 5 0 0%

22. Turnover rate for permanent employees
(%)
2023-24 2022-23 2021-22
Male Female Total Male Female Total Male Female Total
Managers 18% 10% 18% 19% 14% 19% 19% 16% 19%
Workers 8% 0 8% 10% 0 10% 10% 0 10%
V. HOLDING, SUBSIDIARY AND ASSOCIATE ENTITIES (INCLUDING JOINT VENTURES)

23. Subsidiary, joint venture and associate entities
This information is given on page numbers 13 and 14 in the annexure to the Directors' Report. Business responsibility
initiatives of the Company are applicable to the subsidiary, joint venture and associate entities to the extent that they
are material in relation to their business activities.
VI. CORPORATE SOCIAL RESPONSIBILITY
24. Applicability of CSR as per Section 135 of the Companies Act, 2013
Applicability of CSR as per Section 135 of the Companies Act, 2013

Yes
14
Turnover Net Worth
` 4,358 cr ` 5,089 cr
VII. TRANSPARENCY AND DISCLOSURES COMPLIANCES
25. Complaints or grievances on any of the nine principles under National Guidelines on Responsible Business Conduct
(NGRBC)
Stakeholder 2023-24 2022-23

group from Grievance redressal
whom mechanism and its Complaints Complaints Complaints
Complaints
complaint is URL pending Remarks pending Remarks
received received
received resolution resolution
Communities 05 Nil - Nil Nil -

Shareholders 26 Nil - 22 Nil -
Investors A mechanism is in
(other than place to interact with Nil Nil - Nil Nil -
shareholders) various stakeholders
to understand
Employees and address their Nil Nil - Nil Nil -
Customers concerns, if any. Nil Nil - Nil Nil -
Value chain Nil Nil -
Nil Nil -
partners
55
Atul Ltd
26. Overview of material responsible business conduct areas
Low Medium High
Material area identified Criticality Mitigating actions
Climate change Validate targets using methods approved by the

Science Based Targets initiative (SBTi)
Disclose science-based targets
Develop a detailed decarbonisation plan
Implement energy efficiency measures
Switch from fuel to renewable energy
Switch from purchased grid electricity to renewable
electricity
Explore carbon credit or offset mechanisms
Water management Conduct internal and external water audits

Develop a comprehensive monitoring mechanism
Implement rainwater harvesting projects to augment
supply at watershed level
Explore opportunities to use benign solvents instead
of water
Switch to waterless technologies for cleaning the
vessels
Use greywater for toilets
Install process & steam condensate recovery system
Recycle water
Waste management Include green chemistry principles to reduce

hazardous waste
Invest in solar dryers to reduce hazardous waste
Continue with persistent efforts to extract
value-added products from waste stream
Convert waste to raw materials
Include sustainability parameters throughout the
R&D process
Decrease emissions, effluent and waste
Recycle plastic waste
Convert domestic waste to manure
Customer relations Increase brand visibility

Engage with customers through multiple channels
Integrate customer needs into internal processes
Improve customer satisfaction index
Occupational health Implement ISO 45001:2018 (occupational health

and safety and safety management systems)
Initiate actions on zero harm
Conduct assessments and audits

Low Medium High
Material area identified Criticality Mitigating actions
Human capital Implement learning and development initiatives

development and Conduct qualitative performance management
engagement
Technology upgradation Integrate the principles of ‘Green Chemistry’ into

manufacturing operations
Explore novel technologies.
Supply chain Build ESG capacity within critical suppliers (tier 1, 2)

Develop a supplier assessment framework to assess
policy, practices and performance on ESG
Conduct on-site sustainability evaluation audits for
critical suppliers.
Develop third-party audit of suppliers along with
reward and recognition
Explore digital technology for transparency in supply
chain
Optimise routes and use fuel-efficient vehicles
Use electric vehicles for warehouse
Energy management Save energy through process efficiency and

equipment redesigning
Adopt high-efficiency equipment
Improve waste heat recovery system
Increase use of bio briquette | mass in power plant
Increase captive power generation from wind and
solar
Increase use of renewable natural gas |
compressed biogas
Use Hydrogen
Explore purchasing of renewable energy certificates
| Green Tariffs
Risk management Adopt ISO 31000 risk management

standard
Digitalisation Conduct digital value assessment (DVA)

Implement key digital initiatives arising
out of DVA
Information security Adopt ISO 27001 information security

and data privacy management system standard
57
Atul Ltd
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

NGRBC principles and core elements
NGRBC released by the Ministry of Corporate Affairs has adopted nine principles related to business responsibility. They
are as follows:
Businesses will conduct and govern themselves with integrity and in a manner that is ethical,
P1 transparent and accountable.
P2 Businesses will provide goods and services in a manner that is sustainable and safe.
P3 Businesses will respect and promote the well-being of all employees, including those in their value chains.
P4 Businesses will respect the interests of and be responsive to all their stakeholders.
P5 Businesses will respect and promote human rights.
P6 Businesses will respect and make efforts to protect and restore the environment.
Businesses, when engaging in influencing public and regulatory policy, will do so in a manner that is
P7
responsible and transparent.
P8 Businesses will promote inclusive growth and equitable development.
P9 Businesses will engage with and provide value to their consumers in a responsible manner.
Yes No
Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
01. a) The policy | policies cover each principle and its core
elements
b) Policy approved by the Board
c) URL of the policies The Company is in the process of publishing these policies on
its website.
02. The policies are translated into procedures
03. The enlisted policies extend to the value chain partners
04. Name of the national and international codes | The Company has developed policies for its significant
certifications | labels | standards adopted and mapped operations in conformance with the international standards
against each principle (such as ISO 9000, ISO 14000, OHSAS 18000 | ISO 45000),
United Nations Global Compact guidelines and principles
of International Labour Organisation. The Company is in the
process of acquiring the sustainable procurement certification
(ISO 20400).
05. Specific commitments, goals and targets set with The Company is engaging with subject matter experts and
defined timelines, if any actively pursuing sustainability improvement agenda.
06. Performance against the specific commitments, goals
and targets along with reasons in case the same are Not applicable
not met

Statement by Director responsible for the Business The Company is committed to integrating
Responsibility Report, highlighting environmental, ESG principles in its businesses which is
07.
social and governance (ESG) related challenges, central to improving the quality of life of the
targets and achievements communities it serves.
Highest authority responsible for

08. implementation and oversight of the Board of Directors
business responsibility policy(ies)
The Company has appointed a Whole-time

Specific Committee of the Board or a
09. Director to oversee implementation of the
Director responsible for decision
policies.
GOVERNANCE, LEADERSHIP AND OVERSIGHT
10. Details of review of national guidelines for responsible business conduct
Review by Director | a Committee of the Board | any

other committee and its frequency
Subject for review
P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against the above policies and follow-up action Quarterly
Compliance with statutory requirements of relevance to the

Quarterly
principles and rectification of any non-compliance
11. Independent assessment | evaluation of the working of its policies by an external agency and name of the agency
P5
P4 P6
P3 P7
P2 P8
Yes
P1 Primarily by Aneja P9
Associates
59
Atul Ltd
SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURES

PRINCIPLE 1
Businesses will conduct and govern themselves with integrity and in a manner that is ethical, transparent and
accountable.
Essential indicators
01. Percentage coverage by training and awareness programs on any of the Principles during the financial year
Number of % of
Segment Topics | Principles
programs persons
Board of 4 Code of Conduct 100%

Directors Prevention of sexual harassment (POSH)
Human rights
Corporate governance
KMP 5 Code of Conduct 100%

POSH
Human rights
Whistleblower
Employees 7 Atul Values Code of Conduct 100%

(excluding POSH Human rights
Executive Directors
Whistleblower
and KMP)
Acceptance of gifts and business courtesies
Equal employment opportunity and anti-discrimination
02. Fines | penalties | punishments | awards | compounding fees | settlement amount paid in proceedings (by the Company
or by the Directors | KMP) with regulators | law enforcement agencies | judicial institutions, in the financial year
a) Monetary
Name of the regulatory |
NGRBC Amount Brief of the Has an appeal
Type enforcement agencies |
principle (`) case been preferred?
judicial institutions
Penalty | fine - - Nil -
Settlement - - Nil -
Compounding fee - - Nil -
b) Non-monetary
Name of the regulatory |

NGRBC Has an appeal
Type enforcement agencies | Brief of the case
principle been preferred?
judicial institutions
Imprisonment - - - -
Punishment - - - -
The Company or its Directors | KMPs were not subjected to any fines | penalties | settlements | compounding fees | imprisonments
| punishments for the reporting period.

03. Appeal | revision preferred in cases where monetary or non-monetary action has been appealed
Not applicable.
04. Anti-corruption or bribery policy and URL of the policy

he Company has a dedicated code of conduct covering anti-corruption and anti-bribery aspects. The Code of Conduct
T
has been published on the Company website: www.atul.co.in/investors/policies
05. Directors | KMP | employees (other than KMP) against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery | corruption
Category 2023-24 2022-23
Directors Nil Nil
KMP Nil Nil
Employees
(other than KMP) Nil Nil
06. Complaints with regard to conflict of interest
2023-24 2022-23
Number Remarks Number Remarks
Conflict of interest of the Directors Nil Nil Nil Nil
Conflict of interest of KMP Nil Nil Nil Nil
07. Details of any corrective action taken or underway on issues related to fines | penalties | action taken by regulators |
law enforcement agencies | judicial institutions, on cases of corruption and conflicts of interest
Not applicable
08. Number of days of accounts payable
2023-24 2022-23
Days Days
Number of days of accounts payable 57 50
61
Atul Ltd
09. Openness of business
2023-24 2022-23
Purchases from trading houses as % of total purchases 9% 11%
Concentration of Number of trading houses where purchases are made from 306 289
purchases
Purchases from top 10 trading houses as % of total 5% 7%
purchases from trading houses
Sales to dealers | distributors as % of total sales 27% 25%
Concentration of Number of dealers | distributors to whom sales are made 2,567 2,434
sales
Sales to top 10 dealers | distributors as % of total sales to 51% 54%
dealers | distributors
Purchases with related parties as % of total purchases 5% 6%
Sales to related parties as % of total sales 14% 17%

Share of
related party Loans and advances given to related parties as % of the 100% 100%
transactions total loans and advances
Investments in related parties as % of total investments 56% 33%

made
Leadership indicators
01. Training and awareness programs conducted for value chain partners on any of the Principles during the
financial year
Number of % of value chain

Topics | Principles partners
program
Introduction of capacity building program for Red Category

suppliers (TIER III)
Adaptation of programs to build awareness regarding
1 sustainable practices 59%
Implementation of ESG responsibility in the organisation
Implementation and execution of human rights and labour laws
Adaptation of Sustainability Development Goals in sustainable
practices
02. Processes to avoid | manage conflict of interest involving members of the Board
he Company has a dedicated code of conduct to manage conflicts of interest involving members of the Board. The code of
T
conduct is available on the website of the Company: www.atul.co.in/investors/policies

PRINCIPLE 2
Businesses will provide goods and services in a manner that is sustainable and safe.
01. Percentage of research and development (R&D) spent and capital expenditure (CapEx) in specific technologies to
improve environmental and social impacts of products and processes to total R&D spent and CapEx, respectively
Improvements in social and environmental aspects
Improvements in yield in 15 products

Reduction in consumption of raw materials in 17
products
R&D 2023-24 2022-23 Reduction in consumption of solvents in four products
spent 18% 17% and recovery of five value-added products from waste
Commissioning of Process Engineering laboratory
for chemical engineering research for process
intensification.
Installation of additional MEE, scrubbers, effluent

treatment plants
2023-24 Introduction of additional steam condensate and energy
2022-23
CapEx recovery system
19% 37% Upgradation of fire alarm sensors and fire alarm system
Other initiatives undertaken for a cleaner and safer
environment
02. a) Procedures for sustainable sourcing:
The Company has procedures in place for sustainable sourcing.

The URL to its responsible sourcing policy is: www.atul.co.in/economic-sustainability/responsible-procurement/
b) Percentage of inputs sourced sustainably:

92%
03. Processes to safely reclaim products for reusing, recycling and disposing of at the end of life, for a) plastics
(including packaging), b) e-waste, c) hazardous waste and d) other waste
The Company follows the applicable processes laid down by the regulatory authorities.
04. Applicability of extended producer responsibility (EPR) to the activities of the Company and whether the waste
collection plan is in line with the EPR plan submitted to pollution control boards
EPR is applicable to the activities of the Company and the waste collection plan is in line with the EPR plan submitted
to the Central Pollution Control Board.
63
Atul Ltd
01. Life cycle perspective | assessment (LCA) for products

The Company has conducted a LCA for four products and product carbon footprint for six products across businesses.
02. Significant social or environmental concerns and | or risks arising from production or disposal of products identified
in LCA or through any other means and their mitigation
There were no significant social or environmental concerns and | or risks arising from the production or disposal of
products.
03. Recycled or reused input material to total material (by value) used in production (for the manufacturing industry)
or providing services (for the service industry)
The Company has in-house facilities to recycle its waste and is continuously striving to maximise it. At present, it is
recycling 5.13% of its waste.
04. Products and packaging reclaimed at the end of their life cycles and, reused, recycled, and safely disposed
(in metric tonnes)
2023-24 2022-23
Safely Safely
Reused Recycled Reused Recycled
disposed disposed
Plastics (including packaging) Nil 1759 145 Nil Nil Nil
E-waste
Hazardous waste Nil Nil Nil Nil Nil Nil
Other waste
05. Reclaimed products and their packaging materials (as a percentage of products sold) for each product category
Not applicable

PRINCIPLE 3
Businesses will respect and promote the well-being of all employees, including those in their value chains.
01. a) Details of measures for the well-being of managers
% of managers covered by
Health Accident Maternity Paternity Day care
Category Total insurance insurance benefits benefits facilities
(A)
No. (B) % (B/A) No. (C) % (C/A) No. (D) % (D/A) No. (E) % (E/A) No. (F) % (F/A)
Permanent managers
1,620 1,620 100% 1,620 100% - NA 125 8% 3 0.2%

Male
163 163 100% 163 100% 11 7% - NA 1 0.6%

Female
1,783 1,783 100% 1,783 100% 11 0.6% 125 0.7% 4 0.2%

Total
Other than permanent managers
27 - NA 27 100% - NA - NA - NA
Male
4 - NA 4 100% - NA - NA - NA
Female
31 - NA 31 100% - NA - NA - NA
Total
b) Measures for the the well-being of workers
% of workers covered by
Health Accident Maternity Paternity Day care
Category Total insurance insurance benefits benefits facilities
(A)
No. (B) % (B/A) No. (C) % (C/A) No. (D) % (D/A) No. (E) % (E/A) No. (F) % (F/A)
Permanent workers
1,472 1,472 100% 1,472 100% - NA - NA - NA

Male
- - NA - NA - NA - NA - NA
Female
1,472 1,472 100% 1,472 100% - NA - NA - NA

Total
Other than permanent workers
2,540 - NA 2,540 100% - NA - NA - NA

Male
35 - NA 35 100% - NA - NA - NA
Female
2,575 - NA 2,575 100% - NA - NA - NA

Total
65
Atul Ltd
c) Spending on measures towards the well-being of employees and workers
2023-24 2022-23
Cost incurred on well-being measures as a % of total revenue 0.02 0.04
02. Retirement benefits for current financial year and previous financial year
2023-24 2022-23
No. Benefits Deducted and Deducted and

Managers Workers deposited with Managers Workers deposited with
the authority the authority
1. Provident fund 100% 100% Yes 100% 100% Yes
2. Gratuity 100% 100% NA 100% 100% NA
3. Employee state insurance 8% 67% Yes 0.5% 16% Yes
4. Others (please specify) NA NA NA NA NA NA
03. Accessibility of workplaces

Most of the working locations are accessible to differently-abled persons.
04. Equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016
The Company provides equal opportunities to all its employees and to all eligible applicants for employment in the
Company.
05. Return to work and retention rates of permanent employees who took parental leave in the financial year
Return to work rate Retention rate
Male Female Total Male Female Total
100% 100% 100% 100% 100% 100%

06. Grievance redressal mechanism for employees
Category Details of the mechanism in brief Category
Permanent The employees Permanent

managers may register their workers
complaints with
the concerned
immediate managers
or the concerned HR
Other than permanent Other than
managers.
managers permanent workers
07. Membership of employees in recognised association(s) or union(s)
2023-24 2022-23
Employees who Employees who
Category Total Total
are part of are part of
employees % (B/A) employees % (D/C)
association(s) association(s)
(A) (C)
or unions (B) or unions (D)
Permanent employees
3,092 294 10% 3,049 346 11%

Male
163 - 0% 139 - 0%
Female
3,255 294 9% 3,188 346 11%

Total
08. Training given to employees
2023-24 2022-23
Skill Health Skill Health
training % and safety % training % and safety %
employees employees
imparted (B/A) training (C/A) imparted (E/D) training (F/D)
(A) (D)
(B) imparted (C) (E) imparted (F)
Permanent employees
3,092 1,413 46% 2943 95% 3,049 1,337 44% 409 13%
Male
163 146 90% 52 32% 139 19 14% 32 23%

Female
3,255 1,559 48% 2995 92% 3,188 1,356 43% 441 14%
Total
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Atul Ltd
09. Performance and career development reviews of employees
2023-24 2022-23
Category Total Employees who Total Employees who

employees had a career % (B/A) employees had a career % (D/C)
(A) review (B) (C) review (D)
Permanent employees
3,092 1,620 52% 3,049 1,620 53%

Male
163 163 100% 139 139 100%

Female
3,255 1,783 55% 3,188 1,759 55%

Total
10. Health and safety management system
Implementation of occupational health The Company has implemented

and safety management systems ISO 45001:2018 management system standard
Coverage of such a system 100%
e
nvironment, health and safety management system audit
procedure
hazard operability and what-if study procedure
hazard identification and risk assessment procedure
management of change procedure
rocesses used to identify work-related
P
permit to work system
hazards and assess risks on a routine
and non-routine basis safety observation audit system
pre-startup safety review
environment, health and safety review for greenfield
expansion projects
quantitative risk assessment study
hazardous area classification study
rocesses for workers to report the

P The Company has requisite processes in place like the joint
work-related hazards and to remove safety committee, safety observation audit and internal |
themselves from such risks
external complaint management.
The employees have the requisite access to Atul Foundation

Health Center for the non-occupational medical and health care
ccess to employees to non-occupational
A
services. The center is staffed with full-time doctors and
medical and healthcare services
round-the-clock paramedical staff and is equipped with ICU
ambulance.

11. Safety related incidents

Managers Workers
Safety incident | number Category 2023-24 2022-23
0.13 -
Lost time injury frequency rate
(per one million-person hours worked)
0.1 0.05
3 10
Total recordable work-related injuries
14 16
- -
Number of fatalities
- 1
- -
High consequence work-related injury or ill-health
(excluding fatalities)
- -
12. Measures taken to ensure a safe and healthy workplace

The Company has environment, health and safety (EHS) policy. To ensure steady improvement in EHS performance, it
is adopting voluntary standards such as ISO 45001.
13. Complaints made by employees
2023-24 2022-23
Category
Pending Pending
Filed Remarks Filed Remarks
resolution resolution
Working conditions - - Not applicable - - Not applicable
Health and safety - - Not applicable - - Not applicable
14. Plants and offices assessed (by the Company | statutory authorities | third-parties)
Health and safety practices % covered Working conditions % covered

100% 100%
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks | concerns arising from assessments of health and safety practices and working conditions
strengthened ‘line breaking work permit’ system conducted training on process safety testing
implemented ‘closed solid charging’ for the procured ‘advanced fire tender’ for emergency
identified equipment response
installed fall arrestor system for tanker loading upgraded occupational health center
and unloading operations developed guidelines for scaffolding erection and
implemented breathing air system across the inspection
identified plants
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Atul Ltd
01. Extension of life insurance or other compensatory package in the event of death
Managers Yes Workers Yes
02. Measures undertaken to ensure that statutory dues are deducted and deposited by the value chain partners
conducted quarterly audits of all statutory records and compliances maintained by the contractors
imposed appropriate penalty on the contractor as per the defined standard operating procedure in case of any
non-compliance with reference to provident fund remittance, payment of professional tax, employee compensation, etc.
03. Number of managers | workers having suffered high consequence work-related injury | ill-health | fatalities (as
reported in Q11. of essential indicators, above), who have been rehabilitated and placed in suitable employment
or whose family members have been placed in suitable employment
Affected Managers | Workers who | whose family

managers | workers members have been rehabilitated
Category
2023-24 2022-23 2023-24 2022-23
Managers | Workers Nil Nil Nil Nil
04. Transition assistance programs to facilitate continued employability and the management of career endings
resulting from retirement or termination of employment
The Company does not have any formal transition assistance program. Support is however provided on a case-to-case
basis.
05. Assessment of value chain partners
Health and safety practices Working conditions
92% assessed (by value) 92% assessed (by value)
06. Corrective actions taken or underway to address significant risks | concerns arising from assessments of health
and safety practices and working conditions of value chain partners
For contractors working in Atul premises:
Training of all the contractors along with their manpower is being done on a monthly basis. Every month a new topic
related to ESG parameters is taken and a quarterly safety refresher course is done.

PRINCIPLE 4
Businesses will respect the interests of and be responsive to all its stakeholders.
01. Processes for identifying key stakeholder groups of the Company

Internal and external groups of stakeholders have been identified - they comprise employees, customers, suppliers,
communities and shareholders.
02. Key stakeholder groups and the frequency of engagement with vulnerable | marginalised groups
Vulnerable |
Stakeholder Frequency of Purpose and scope of
marginalised Channels of communication
group engagement engagement
group
e-mails, goal setting and business information and
performance appraisal review, Company policies, career
Employees No ongoing
intranet, talks and letters of Senior progression, ement, role rotation,
Management, websites, etc training and development, etc
e-mails, information on packaging,
personal meetings, portal, social feedback, launches, products and
Customers No ongoing
media, surveys, telephone, formulations technical service, etc
website, etc
e-mails, information on packaging,
feedback, requirement of
personal meetings, portal, surveys,
Suppliers No ongoing materials and services, technical
telephone, website, social media,
service, etc
etc
e-mails, letters, representations, payment to exchequers, policy
Government No ongoing
personal meetings, etc advocacy, statutory approvals, etc
education, empowerment, health,
Community No meetings, visits, projects, etc ongoing infrastructure, relief, conservation,
etc
analyst meet, annual general
meeting, annual report, information about business and
Shareholders No ongoing
stock exchange intimations, statutory approvals
newspapers, website, etc
Processes for consultation between stakeholders Business I Function heads interact with the
01. and the Board on economic, environmental and aforesaid stakeholders and provide key updates
social topics or if consultation is delegated to the Board.
etails of instances as to how the inputs received

D nvironmental and social topics are reviewed
E
from stakeholders on the management of and shortlisted based on the materiality study,
02.
environmental and social topics were incorporated and standard operating procedures are updated |
into policies and activities of the Company introduced.
The concerns of the vulnerable | marginalised

Details of instances of engagement with and stakeholder groups are mainly addressed by Atul
03. actions taken to address the concerns of Foundation Trust through six programs, namely,
vulnerable | marginalised stakeholder groups education, empowerment, health, infrastructure,
relief and conservation.
71
Atul Ltd
PRINCIPLE 5
Businesses will respect and promote human rights.
01. Employees who have been trained on human rights issues and policy(ies)
2023-24 2022-23
Category
Total (A) Covered (B) % (B/A) Total (C) Covered (D) % (D/C)
Employees
Permanent 3,255 1,783 55% 3,188 1,537 48%

Other than permanent 2,607 - 0% 2,601 - 0%
Total employees 5,862 1,783 30% 5,789 1,537 27%
02. Minimum wages paid to employees
2023-24 2022-23
Equal to More than Equal to More than
minimum wage minimum wage minimum wage minimum wage
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Permanent employees
3,092 - NA 3,092 100% 3,045 - NA 3,045 100%

Male
163 - NA 163 100% 139 - NA 139 100%

Female
Other than permanent employees
2,540 2,540 100% - NA 2,558 2,558 100% - NA

Male
35 35 100% - NA 43 43 100% - NA
Female
03. Remuneration | Salary | Wages
a) Median remuneration | wages

Male Female
Category Median remuneration Median remuneration
Number Number
| salary | wages | salary | wages
Board of Directors 14 12,53,750 1 18,50,000
KMP (including Executive

5 2,29,25,973 - -
Directors)
Employees other than

3,088 3,79,661 162 6,50,742
Board of Directors and KMP

b) Gross wages
2023-24 2022-23
Gross wages paid to females as % of total wages 4.83% 4.13%
04.
Focal point (individual | committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business:
Under progress.
05. Internal mechanisms to redress grievances related to human rights issues

The mechanism to redress grievances under human rights is the same as for other grievances. An independent
investigation is carried out by gathering, validating and analysing relevant information. Appropriate action(s) is(are)
taken based on the recommendations.
06. Complaints made by employees
Category 2023-24 2022-23
Filed Pending Remarks Filed Pending Remarks

resolution resolution
Child labour - - NA - - NA
Discrimination at workplace - - NA - - NA
Forced labour | involuntary labour - - NA - - NA
Sexual harassment - - NA - - NA
Wages - - NA - - NA
Other human rights related

- - NA - - NA
issues
07. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013
2023-24 2022-23
Total complaints reported under the Act _ _
Complaints on the Act as a % of female employees _ _
Complaints upheld _ _
08. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases
Appropriate measures such as confidentiality, protecting the complainant, etc are mentioned in the respective policies.
09. Inclusion of human rights in business agreements and contracts

Adherence to human rights form a part of the business agreements and contracts.
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Atul Ltd
10. Plants and offices assessed (by the Company | statutory authorities | third-parties)
Child Forced | Sexual Discrimination

Wages
labour Involuntary labour harassment at workplace
100%
assessed
11. Corrective action taken or underway to address significant risks | concerns arising from the assessments mentioned
in Q 09. above
There were no significant risks | concerns arising from the human rights assessment.
Business processes modified | introduced as a result The Company has not received any grievance |
01. of addressing human rights grievances | complaints complaint regarding human rights.
The Company has conducted human

rights due-diligence through
02. Scope and coverage of human rights due-diligence
Together-for-Sustainability audit
and achieved 96% score.
03. Accessibility of premises | offices to differently-abled visitors Please refer to Q 03. of Principle 3 above.
04. Assessment of value chain partners (by value):
Child Forced | involuntary Sexual Discrimination

Wages
labour labour harassment at workplace
92%
assessed (by value)
05. Corrective action taken or underway to address significant risks | concerns arising from the assessments as
mentioned in Q 04. above
There were no significant risks | concerns arising from the assessment of value chain partners.

PRINCIPLE 6
Businesses will respect and make efforts to protect and restore the environment.
01. Total energy consumption (in gigajoules) and energy intensity
Parameter 2023-24 2022-23
From renewable sources
Total electricity consumption (A) 1,90,285 90,777
Total fuel consumption (B) - -
Energy consumption through other sources (C) - -
Total energy consumed from renewable sources (A+B+C) 1,90,285 90,777
From non-renewable sources
Total electricity consumption (D) 3,15,711 4,50,450
Total fuel consumption (E) 90,88,318 84,78,228
Energy consumption through other sources (F) 4,33,320 1,95,958
Total energy consumed from non-renewable sources (D+E+F) 98,37,350 91,24,636
Total energy consumed (A+B+C+D+E+F) 1,00,27,635 92,15,413
Energy intensity per rupee of turnover (gigajoules per million

230.10 184.23
rupee)
Energy intensity per turnover adjusted for PPP (gigajoules per

Not applicable Not applicable
million USD)
Energy intensity per physical output (gigajoules per tonne) 20.93 20.02
Independent assessment | evaluation | assurance by an external agency

Escon Tech carried out the evaluation of electricity consumption and Ernst & Young provided the methodology for
calculation.
02. Sites | Facilities identified as designated consumers (DCs) under the Perform, Achieve and Trade (PAT) Scheme of
Government of India
Power plant and caustic | chlorine plant have been identified as DC under the PAT Scheme. The Company has started
disclosing PAT targets from 2020. During PAT cycle 2019-2022, it succeeded in achieving an energy consumption rate
of 0.81 tonnes of oil equivalent for each tonne of production, surpassing the set target of 0.874.
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Atul Ltd
03. Disclosures related to water
Parameter 2023-24 2022-23
Water withdrawal by source (in kL)
a) Surface water 39,82,287 36,24,396
b) Groundwater - 2,27,872
c) Third-party water - -
d) Seawater | desalinated water - -
e) Others (rainwater storage) - -
Total volume of water withdrawal (in kL) (a+b+c+d+e) 39,82,287 38,52,268
Total volume of water consumption (in kL) 39,82,287 38,52,268
Water intensity per rupee of turnover (kL per ` cr of revenue) 913.79 770.15
Water intensity per turnover adjusted for Purchasing Power Parity (PPP) Not applicable Not applicable
(kL per USD)
Water intensity per physical output (kL per tonne of product) 8.31 8.37

Independent assessment | evaluation | assurance carried out by Gujarat Pollution Control Board (GPCB), scheduled
auditors approved by GPCB and Irrigation Department of Gujarat.
04. Water discharge
Parameter 2023-24 2022-23
Destination and level of treatment (in kL)
a) To surface water
No treatment - -
With treatment – level of treatment - -
b) To groundwater
No treatment - -
c) To seawater 36,63,704 33,25,819
No treatment - -
With treatment – level of treatment 36,63,704 33,25,819

advanced advanced
treatment treatment

Parameter 2023-24 2022-23
d) Sent to third-parties
No treatment - -
e) Others
No treatment - -
Total water discharged (in kL) 36,63,704 33,25,819

Independent assessment | evaluation | assurance carried out by Gujarat Pollution Control Board (GPCB), scheduled
auditors approved by GPCB.
05. Coverage and implementation of zero liquid discharge (ZLD)
ZLD is fully implemented in the Ankleshwar and Tarapur manufacturing sites and one area in Atul site. Project is
under commissioning to make one of the three areas at Atul site ZLD facilities.
06. Air emissions other than greenhouse gas (GHG) emissions
Parameter Unit 2023-24 2022-23
NOx tonnes/year 79.44 65.78
SOx tonnes/year 58.62 62.73
Particulate matter (PM) tonnes/year 17.11 15.10
Persistent organic pollutants (POPs) tonnes/year NA NA
Volatile organic compounds (VOCs) tonnes/year NA NA
Hazardous air pollutants (HAPs) tonnes/year 8.19 5.50
Others – please specify tonnes/year - -

Independent assessment | evaluation | assurance carried out by National Accreditation Board for Testing and Calibration
Laboratories and The Ministry of Environment, Forest and Climate Change, Government of India accredited agency.
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Atul Ltd
07. GHG emissions (Scope 1 and Scope 2 emissions) and their intensity
Parameter Unit 2023-24 2022-23
Total Scope 1 emissions tCO2e 8,29,109 7,73,047
Total Scope 2 emissions tCO2e 86,432 1,06,605
Total Scope 1 and Scope 2 emissions tCO2e 9,15,541 8,79,652
Total Scope 1 and Scope 2 emissions per million ` of tCO2e 21.01 17.59
turnover
Total Scope 1 and Scope 2 emission intensity per tCO2e/USD Not applicable Not applicable
turnover adjusted for Purchasing Power Parity (PPP)
Total Scope 1 and Scope 2 emission intensity per tCO2e/tonne 1.91 1.91
physical output

Methodology provided by Ernst & Young.
08. Projects related to reducing GHG emissions
reduction of steam consumption by reduction of PNG consumption by

utilising waste heat of distillation for increasing feed concentration
air-preheater
replacement of compact fluorescent installation of steam recovery set-up

lamps by light emitting diode fittings to recover low-pressure steam from
distillation column
reduction of steam consumption in replacement of hot water wash with

de-aerator by preheating water cold water wash in filter press
through heat recovery from dryer
replacement of old tray dryer with use of steam distilled solvent instead
efficient tray dryer of vacuum distilled solvent for batch
charging
reduction of air compressor power reduction of air compressor power

consumption by using common consumption by reducing air pressure
compressor for multiple plants

09. Waste management
Waste generated (in metric tonnes)

2023-24 2022-23
Plastic waste (A) 239.20 510.30
E-waste (B) 2.92 -
Bio-medical waste (C) 0.37 0.60
Construction and demolition waste (D) - -
Battery waste (E) 3.38 4.99

171 numbers 173 numbers
Radioactive waste (F) - -
Other hazardous waste (G) 87,237.69 1,22,818.74
Other non-hazardous waste (H) 96,706.23 41,979.41
Total waste generated in tonnes 1,84,189.79 1,65,314.04
Waste intensity per rupee turnover 42.26 33.05

(tonne per rupee cr)
Waste intensity per turnover adjusted for PPP Not applicable Not applicable
(tonne per USD)
Waste intensity per physical output 0.38 0.36

(tonne per tonne)
Waste recovered through recycling, re-using or other recovery operations (in metric tonnes)
2023-24 2022-23
(i) Recycled 83,054.72 1,15,310.67
(ii) Reused - -
(iii) Other recovery operations - -
Total 83,054.72 1,15,310.67
Waste disposed by nature of disposal method (in metric tonnes)

2023-24 2022-23
(i) Incineration 116.22 205.30
(ii) Landfilling 4,066.75 7,813.67
(iii) Other disposal operations - -
Total 4,182.97 8,018.97

No assessment | evaluation | assurance has been carried out by an external agency
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Atul Ltd
10. Waste management practices and strategies adopted to reduce the usage of hazardous and toxic chemicals in
the products and processes and the practices adopted to manage such wastes
The Company has state-of-the-art research and development laboratories which has, amongst others, mandate to
decrease | reuse | recycle hazardous and toxic wastes.
Hazardous and toxic wastes management SOP (SOP/INC/11) describes the procedure to collect, store, transport and
disposal of hazardous and toxic wastes. Such wastes are dealt with as per the consolidation, consent and authorisation
and complying with all requirements of Hazardous and Other Wastes (Management and Transboundary Movement)
Rules, 2016.
11. Operations | Offices in | around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere
reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones, etc) where environmental approvals |
clearances are required
Not applicable
12. Impact assessments of projects undertaken based on applicable laws in the current financial year
Nil
13. Compliance with the applicable environmental laws | regulations | guidelines in India such as the Water (Prevention
and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment Protection Act and rules
thereunder
The Company is compliant with the applicable laws | regulations | guidelines.
01. Water withdrawal, consumption and discharge in areas of water stress (in kL)
Not applicable
02. Scope 3 emissions and their intensity

The Company has not carried out Scope 3 emissions calculation.
03. With respect to the ecologically sensitive areas reported in Q 11. of essential indicators above, details of
significant direct and indirect impact on biodiversity in such areas along with prevention and remediation
activities
Not applicable.

04. Specific initiatives or innovative technologies or solutions undertaken to improve resource efficiency or reduce
impact due to emissions | effluent discharge | waste generation
Initiative undertaken Details of the initiative Outcome of the initiative
Planted 7,67,850 saplings

Development of a green belt in the last 14 years for the Sequestration
around plants and colonies (AS) development of a green belt of carbon
Equipped reactors with vents

Elimination of volatile
| stacks to vapour recovery Reduction in process
organic compounds (VOCs)
systems | scrubbers stack emissions
and toxic chemical exposure
Enhancement of the Added equipment for better Ease of operation at

capacity of CETP treatment CETP
Improvement of the Added equipment for better Decrease in COD

effluent quality treatment load at ETP
Revamp of effluent collection Segregated acidic and

Decrease in effluent
and transfer from source to basic effluent streams
load at CETP
ETP from the source
Installed separate MEE for

Elimination of high TDS load on Decrease in TDS load
the high TDS effluent from
effluent treatment plant at ETP
identified plant
Constructed storm water

Reduction in chances
Elimination of contaminated pit with pumping and pH
of contaminated
water run-off meter facility to transfer to
water run-off
effluent treatment plants
Decrease in
Developed bio-treatment
Improvement of effluent quality phenolics and COD
process
load at ETP
05. Business continuity and disaster management plan

The Company has a disaster management plan included in the offsite and onsite emergency plan.
Offsite emergency rehearsals as per the plan are conducted at periodic intervals decided by external authorities at
Ankleshwar, Atul and Tarapur sites.
06. Significant adverse impact to the environment, arising from the value chain and their mitigation or adaptation
measures
There is no significant adverse impact to the environment arising from the value chain of the Company.
07. Percentage of value chain partners (by value) that were assessed for environmental impact
92%
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Atul Ltd
PRINCIPLE 7
Businesses, when engaging in influencing public and regulatory policy, will do so in a manner that is responsible
and transparent.
01. Affiliations with trade and industry chambers | associations

Membership of | affiliation to 10 trade and industry chambers | associations
No. Name Reach
01. Alkali Manufacturers Association of India National
02. Fragrances and Flavours Association of India National
03. Indian Chemical Council National
04. Indian Resins Manufacturers Association National
05. International Federation of Essential Oils and Aroma Trades International
06. The Federation of Indian Chambers of Commerce and Industry National
07. The Pesticides Manufacturers and Formulators Association of India National
08. Ecological and Toxicological Association of Dyes and Organic Pigment Manufacturers International
09. Global Organic Textile Standard International
10. The Society of Dyers and Colourists International
02. Corrective action taken or underway on any issue related to anti-competitive conduct, based on adverse orders
from regulatory authorities
Not applicable
01. Advocacy of public policy positions

Not applicable.

PRINCIPLE 8
Businesses will promote inclusive growth and equitable development.
01. Social Impact Assessments (SIAs) of projects undertaken based on applicable laws
Not applicable
02. Projects for which ongoing rehabilitation and resettlement is being undertaken
Not applicable
03. Mechanisms to receive and redress grievances of the community
The Company has a process to receive and redress concerns received from the community. A site-level committee
consisting of members from various departments is formed, which receives the concerns and works towards
its redressal.
04. Input material (inputs to total inputs by value) sourced from local or small scale suppliers
Parameter 2023-24 2022-23
Directly sourced from micro, small 19% 23%

and medium enterprises | small
producers
Directly from within India 82% 81%
05. Job creation in smaller towns – wages paid to persons employed as a % of total wages
Location 2023-24 2022-23
Rural 86.11 86.38
Semi-urban 9.98 10.04
Urban 0.92 0.88
Metropolitan 2.98 2.70
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Atul Ltd
01. Actions taken to mitigate any negative social impacts identified in the SIAs (Q 01. of essential indicators above)
Not applicable
02. CSR projects undertaken in designated aspirational districts as identified by the government bodies
Aspirational district Amount spent (`)

Gujarat
Narmada ~ ` 1,09,000/-
03. Preferential procurement policy to give preference to purchase from suppliers

comprising vulnerable | marginalised groups
Internal guidelines for preferential procurement from marginalised | vulnerable groups are in place. The URL to the
policy is: www.atul.co.in/economic-sustainability/responsible-procurement
Vulnerable | marginalised groups from where the Company procures
MSMEs and women-owned enterprises
Percentage of such procurement of the total (by value)
19% of overall spend
04. Benefits derived and shared from the intellectual properties owned or acquired based on traditional knowledge
Not applicable
05. Corrective actions taken or underway based on any adverse order in intellectual property related disputes wherein
usage of traditional knowledge is involved
Not applicable

06. Beneficiaries of CSR projects
% of beneficiaries
No. of persons
from vulnerable
No. CSR project benefited from
and marginalised
CSR projects
groups
Education
01. Provision of sports and music kits to 100 schools 21,896 students 100%
Improvement of teaching methodology for primary school children –
02. 10,224 students 100%
Atul Adhyapika
03. Enhancement of educational practices in the colleges in Valsad district 8,500 students 80%
04. Provision of education kits to children 4,430 students 100%
05. Promotion of science through mobile science lab 3,220 students 100%
06. Enhancement of educational practices in Kalyani Shala 1,754 students 100%
07. Support to Lalbhai Dalpatbhai Institute of Indology 791 students -
08. Support to tribal children in Atul Vidyamandir 358 students 100%
09. Promotion of learning and life skills among children 356 students 100%
10. Support to develop a school in a tribal area 265 students 100%
11. Provision of culture and arts through Kashmiri folk music 150 people 50%
12. Support to small education initiatives 80 students 100%
13. Provision of scholarships to needy and meritorious students 35 students 100%
14. Contribution to publish books on Indian culture | ecology | philosophy 4 books -
Empowerment
15. Facilitation of government schemes to villagers - Adhikaar project 4,090 people 100%
16. Empowerment of women through 132 self-help groups 1,521 women 100%
Empowerment of women | youth through various vocational training
17. 990 students 100%
courses
18. Provision of skill training to youth as apprentices 169 students 100%
19. Creation of livelihood opportunities for tribal families by providing cows 97 families 100%
20. Development of micro-entrepreneurs to provide sustainable livelihood 41 entrepreneurs 100%
Heath
21. Enhancement of rural health through health camps 24,036 patients 100%
22. Support to Valsad Raktadaan Kendra ~25,000 patients 50%
5,075 adolescent
23. Promotion of health and well-being of adolescents and women 100%
girls and women
Provision of training for pregnant | lactating mothers and stakeholders 781 health
24. 80%
through the project titled, First 1000 Days practitioners
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Atul Ltd
% of beneficiaries
No. of persons
from vulnerable
No. CSR project benefited from
and marginalised
CSR projects
groups
patients of south
25. Support to Kasturba Hospital, Valsad 100%
Gujarat
patients of 10
26. Establishment of Atul Foundation Health Center -
villages
Youth of 10
27. Upgradation of sports infrastructure and equipment -
villages
Relief
28. Provision of assistance to children with special needs ~100 students 100%
29. Support to patients in need 30 patients 100%
Infrastructure
Development of community infrastructure in the village – post office
30. ~10 villages -
and police station
31. Development of community infrastructure in the village - roadside fencing 1 village -
Atul and nearby
32. Development of infrastructure in Atul and surrounding villages 100%
villages
Conservation
33. Conservation of energy through solar energy project 1,431 individuals 100%
34. Conservation of water through various interventions 44 farmers 100%
43 villages and 6
Establishment of low-cost solid waste management system in villages
35. colleges ~75%
and colleges
93,066 people
Initiation of natural resource management project to conserve soil and
36. 6 villages ~80%
water
Initiation of plastic waste management project | Ragpickers livelihood
37. 4 villages ~50%
project
Establishment of solid waste management system in Atul village-
38. 1 village ~50%
Ujjwal Atul project
39. Development of nature-based wastewater recycling project 2 villages 80%
34,820 trees and
40. Enhancement of green cover - tree plantation project 27,500 trees in 6 -
Miyawaki forests
41. Protection of animals 41 animals 100%

PRINCIPLE 9
Businesses will engage with and provide value to their consumers in a responsible manner.
01. Mechanisms to receive and respond to consumer complaints and feedback

A customer complaint portal is in place. All customer complaints are logged into the 'customer complaint module'. Based
on the nature of complaints, auto e-mails are triggered for action. The root cause and corrective and preventive actions
are conveyed to customers. The complaint is closed after feedback (by phone | e-mail) from the customer.
Complaints are acknowledged within 48 hours and feedback is provided within seven working days.
02. Turnover of products | services as a percentage of turnover from all products | services that carry information
Information related to As a percentage to total turnover
Environment and social parameters 100%
Recycling and | or safe disposal 100%
Safe and responsible usage 100%
03. Consumer complaints
2023-24 2022-23
Category
Received Pending resolution Received Pending resolution
Advertising - - - -
Cyber security - - - -
Data privacy - - - -
Delivery of essential services - - 1 -
Restrictive trade practices - - - -
Unfair trade practices - - - -
Others 385 64 355 36
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Atul Ltd
04. Product recalls on account of safety issues
Number Reason
Forced recalls 0 Not applicable
Voluntary recalls 0 Not applicable
05. Framework | policy on cyber security and risks related to data privacy
The Company has an Information Security Policy in place to ensure that the data stored in the end-user devices is
protected.
06. Corrective action taken or underway on issues relating to advertising, and delivery of essential services; cyber
security and data privacy of customers; re-occurrence of instances of product recalls; penalty | action taken by
regulatory authorities on the safety of products | services
There were no issues relating to advertising, delivery of essential services, cyber security and data privacy of customers.
There was no re-occurrence of product recall. No penalty was levied or action was taken by any regulatory authority on
account of any deficiency relating to the safety of products | services in the financial year.
07. Information related to data breaches

a. Number of instances of data breaches: Nil
b. Percentage of data breaches involving personally identifiable information of customers: Not applicable
c. Impact: Not applicable
01. Channels, platforms and URL where information on products and services can be accessed
www.atul.co.in
02. Steps taken to inform and educate consumers about safe and responsible use of products and (or) services
The Company shares material safety data sheets, technical data sheets and product labels on packaging in accordance
with globally harmonised system regulations. For liquid chemicals, transport emergency cards are provided to
transporters and training is imparted periodically to them and customers on safe handling. Interactions with farmers
are arranged through Krishi Vigyan Kendras, farmer field days trainings, etc.
03. Mechanisms to inform consumers of any risk of disruption | discontinuation of essential services
The customers are intimated regarding the scheduled annual maintenance shutdown a few weeks in advance. For key
customers, tentative schedules of annual maintenance shutdown are shared at least three months in advance. In case
of any unforeseen disruptions in supply, information is conveyed through e-mail and telephone.
04. Display of product information and customer satisfaction survey

The Company provides information related to chemical abstracts service number, European community number,
synonyms, hazard statements, precautionary statements, etc over and above what local law mandates.
The Company has a practice to carry out customer satisfaction surveys for major products at regular intervals.
Note: Serial numbers are in accordance with Annexure-II of notification of SEBI on Business Responsibility and
Sustainability Report.

Notice
NOTICE is hereby given that the 47th Annual General 5. To consider and, if thought fit, to pass, with or without
Meeting of the members of Atul Ltd will be held on modifications, the following resolution as a special
Friday, July 26, 2024, at 10:30 am through video resolution:
conferencing | other audiovisual means to transact the “RESOLVED THAT pursuant to the provisions of
following businesses: Sections 149, 150, 152, 160, read with Schedule IV
of the Companies Act, 2013 and any other applicable
Ordinary business
provisions for the time being in force (including any
1. To receive, consider and adopt: statutory modification(s) or re-enactment thereof),
a) the audited Standalone Financial Statements Mr Praveen Kadle (DIN: 00016814), in respect of
of the Company for the financial year ended whom the Company has received a Notice in writing
on March 31, 2024, and the Reports of the from a member proposing his candidature for the
Directors and the Auditors thereon and office of Director, be and is hereby appointed as
an Independent Director of the Company to hold
b) the audited Consolidated Financial Statements office for a term of five years from May 01, 2024, to
of the Company for the financial year ended April 30, 2029.”
on March 31, 2024, and the Report of the
6. To consider and, if thought fit, to pass, with or
Auditors thereon.
without modifications, the following resolution as an
2. To declare dividends on equity shares. ordinary resolution:
3. To appoint a Director in place of Mr Bharathy “RESOLVED THAT pursuant to Section 148(3)
Mohanan (DIN: 00198716) who retires by rotation of the Companies Act, 2013 and the Companies
and being eligible, offers himself for reappointment. (Audit and Auditors) Rules, 2014, the remuneration
of ` 3.56 lakhs plus taxes as applicable and
Special business reimbursement of actual travel and out-of-pocket
4. To consider and, if thought fit, to pass with or expenses for the financial year ending March 31,
without modifications, the following resolution as an 2025, as recommended by the Audit Committee and
ordinary resolution: approved by the Board of Directors of the Company,
to be paid to R Nanabhoy & Co, Cost Accountants,
“RESOLVED THAT pursuant to the provisions of (FRN: 000010) for conducting a cost audit of the
Sections 196, 197 and 203 read with Schedule V of applicable products in the category of Bulk Drugs,
the Companies Act, 2013 and any other applicable Chemicals, Insecticides, Inorganic Chemicals, Organic
provisions for the time being in force (including Chemicals and their derivatives and Polymers be and
any statutory modification(s) or re-enactment is hereby ratified and confirmed.”
thereof), approval be and is hereby accorded to
the reappointment of Mr Gopi Kannan Thirukonda Notes:
(DIN: 00048645) as a Whole-time Director of 01. The 47th Annual General Meeting (AGM) is being
the Company, and his receiving of remuneration, held through video conferencing | other audiovisual
including minimum remuneration for a period of three means (VC) in accordance with the procedure
years effective October 17, 2024, to October 16, prescribed in circular number 20/2020 dated
2027, as per the draft agreement submitted to this May 05, 2020, read with circular number 09/2023
meeting initialed by the Chairman for identification. dated September 25, 2023, issued by the Ministry
of Corporate Affairs and circular number SEBI/HO/
RESOLVED FURTHER THAT the Board of Directors
CFD/CMD1/CIR/P/2020/79 dated May 12, 2020,
(Board) be and is hereby authorised to alter and vary
read with circular number SEBI/HO/CFD/CFD-PoD-
any or all of the terms and conditions and the draft
2/P/CIR/2023/167 dated October 07, 2023, issued
of the agreement as approved vide this resolution
by the Securities and Exchange Board of India
as may be deemed fit from time to time, which may
(the e-AGM circulars). The members can attend
have the effect of increasing the remuneration and
the AGM through VC by following instructions
for considering modifications, if any, by the Central
given in Note number 17.10 of the Notice. For the
Government regarding the policy | guidelines about purpose of recording the proceedings, the AGM
managerial remuneration. For the purpose of giving will be deemed to be held at the registered office
effect to this resolution, the Board be and is hereby of the Company at Atul House, G I Patel Marg,
authorised to do all such acts, deeds, matters and Ahmedabad 380 014, Gujarat, India. The members
things as it may in its absolute discretion deem are requested to attend the AGM from their respective
expedient, necessary, proper or in the best interest of
the Company.”
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Atul Ltd
locations by VC and not to visit the registered office to a) or resident members, TDS will be deducted
F
attend the AGM. under Section 194 of the Income Tax Act, 1961,
at 10% on the amount of dividend declared and
02. Since the Annual General Meeting (AGM) is being
paid by the Company during the financial year
held pursuant to the e-AGM circulars through video
conferencing | and other audiovisual means, physical 2024-25, provided PAN is registered by the
attendance of the members has been dispensed members. If PAN is not registered, TDS will be
with. Accordingly, the facility for the appointment deducted at a 20% rate as per Section 206AA
of proxies by the members will not be available for of the Income Tax Act, 1961.
the AGM and hence, the proxy form, attendance slip However, no tax will be deducted on the
and route map of the AGM venue are not annexed dividend payable to resident individuals if the
to this Notice. However, a member may appoint a total dividend to be received by them during the
representative as per applicable provisions of the financial year 2024-25 does not exceed ` 5,000.
Companies Act, 2013, to attend and | or vote.
Separately, in cases where the shareholder
03.
Copies of the Balance Sheet, the Statement of provides Form 15G (applicable to any person
Profit and Loss, the Directors’ Report, the Auditor’s other than a company or a firm) | Form 15H
Report and every other document required by law, (applicable to an individual above the age of 60
to be annexed or attached to the Balance Sheet for years), provided that the eligibility conditions
the financial year ended on March 31, 2024, are
are being met, no TDS will be deducted.
annexed | attached.
b) For non-resident members, taxes are required
04. The Register of Members and Share Transfer Books
to be withheld in accordance with the
of the Company will remain closed from July 13, 2024,
provisions of Section 195 of the Income Tax
to July 19, 2024 (both days inclusive).
Act, 1961, at the applicable rates in force. As
05.
The dividend, if approved, will be paid to those per the relevant provisions of the Income Tax
members whose names stand on the Register of Act, 1961, the withholding tax will be at 20%
Members on July 12, 2024. rate (plus applicable surcharge and cess) on the
The members holding shares in the electronic form amount of dividend payable to them. However,
may please note that: as per Section 90 of the Income Tax Act, 1961,
the non-resident members have the option to
a)
Instructions regarding bank details that be governed by the provisions of the Double
they wish to incorporate in future dividend Tax Avoidance Agreement (DTAA) between
warrants must be submitted to their Depository India and the country of tax residence of the
Participants (DPs). As per the regulation of members, if they are more beneficial to them.
National Securities Depository Ltd and Central For this purpose, that is, to avail of the tax treaty
Depository Services (India) Ltd, the Company benefits, the non-resident members will have to
is obliged to print bank details as furnished by provide the following:
these depositories, on the dividend warrants.
i) Self-attested copy of Tax Residency
b)
Instructions already given by the members
Certificate (TRC) obtained from the tax
for shares held in the physical form will not
authorities of the country of which the
automatically apply to the dividend paid on
members are a resident.
shares held in electronic form. Fresh instructions
regarding bank details must be given to ii) Self-declaration in Form 10F submitted at
the DPs. income tax portal if all the details required
c) Instructions regarding the change in address, in this form are not mentioned in the TRC.
nomination and power of attorney must be iii) Self-attested copy of the PAN card allotted
given directly to the DPs. by the Indian income tax authorities.
06. The members may note that the Income Tax Act, iv)
Self-declaration, certifying the following
1961, as amended mandates that dividends paid points:
or distributed by a company, will be taxable in the
hands of the members. The Company will therefore •
The members are and will continue
be required to deduct Tax at Source (TDS) at the time to remain, tax residents of their
of making the final dividend. To enable the Company respective countries during the financial
to determine the appropriate TDS rate as applicable, year 2024-25.
the members are requested to submit the documents • The members are eligible to claim the
in accordance with the provisions of the Income Tax beneficial DTAA rate for the purposes
Act, 1961. of tax withholding on the dividend
declared by the Company.

•
The members have no reason to Application of the beneficial DTAA rate will depend
believe that their claim for the benefits upon the completeness and satisfactory review of the
of the DTAA is impaired in any manner. documents submitted by the non-resident members,
by the Company.
• The members are the ultimate beneficial
owners of their shareholding in the 08. The Company will arrange to e-mail the soft copies
Company and dividend receivable from of TDS certificates to the members at their registered
the Company. e-mail addresses in due course, post payment of
the dividend.
• The members do not have a taxable
presence or permanent establishments 09. Unpaid dividend payable to the members in respect of
in India during the financial year the 29th dividend onwards, that is, from the financial
2024-25. year ended on March 31, 2017, will be transferred to
the Investor Education and Protection Fund (IEPF).
07.
Please note that the Company is not obligated
Information in respect of such unclaimed dividends
to apply the beneficial DTAA rates at the time of
as to when they are due for transfer to the said fund
tax deduction | withholding on dividend amounts.
is given below:
Dividend Financial year Date of declaration Rate of dividend Expected date of transfer
ended of dividend of unpaid dividend to IEPF
29th March 31, 2017 July 28, 2017 100% July 27, 2024
31st March 31, 2019 July 31, 2019 150% July 30, 2026
32 special
nd
interim dividend March 31, 2020 October 25, 2019 125% October 24, 2026
33rd interim dividend March 31, 2020 March 11, 2020 150% March 10, 2027
36 special
th
interim dividend March 31, 2023 October 21, 2022 75% October 20, 2029
o claim will lie from the members once the transfers

N e-mail addresses are registered with the Company |
are made to the said funds. The members who have Depository Participants.
not encashed their dividend warrants are requested
12. Printed copies of the annual report (including the
to encash the same before the said transfer, in
Notice) are not being sent to the members in view of
their interest.
the e-AGM circulars.
10. Pursuant to the Investor Education and Protection
13. The members who have not registered their e-mail
Fund Authority (Accounting, Audit, Transfer and addresses are requested to register them with the
Refund) Rules, 2016 (Rules), the Company has Company to receive e-communication from the
transferred the equity shares, in respect of which the Company. For registering an e-mail address, the
dividend has not been claimed | encashed for seven or members are requested to follow these steps:
more consecutive years to the Investor Education and
Protection Fund of the Central Government during a) The members holding shares in the physical
the financial year 2023-24. The Company regularly mode are requested to provide their names, folio
sends letters to the members whose dividends have numbers, mobile numbers, e-mail addresses,
not been claimed | encashed for seven or more scanned copies of share certificate(s) (both
consecutive years. The details of such members sides), self-attested PAN and Aadhar cards
are posted on the website of the Company at through e-mail at shareholders@atul.co.in
www.atul.co.in/investors/dividends Please note that b)
The members holding shares in the
the shares transferred to the IEPF can be claimed from dematerialised mode are requested to provide
the IEPF Authority as per the procedure prescribed their names, depository participants and
under the Rules. client IDs, mobile numbers, e-mail addresses,
11. An electronic copy of the annual report for 2023-24, scanned copies of self-attested client master
including the Notice which includes the process and or consolidated account statements through
manner of attending the Annual General Meeting e-mail to shareholders@atul.co.in
through video conferencing | other audiovisual means 14. The members may note that the Notice of the Annual
and e-voting is being sent to all the members whose General Meeting and the annual report for 2023-24,
91
Atul Ltd
will also be available on the website of the Company, to write to the Company at shareholders@atul.co.in
www.atul.co.in which can be downloaded. The at least seven days before the date of the Annual
electronic copies of the documents that are referred General Meeting (AGM) to enable the Management to
to in this Notice but not attached to it will be made keep the responses ready and expeditiously provide
available for inspection. For inspection, the members them at the AGM, as required.
are requested to send a request through e-mail
on shareholders@atul.co.in with their depository 17. In compliance with provisions of Section 108 of the
participant and client IDs or folio numbers. Companies Act, 2013 and Rule 20 of the Companies
(Management and Administration) Rules, 2014
15.
Electronic copy of the Register of Directors and and the e-AGM circulars, the Company is pleased
Key Managerial Personnel and their shareholding, to provide the members with the facility to attend
maintained under the Companies Act, 2013, will be the Annual General Meeting (AGM) through video
available for inspection by the members on request conferencing | other audiovisual means (VC) and
by sending an e-mail to shareholders@atul.co.in exercise their right to vote at the AGM by electronic
16. The members desiring any information relating to means. The business will be transacted through
the accounts or having any questions are requested remote e-voting before and during the AGM.
17.1. The instructions for remote e-voting for the individual members holding shares in the dematerialised (demat) form are
given below:
Having shareholding with a) The members registered on the CDSL Myeasi facility are requested to follow
Central Depository Services Ltd the steps given below:
(CDSL) i) Log on to web.cdslindia.com/myeasitoken/home/login using the existing
user ID and password.
ii) Go to the e-voting menu.
iii) Go to the link of the respective e-voting service provider.
iv) Follow the steps given in Note number 17.3. - from step b) to g).
b) The members not registered on the CDSL Myeasi facility are requested to
follow the steps given below for first-time registration:
i) Go to the Myeasi website:
web.cdslindia.com/myeasitoken/home/login
ii) Click on ‘click here’ to register for Easi
iii) Enter the 16-digit beneficiary ID.
iv) Enter Permanent Account Number (PAN) in capital letters followed by
the first four digits of the date of birth (DoB), in the DDMM format of the
first | sole holder.
v) Tick the checkbox of ‘terms and conditions’ and click on ‘Submit’.
vi) One-time password (OTP) will be sent to the registered mobile numbers
of the members.
vii) Enter the OTP in the OTP box and click on ‘Submit’.
viii) The registration form will appear, fill the form to create a username,
password and an answer to the secret question and click on ‘Continue’
ix) The message ‘Successfully registered’ will appear.
x) A list of other demat account(s) available for grouping will appear.
xi) Select the other demat accounts to club in the single login of Myeasi.
xii) Click on ‘Continue’.
xiii) The message ‘Registration completed’ will appear.
xiv) Log on to web.cdslindia.com/myeasitoken/home/login using your user ID
and password.
xv) Go to the e-voting menu.
xvi) Go to the link of the respective e-voting service provider.
xvii) Follow the steps given in Note number 17.3. - from step b) to g).

Having shareholding with a) The members registered on the NSDL IDeAS facility are requested to follow
National Securities Depository the steps given below:
Ltd (NSDL) i) Log on to eservices.nsdl.com
ii) Go to the IDeAS section and log in through Beneficial Owner using the
existing user ID and password.
iii) Click on “Access to e-voting”.
iv) Click on e-voting.
v) Follow the steps given in Note number 17.3. - from step b) to g).
b) The members not registered on the NSDL IDeAS facility are requested to
follow the steps given below for first-time registration:
i) Go to the IDeAS website: eservices.nsdl.com
ii) Click on ‘Register Online for IDeAS’.
iii) Enter the eight-character depository participant (DP) ID followed by the
eight-digit client ID and registered mobile number.
iv) Select any of the following options for verification of the demat account:
Option 1: Bank account – enter the last four digits of the bank account.
Option 2: One-time password (OTP) – enter the six-digit OTP sent on
the registered mobile number.
v) Fill in personal information and click on ‘Submit’.
vi) Confirm details.
vii) A message ‘Successfully registered’ will appear.
viii) Log on to eservices.nsdl.com
ix) Go to the IDeAS section and log in through Beneficial Owner using the
user ID and password.
x) Click on “Access to e-voting”.
xi) Click on e-voting.
xii) Follow the steps given in Note number 17.3. - from step b) to g).
Log in through Depository a) E-voting can be done through Depository Participant registered with NSDL |
Participants CDSL by using the login credentials of the demat account.
b) Click on the e-voting option and the members are redirected to the NSDL |
CDSL Depository website.
c) Click on the e-voting link to cast the e-vote.
d) Follow the steps given in Note number 17.3. - from step b) to g).
Log in through Depository with Alternatively, the members can directly access e-Voting without registration, through
OTP OTP as below:
a) The members holding shares with CDSL may log in to
www.evotingindia.com and click on “Shareholders | Members”, and enter DP
ID followed by the eight-digit client ID and PAN.
b) The members holding shares with NSDL may log in to
www.evoting.nsdl.com and click on “Shareholder | Member”, and enter the DP
ID followed by the eight-digit client ID.
The system will authenticate the members by sending OTP on registered
mobile numbers and e-mail addresses as recorded with the DPs. After
successful authentication, the members will be provided with the links for
e-voting. Follow the steps given in Note number 17.3. - from step b) to g).
93
Atul Ltd
17.2. The instructions for remote e-voting by members other than those referred to in Note number 17.1 are as under:
a) Log in to the e-voting website: www.evotingindia.com
b) Click on the ‘Shareholders’ tab.
c) Enter the user ID as determined in the following table:
User ID for the members holding shares in the demat the 16-digit beneficiary ID
form with CDSL
User ID for the members holding shares in the demat the eight-character depository participant (DP) ID
form with NSDL followed by the eight-digit client ID
User ID for the members holding shares in the physical form the folio numbers of the shares held in the Company
d) Enter image verification details as displayed on the screen and click on ‘Login’.
17.3. The members who are already registered with CDSL and have exercised e-voting through www.evotingindia.com
earlier may follow the steps given below:
a) Use the existing password.
b) Click on the electronic voting serial number 240511005 of Atul Ltd to vote.
c) The ‘Resolution description’ message will appear on the e-voting page with ‘Yes | No’ options for e-voting. Select
the option ‘Yes’ or ‘No’ as desired. The option ‘Yes’ implies assent and option ‘No’ implies dissent to the resolution.
d) Click on the ‘Resolutions file link’ to view the details.
e) After selecting the resolution, click on the ‘Submit’ tab. A confirmation box will be displayed. To confirm your vote,
click on ‘OK’; else click on ‘Cancel’.
f) After voting on a resolution, the members will not be allowed to modify their votes.
g) A print of the e-voting done may be taken by clicking on the ‘Click here to print’ tab on the e-voting page.
h) In case the members holding shares in the demat form forget their password, they can enter the User ID and the
image verification details and click on ‘Forgot password’ to generate a new one.
17.4. The members (holding shares in demat | physical form) who are not already registered with CDSL and are using the
e-voting facility for the first time may follow the steps given below:
a) Register as under:
i) The members who have already submitted their Permanent Account Number (PAN) to the Company | DP
may enter their 10-digit alpha-numeric PAN issued by the Income Tax department. Others are requested to
use the sequence number in the PAN field. The sequence number is mentioned in the e-communication.
ii) Enter the date of birth (DoB) as recorded in the demat account or in the records of the Company for the said
demat account or folio in the dd | mm | yyyy format or
iii) Enter the dividend bank details (DBD) as recorded in the demat account or in the records of the Company
for the said demat account or folio or
iv) If the DoB or DBD details are not recorded with the DP or the Company, enter the member ID | folio number
in the DBD field as under:
User ID for the members holding shares in the the 16-digit beneficiary ID
demat form with CDSL
User ID for the members holding shares in the the eight-character DP ID followed by the eight-digit
demat form with NSDL client ID
User ID for the members holding shares in the the folio numbers of the shares held in the Company
physical form
b) After entering these details appropriately, click on ‘Submit’.
c) The members holding shares in the physical form will reach the Company selection screen. However, the
members holding shares in the demat form will reach the ‘Password creation’ menu and will have to enter the
login password in the ’new password’ field. It is strongly recommended not to share the password with any
other person and take utmost care to keep it confidential.

d) The members holding shares in the physical form can use login details only for e-voting on the resolutions
contained in this Notice.
e) Click on the electronic voting serial number 240511005 of Atul Ltd to vote.
f) Follow the steps given in Note number 17.3. - from step c) to g).
17.5. Note for the non-individual members and the Custodians:
a) The non-individual members (that is, other than individuals, Hindu Undivided Family, non-resident individuals)
and custodians are required to log on to www.evotingindia.com and register themselves as Corporates.
b) A scanned copy of the registration form bearing the stamp and sign of the entity will be e-mailed by the members
to helpdesk.evoting@cdslindia.com
c) After receiving the login details, a Compliance user will be created using the admin login and password. The
Compliance users will be able to link the account(s) for which they wish to vote.
d) The list of accounts will be e-mailed to helpdesk.evoting@cdslindia.com and on approval of the accounts, votes
can be cast.
e) A scanned copy of the Board Resolution and Power of Attorney issued in favour of the Custodian, if any, will
have to be uploaded in the portable document format in the system for verification by the Scrutiniser.
17.6. The members can also use the mobile application ‘m-Voting’ of CDSL for e-voting using their e-voting credentials.
17.7. The remote e-voting period commences on July 23, 2024 (at 9:00 am) and ends on July 25, 2024 (at 5:00 pm).
During this period, the members holding shares either in physical form or in demat form, as of the cut-off date of
July 19, 2024, may cast their votes electronically. The remote e-voting module will be disabled by CDSL for voting
after the said period. Once the votes on a resolution are cast members who have not cast their votes through remote
e-voting may cast their votes during the AGM by attending the AGM through VC by following the aforesaid process.
17.8. The voting rights of the members will be in proportion to their share of the paid-up equity share capital of the Company
as of the cut-off date of July 19, 2024.
17.9. The instructions for e-voting during the AGM are as under:
a) The facility for voting through ballot | polling paper will not be available. The members attending the AGM
through VC and who have not cast their votes through remote e-voting will be able to exercise their voting rights
during the AGM through the e-voting facility. The members who have already cast their votes through remote
e-voting may attend the AGM, but will not be able to cast their votes again.
b) The procedure for e-voting during the AGM is the same as per the instructions mentioned in Note numbers 17.1.
to 17.5, as the case may be, for remote e-voting.
i) Only those members who will be present at the AGM through VC and have not cast their votes on the
resolutions through remote e-voting and are otherwise not barred from doing so will be eligible to vote
through the e-voting system available in the AGM.
ii) If any votes are cast by the members through e-voting available during the AGM without participating in the
AGM through VC, then the votes cast by such members will be considered invalid as the facility of e-voting
during the AGM is available only to the members participating in the AGM.
17.10. The Company has availed services of Cisco WebEx to provide the VC facility to the members to attend the AGM in
collaboration with CDSL. More than 1,000 members, excluding promoters, large shareholders (holding 2% or more
shares in the Company), Directors, Key Managerial Personnel, Auditors and the Chairmen of Committees of the Board,
can participate in the AGM through VC on a first-come, first-served basis. The instructions for attending the AGM
through VC are as under:
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Atul Ltd
a)
The individual members holding shares in the demat form can log in at any time starting from 10:15 am on
July 26, 2024, as per Note number 17.1.
b) Other members can log in to www.evotingindia.com at any time starting from 10:15 am on July 26, 2024, and
follow the steps mentioned below:
i) Click on the ‘Shareholders | Members’ tab.
ii) The ‘Shareholders | Members’ message will appear, enter your user ID | verification code and click on the
‘Log in’ tab. If the members do not have remote e-voting login credentials, then they may create the same
by following the instructions given in Note number 17.2. to 17.5. as the case may be.
iii) When 'Character validation' is successful - 'kindly enter other login details to proceed’ appears. Enter the
password in the ‘Password’ tab and click on the ‘Submit’ tab.
c) When the ‘Member voting screen’ appears, click on the ‘Click here’ tab on the ‘Live streaming’ column.
d) When the message ‘This is an external link, are you sure you want to continue’ appears, click on the ‘OK’ tab
to proceed.
e) When ‘Event information’ appears, enter your first name and last name and click on the ‘Join now’ tab.
f) When ‘Meeting room joining confirmation’ appears, click on the ‘Join event’ tab.
The members are encouraged to join the meeting through laptops for a better experience. The members will be
required to ensure their devices have high-definition web cameras and high-speed internet connectivity to avoid
any disturbance during the AGM. The participants connecting through mobile devices | tablets | laptops using
mobile hotspots may experience audio | video loss in case of fluctuations in their respective networks. It is therefore
recommended to use a stable Wi-Fi | LAN connection to mitigate such possible glitches.
17.11. The members who wish to express their views | ask questions during the AGM are requested to register themselves
as speakers by providing their names, demat account numbers | folio numbers, e-mail addresses, mobile | telephone
numbers along with questions, if any, to the Company on shareholders@atul.co.in Such requests need to reach the
Company at least seven days before the date of the AGM.
17.12. Those members who have registered themselves as speakers may only be allowed to express their views | ask
questions during the AGM.
17.13. In case of queries or issues regarding e-voting or attending the AGM through VC, the members may refer to the
‘Frequently asked questions’ and e-voting manual available at www.evotingindia.com under the ‘Help’ section. The
members may also contact Mr Rakesh Dalvi, Manager, Central Depository Services (India) Ltd, 25th floor, A Wing,
Marathon Futurex, Mafatlal Mills Compound, N M Joshi Marg, Lower Parel (E), Mumbai 400 013, Maharashtra,
India, e-mail address: helpdesk.evoting@cdslindia.com, telephone: (+91 22) 23058542 | 43 or Ms Pallavi Matre,
National Securities Depository Ltd, 4th floor, Trade World A wing, Kamala Mills Compound, Lower Parel, Mumbai
400 013, Maharashtra, India, e-mail address: evoting@nsdl.co.in, telephone: 1800 1020 990 or Mr Nilesh
Dalwadi, Manager, Link Intime India Pvt Ltd, 506-508, Amarnath Business Center - 1, Umashankar Joshi Marg,
Off C G Road, Ahmedabad 380 006, Gujarat, India, e-mail address: nilesh.dalwadi@linkintime.co.in, telephone:
(+91 79) 26465179 | 86 | 87 or Mr Tejas Panchal, Manager, Atul Ltd, Atul House, G I Patel Marg, Ahmedabad
380 014, Gujarat, India, e-mail address: shareholders@atul.co.in, telephone: (+91 79) 26461294 | 26463706 or
Mr Ankit Patadiya, Manager, Atul Ltd, e-mail address: legal@atul.co.in, telephone: (+91 2632) 230400.
17.14. SPANJ & Associates, Company Secretaries has been appointed as the Scrutiniser to scrutinise the remote e-voting
and the voting process at the AGM, to ensure a fair and transparent process. The Scrutiniser will, within a period, not
exceeding three working days from the conclusion of the e-voting period, unblock the votes in the presence of at least
two witnesses, who are not in the employment of the Company. After which, they will make a Scrutiniser’s report of
the votes cast in favour or against (if any), and forward it to the Chairman of the Company.
17.15. The results will be declared at or after the AGM. The results declared along with the report of the Scrutiniser will be
placed on www.atul.co.in the website of the Company and on www.evotingindia.com the website of CDSL, within
two days of the passing of the resolutions at the AGM and also will be communicated to the BSE Ltd and the National
Stock Exchange of India Ltd.

18. At the ensuing Annual General Meeting, Mr Bharathy Mohanan retires by rotation and being eligible, offers himself for
reappointment. The information or details required as per Regulation 36(3) of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 pertaining to him are as under:
Name Bharathy Mohanan

Date of birth May 26, 1950
Brief résumé Mr Bharathy Mohanan joined the Company on August 29, 1992, and is a Whole-time
Director since January 01, 2009. He is a member of the Corporate Social Responsibility
Committee and the Risk Management Committee of the Board.
Mr Mohanan has 53 years of experience in various capacities and is currently the
President, Utilities and Services and the Occupier. He is also the Managing Director of
Atul Biospace Ltd and Atul Rajasthan Date Palms Ltd.
Mr Mohanan holds a graduate degree in Engineering (Honours) from the University of
Calicut.
Directorship in other Public companies
companies Aasthan Dates Ltd – Chairman
Atul Biospace Ltd – Managing Director
Atul Clean Energy Ltd – Chairman
Atul Finserv Ltd
Atul Rajasthan Date Palms Ltd – Managing Director (up to April 30, 2024)
Atul Seeds Ltd
Biyaban Agri Ltd – Chairman
Raja Dates Ltd – Chairman
Sehat Foods Ltd
Foreign companies
Atul Middle East FZ-LLC
DPD Ltd
Membership in committees Member of committee
of other companies Atul Rajasthan Date Palms Ltd – Nomination and Remuneration Committee
Cessation from Nil
directorship of listed
company in past three
years
Relationship with other None
Directors
Number of shares held in 5,800
the Company
19. At the ensuing Annual General Meeting:

a) Mr Gopi Kannan Thirukonda is proposed to be reappointed as a Whole-time Director effective October 17, 2024.
b) Mr Praveen Kadle is proposed to be appointed as an Independent Director effective May 01, 2024.
The information or details required as per Regulation 36(3) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, pertaining to Mr Gopi Kannan and Mr Kadle are given
in the explanatory statement.
Registered office: By order of the Board of Directors
Atul House
G I Patel Marg (Lalit Patni)
Ahmedabad 380 014, Gujarat Company Secretary and Chief Compliance Officer
India
Corporate identity number: L99999GJ1975PLC002859
April 26, 2024
97
Atul Ltd
Explanatory statement
The following explanatory statement, as required by Section 102 of the Companies Act, 2013 and Regulation 36(5) of
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, sets out
material facts, including the nature and concern or interest of the Directors about item numbers 4, 5 and 6 mentioned in the
accompanying Notice:
Item number 4
The members in the AGM held on July 31, 2019, reappointed Mr Gopi Kannan Thirukonda as a Whole-time Director
of the Company for a period of five years, effective October 17, 2019. The current term of his office is due to expire on
October 16, 2024. It is now proposed to reappoint him as a Whole-time Director of the Company for a further period of three
years commencing on October 17, 2024. On the recommendation of the Nomination and Remuneration Committee, the
Board approved the proposal for his reappointment as a Whole-time Director. His brief résumé is given below:
Name Mr Gopi Kannan Thirukonda

Date of birth March 30, 1959
Brief résumé Mr Gopi Kannan Thirukonda joined the Company on October 29, 1993, and is a Whole-time
Director since October 17, 2014. He is a Member of the Stakeholders Relationship Committee
and the Risk Management Committee of the Board.
Mr Gopi Kannan has 34 years of experience in various capacities and currently heads
Assurance, Finance, Information Technology and Legal functions.
Mr Gopi Kannan is a Member of the Institute of Chartered Accountants of India, the Institute of
Cost and Management Accountants of India and the Institute of Company Secretaries of India
and holds a postgraduate diploma in Management.
companies Amal Ltd
Atul Bioscience Ltd
Atul Finserv Ltd – Chairman
Atul Fin Resources Ltd
Atul Nivesh Ltd
Atul Polymers Products Ltd – Chairman
Atul Rajasthan Date Palms Ltd
Rudolf Atul Chemicals Ltd
Foreign companies
Atul China Ltd – Chairman
Atul Deutschland GmbH – Chairman
Membership in committees Chairman of committee
of other companies Rudolf Atul Chemicals Ltd – Corporate Social Responsibility Committee
Member of committees
Amal Ltd – Corporate Social Responsibility Committee
Amal Ltd – Stakeholders Relationship Committee
Atul Bioscience Ltd – Audit Committee
Rudolf Atul Chemicals Ltd – Audit Committee
Rudolf Atul Chemicals Ltd – Nomination and Remuneration Committee
Cessation from Nil
directorship of listed
company in past three
years
Directors
Number of shares held in 50
the Company
The terms of reappointment of Mr Gopi Kannan are in accordance with applicable provisions of the Companies Act, 2013.

The terms and conditions of the reappointment of Mr Gopi Kannan are set out in the draft agreement, which is placed before
the AGM. The material terms of the draft agreement are as under:
a) Responsibilities:
Mr Gopi Kannan will have responsibility for the overall supervision of Assurance, Finance, Information Technology
and Legal functions. In addition, he will also be responsible for any other duties as may be assigned to him by the
Chairman and Managing Director or the Board.
b) Remuneration:
During tenure, he will be paid remuneration as below:
i) Basic salary of ` 5,42,239 (Rupees five lakhs forty two thousand two hundred and thirty nine only) per month.
The basic salary may be increased from time to time by the Nomination and Remuneration Committee at its
absolute discretion within his contractual period of three years; however, the maximum basic salary payable will
not exceed ` 9,00,000 (Rupees nine lakhs only) per month.
ii) Allowances | Benefits of ` 7,19,423 (Rupees seven lakhs nineteen thousand four hundred and twenty three only)
per month which may be revised from time to time up to ` 11,00,000 (Rupees eleven lakhs only) per month.
iii) Variable pay as per the policy of the Company.
iv) Perquisites
• Housing: the Company will provide residential accommodation with water and electricity or pay house rent
allowance as per its policy.
• Furnishing: the Company will provide furniture and fixtures as per its policy.
• Medical reimbursement: the Company will reimburse medical expenses incurred as per its policy.
• Leave travel assistance: the Company will provide leave travel assistance for self and family once in a year
as per its policy.
• Personal accident insurance | Medical insurance: the Company will provide personal accident insurance and
medical insurance as per its policy.
• Car: the Company will provide a car at its entire cost as per its policy.
• Car driver wages | fuel | maintenance: the Company will reimburse for car driver wages, fuel and maintenance
as per its policy.
• Communication devices: the Company will provide communication devices as per its policy.
v) Retirals
• The Company will contribute towards the provident fund and superannuation fund provided that such
contributions either singly or put together do not exceed the limit prescribed under Section 36(I)(iv) of Income
Tax Act, 1961, read with Rule 87 of Income Tax Rules, 1962.
• The Company will pay gratuity as per its policy. The period worked under this contract will be in the
continuum of the service already considered under the policy.
• The Company will grant full pay and allowances leaves, not exceeding one month for every 11 months of
service. Unavailed accumulated leaves lying unencashed may also be carried forward to the next tenure, if
any.
c) Mr Gopi Kannan will not be entitled to sitting fees for attending meetings of the Board and | or Committees thereof. He
will, however, be reimbursed for the actual travelling, lodging, boarding and out-of-pocket expenses incurred by him
for attending meetings of the Board or Committees thereof.
d) The above remuneration and any alteration thereof from time to time, is subject to the overall limit of 5% of the
annual net profit of the Company. Furthermore, it is subject to the overall limit of 10% of the annual net profit of the
Company as computed under the applicable provisions of the Companies Act, 2013. However, in the event of absence
or inadequacy of profit, Mr Gopi Kannan will be paid minimum remuneration, subject to Schedule V of the Companies
Act, 2013.
e) Mr Gopi Kannan will be entitled to reimbursement of expenses incurred by him in connection with the business of the
Company.
99
Atul Ltd
f) The Directors are at liberty to appoint more than one Whole-time Director.
g) A notice period of six months or payment in lieu thereof will be applicable from either side.
The Board considers that the association of Mr Gopi Kannan will be of immense benefit to the Company. Accordingly, the
Board recommends the resolution in item number 4 in the Notice in relation to the reappointment of Mr Gopi Kannan as a
Whole-time Director for three years for approval by the members as an ordinary resolution.
Memorandum of interest
The nature of the concern or interest of Mr Gopi Kannan, Whole-time Director, is that the above resolution pertains to
his agreement with the Company and he will be receiving the remuneration as stated therein, if approved. None of the
other Directors or Key Managerial Personnel of the Company and their relatives are concerned or interested, financially or
otherwise, in the said resolution.
Item number 5
The Board on the recommendation of the Nomination and Remuneration Committee, appointed Mr Praveen Kadle as an
Additional Director effective May 01, 2024. Subject to the approval of the members, the Board also appointed Mr Kadle, as
an Independent Director for a term of five consecutive years from May 01, 2024 to April 30, 2029.
His brief résumé is as under:
Name Mr Praveen Kadle

Date of birth January 21, 1957
Brief résumé Mr Praveen Kadle joined the Company on May 01, 2024. He is a Member of the Audit Committee
of the Board.
Mr Kadle has about three decades of experience in finance, management, legal, merger and
acquisition, and strategic planning. He held various senior positions in Tata Group and served
as the Founding Managing Director of Tata Capital Ltd for almost a decade and as an Executive
Director (Corporate Affairs) and Chief Financial Officer of Tata Motors Ltd. He is the Managing
Director of Prachetas Capital Pvt Ltd and a Non-executive Director of Tata International Ltd.
Mr Kadle holds a degree in Commerce from the University of Mumbai. He is a Member of the
Institute of Chartered Accountants of India, the Institute of Cost and Management Accountants
of India and the Institute of Company Secretaries of India.
companies Digvi Torqtranfer System Ltd
John Cockerill India Ltd
Persistent Systems Ltd
Tata International Ltd
Tide Water Oil Company India Ltd
Private companies
Beam Global Spirits and Wine (India) Pvt Ltd
Garware Fulflex India Pvt Ltd
International Asset Reconstruction Company Pvt Ltd
Prachetas Capital Pvt Ltd, Managing Director
Quantum Advisors Pvt Ltd
Shankarmahadevan World of Arts Pvt Ltd
Membership in committees Chairman of committees
of other companies Digvi Torqtranfer System Ltd – Stakeholders Relationship Committee
Persistent Systems Ltd – Audit Committee
Persistent Systems Ltd – Investment Committee
Persistent Systems Ltd – Risk Management Committee
Tata International Ltd – Risk Management Committee

Name Mr Praveen Kadle

Member of committees
Digvi Torqtranfer System Ltd – Audit Committee
Digvi Torqtranfer System Ltd – Nomination and Remuneration Committee
John Cockerill India Ltd – Audit Committee
John Cockerill India Ltd – Risk Management Committee
John Cockerill India Ltd – Borrowings Committee
Persistent Systems Ltd – Executive Committee
Tata International Ltd – Audit Committee
Tide Water Oil Company India Ltd – Compensation Committee
Tide Water Oil Company India Ltd – Nomination and Remuneration Committee
Tide Water Oil Company India Ltd – Risk Management Committee
Cessation from directorship Andhra Paper Ltd
of listed company in past
three years
Directors
Number of shares held in Nil
the Company
Mr Kadle, being eligible in terms of Section 149 and other applicable provisions of the Companies Act, 2013, offers himself
for appointment. It is proposed to appoint him as an Independent Director for five consecutive years from May 01, 2024, to
April 30, 2029. A Notice has been received from a member proposing Mr Kadle as a candidate for the office of Director of
the Company.
In the opinion of the Board, Mr Kadle:
a) possesses rich experience and expertise relevant to the Company
b) fulfils the conditions specified in the Companies Act, 2013 and Rules made thereunder
c) is independent of the Management
Given the above, the Board is of the view that his association will be beneficial to the Company.
A copy of the draft letter for the appointment of Mr Kadle as an Independent Director, setting out the terms and conditions will
be available for inspection, without any fee, by the members at the registered office of the Company during normal business
hours on any working day.
Mr Kadle does not hold by himself or together with his relatives two percent or more of the total voting power of the Company.
Accordingly, the Board recommends the resolution in item number 5 in relation to the appointment of Mr Kadle as an
Independent Director for a term of five consecutive years for the approval of the members as a special resolution.
Except for Mr Kadle, being an appointee, none of the other Directors or Key Managerial Personnel of the Company and their
relatives are concerned or interested, financially or otherwise, in the said resolution.
Item number 6
In pursuance of Section 148(3) of the Companies Act, 2013 and Rule 14 of the Companies (Audit and Auditors) Rules, 2014,
the appointment of the Cost Auditors and their remuneration as recommended by the Audit Committee requires approval by
the Board of Directors (Board). The remuneration also requires ratification by the members.
On the recommendation of the Audit Committee, the Board considered and approved the appointment of the Cost Auditors,
R Nanabhoy & Co, Cost Accountants, for conducting cost audit of the applicable products in the category of Bulk Drugs,
Chemicals, Insecticides, Inorganic Chemicals, Organic Chemicals and their derivatives and Polymers at a remuneration of
` 3.56 lakhs plus taxes as applicable and reimbursement of actual travel and out-of-pocket expenses for the financial year
ending on March 31, 2025.
The Board seeks ratification of the aforesaid remuneration by the members and accordingly requests their approval of the
ordinary resolution.
101
Atul Ltd
None of the Directors or Key Managerial Personnel of the Company and their relatives are concerned or interested, financially
or otherwise, in the said resolution.
Registered office: By order of the Board of Directors

Atul House
G I Patel Marg (Lalit Patni)
Ahmedabad 380 014, Gujarat Company Secretary and Chief Compliance Officer
India
Corporate identity number: L99999GJ1975PLC002859
April 26, 2024

Performance trend*
(` cr)
Particulars Ind AS
2023-24 2022-23 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17
Operating results
Net sales 4,301 5,002 4,929 3,460 3,824 3,845 3,052 2,639
Total income 4,492 5,261 5,083 3,616 3,983 3,947 3,186 2,891
EBITDA 696 895 953 950 922 768 511 512
Finance costs 2 2 3 2 2 4 9 21
EBTDA 694 893 950 948 920 764 502 491
Depreciation 184 163 146 120 117 112 105 91
Profit from operations¹ 510 730 804 828 803 652 397 400
Exceptional | Non-recurring items - - - - - - - -
PBT 510 730 804 828 803 652 397 400
Tax 125 178 196 197 163 223 127 115
Net profit 385 552 608 631 640 429 270 285
Dividend (including DDT³)4 74 96 59 - 151 40 33 36
Financial position
Gross block5 2,818 2,485 2,098 1,839 1,595 1,333 1,243 1,118
Net block5 1,871 1,702 1,446 1,295 1,139 988 989 965
Other assets (net) 3,229 2,893 2,943 2,416 1,931 1,662 1,209 1,111
Capital employed 5,100 4,595 4,389 3,711 3,070 2,650 2,198 2,076
Equity share capital 29 30 30 30 30 30 30 30
Other equity 5,060 4,560 4,286 3,681 3,040 2,620 2,168 1,891
Total equity 5,089 4,590 4,316 3,711 3,070 2,650 2,198 1,921
Borrowings (net) - - 73 - - - - 155
Per equity share (`)
Dividend6 25.00 32.50 25.00 20.00 27.50 15.00 12.00 10.00
Book value 1,728 1,555 1,459 1,254 1,035 893 741 648
EPS 130.41 187.05 205.34 212.78 215.82 144.51 91.16 96.18
Key indicators
EBITDA % 16.18 17.89 19.33 27.46 24.11 19.97 16.74 19.40
EBTDA % 16.14 17.85 19.27 27.40 24.06 19.87 16.45 18.61
PBT % 11.86 14.59 16.31 23.93 21.00 16.96 13.01 15.16
Employee cost % 7.46 6.02 5.60 7.20 6.51 5.70 5.93 6.56
Finance costs % 0.05 0.04 0.06 0.06 0.05 0.10 0.29 0.80
Operating cash flow | total 13.88 13.91 4.27 18.71 21.40 10.06 10.21 12.80
revenue %
Asset turnover ratio7 1.65 2.35 2.56 2.16 2.81 3.04 2.60 2.44
RoCE %1 12.52 19.21 23.57 29.56 33.82 32.05 22.38 25.71
RoNW %1 7.96 12.40 15.15 18.61 22.38 17.70 13.11 16.23
Payment to exchequer 774 914 948 698 640 627 442 307
*Standalone financials
Notes:
1
Excluding exceptional items | 2Relates to one-time dividend received, grouped as revenue but excluded from EBITDA above |
3
Dividend distribution tax up to 2019-20 | 4Paid during the year | 5Including capital work-in-progress | 6Proposed | paid for the year |
7
Excluding capital work-in-progress
103
Atul Ltd
(` cr)
Particulars Schedule VI
2015-16 2014-15 2013-14 2012-13 2011-12 2010-11 2009-10 2008-09
Operating results
Net sales 2,403 2,510 2,307 1,964 1,746 1,508 1,168 1,159
Total income 2,652 2,571 2,405 2,022 1,792 1,553 1,204 1,196
EBITDA 485 391 362 268 203 194 143 124
Finance costs 26 24 31 32 43 26 26 41
EBTDA 459 367 331 236 160 168 117 83
Depreciation 62 55 54 49 44 39 37 32
Profit from operations¹ 397 312 277 187 116 129 80 51
Exceptional | Non-recurring items 3 - 20 5 6 10 - (5)
PBT 400 312 297 192 122 139 80 46
Tax 126 95 84 56 34 43 27 10
Net profit 274 217 213 136 88 96 53 36
Dividend (including DDT³)4 30 30 26 21 16 16 14 10
Financial position
Gross block5 945 1,345 1,285 1,202 1,100 1,002 986 967
Net block5 883 578 573 526 474 420 424 443
Other assets (net) 1,011 719 719 585 550 474 355 384
Capital employed 1,894 1,297 1,292 1,111 1,024 894 779 827
Equity share capital 30 30 30 30 30 30 30 30
Other equity 1,562 986 911 726 612 537 454 429
Total equity 1,592 1,016 941 756 642 567 484 459
Borrowings (net) 302 281 351 355 382 327 295 368
Per equity share (`)
Dividend6 10.00 8.50 7.50 6.00 4.50 4.50 4.00 3.00
Book value 537 343 317 255 216 191 163 155
EPS 92.53 73.30 71.74 45.69 29.70 30.34 19.15 12.77
Key indicators
EBITDA % 20.18 15.58 15.69 13.65 11.63 12.86 12.24 10.70
EBTDA % 19.10 14.62 14.35 12.02 9.16 11.14 10.02 7.16
PBT % 16.52 12.43 12.01 9.52 6.64 8.55 6.85 4.40
Employee cost % 6.99 6.14 6.07 6.52 6.70 6.76 8.82 7.85
Finance costs % 1.08 0.96 1.34 1.63 2.46 1.72 2.23 3.54
Operating cash flow | total 14.13 12.33 5.86 8.24 6.73 3.88 8.86 17.23
revenue %
Asset turnover ratio7 3.10 2.02 1.87 1.70 1.67 1.55 1.20 1.22
RoCE %1 30.91 26.76 26.04 21.04 16.93 18.46 13.09 11.19
RoNW %1 20.78 22.18 23.45 18.74 13.56 16.37 11.24 8.95
Payment to exchequer 335 305 267 212 191 167 99 101
Notes:
Excluding exceptional items | 2Relates to one-time dividend received, grouped as revenue but excluded from EBITDA above |
1
Dividend distribution tax | 4Paid during the year | 5Including capital work-in-progress | 6Proposed | paid for the year |
3
Excluding capital work-in-progress

7

Independent Auditor’s Report

To the members of Atul Ltd Key audit matters
04.
Key audit matters are those matters that, in our
Report on the audit of the Standalone Financial
professional judgement, were of most significance in
Statements
our audit of the Standalone Financial Statements of
Opinion the current period. We have determined that there are
01.
We have audited the accompanying Standalone no key audit matters to communicate in our report.
Financial Statements of Atul Ltd (the Company),
Information other than the Financial Statements
which comprise the Balance Sheet as at March 31,
and Auditor’s Report thereon
2024, the Statement of Profit and Loss (including
other comprehensive income), the Statement of 05. The Board of Directors is responsible for the other
Cash Flows and the Statement of changes in equity information. The other information comprises the
for the year then ended and notes to the Standalone information included in the letter to the shareholders,
Financial Statements, including a summary operational highlights, financial charts, Directors’
of material accounting policies and other Report and its annexure, Management Discussion
explanatory information. and Analysis, Corporate Governance Report, Business
Responsibility and Sustainability Report, Dividend
02. In our opinion and to the best of our information and Distribution Policy, and performance trend, but does
according to the explanations given to us, the aforesaid not include the Consolidated Financial Statements, the
Standalone Financial Statements give information Standalone Financial Statements and our Auditor’s
required by the Companies Act, 2013 (the Act) in the Report thereon.
manner so required and give a true and fair view in
conformity with the Indian Accounting Standards 06. Our opinion on the Standalone Financial Statements
prescribed under Section 133 of the Act (Ind AS) does not cover the other information and we do not
and other accounting principles generally accepted express any form of assurance conclusion thereon.
in India, of the state of affairs of the Company as at 07.
In connection with our audit of the Standalone
March 31, 2024, and its profit, total comprehensive Financial Statements, our responsibility is to read the
income, its cash flows and the changes in equity for other information and, in doing so, consider whether
the year ended on that date. the other information is materially inconsistent
with the Standalone Financial Statements or our
Basis for opinion
knowledge obtained during the course of our audit or
03. We conducted our audit of the Standalone Financial
otherwise appears to be materially misstated.
Statements in accordance with the Standards on
Auditing (SAs) specified under Section 143(10) of 08. If, based on the work we have performed, we conclude
the Act. Our responsibilities under those Standards that there is a material misstatement of this other
are further described in the Auditor’s Responsibility information; we are required to report that fact. We
for the audit of the Standalone Financial Statements have nothing to report in this regard.
section of our report. We are independent of the
Responsibility of Management and those charged
Company in accordance with the Code of Ethics
with governance for the Standalone Financial
issued by the Institute of Chartered Accountants of
Statements
India (ICAI) together with the ethical requirements
09. The Board of Directors of the Company is responsible
that are relevant to our audit of the Standalone
for the matters stated in Section 134(5) of the Act
Financial Statements under the provisions of the Act
with respect to the preparation of these Standalone
and the Rules made thereunder and we have fulfilled
Financial Statements that give a true and fair view of
our other ethical responsibilities in accordance with
the financial position, financial performance including
these requirements and the ICAI’s Code of Ethics.
other comprehensive income, cash flows and changes
We believe that the audit evidence obtained by us is
in equity of the Company in accordance with the
sufficient and appropriate to provide a basis for our
accounting principles generally accepted in India,
audit opinion on the Standalone Financial Statements.
including Ind AS specified under section 133 of the
105
Atul Ltd
Act. This responsibility also includes maintenance of for our opinion. The risk of not detecting a
adequate accounting records in accordance with the material misstatement resulting from fraud is
provisions of the Act for safeguarding the assets of higher than for one resulting from error, as fraud
the Company and for preventing and detecting frauds may involve collusion, forgery, intentional
and other irregularities, selection and application of omissions, misrepresentations or the override of
appropriate accounting policies, making judgements internal control.
and estimates that are reasonable and prudent,
b) Obtain an understanding of internal financial
and design, implementation and maintenance of
control relevant to the audit in order to design
adequate internal financial controls, that were
audit procedures that are appropriate in the
operating effectively for ensuring the accuracy and
circumstances. Under Section 143(3)(i) of the
completeness of the accounting records, relevant to
Act, we are also responsible for expressing our
the preparation and presentation of the Standalone
opinion on whether the Company has adequate
Financial Statements that give a true and fair view
internal financial controls with reference to
and are free from material misstatement, whether due Standalone Financial Statements in place and
to fraud or error. the operating effectiveness of such controls.
10. In preparing the Standalone Financial Statements, the c)
Evaluate the appropriateness of accounting
Management and Board of Directors are responsible policies used and the reasonableness of
for assessing the ability of the Company to continue accounting estimates and related disclosures
as a going concern, disclosing, as applicable, matters made by the Management.
related to going concern and using the going concern
basis of accounting unless the Board of Directors d)
Conclude on the appropriateness of use of
either intends to liquidate the Company or to cease the going concern basis of accounting by the
operations, or has no realistic alternative but to do so. Management and based on the audit evidence
obtained, whether a material uncertainty exists
11.
The Board of Directors are also responsible for related to events or conditions that may cast
overseeing the financial reporting process of significant doubt on the ability of the Company to
the Company. continue as a going concern. If we conclude that
a material uncertainty exists, we are required
Auditor’s responsibility for the audit of the
Standalone Financial Statements to draw attention in our Auditor’s Report to the
related disclosures in the Standalone Financial
12.
Our objectives are to obtain reasonable assurance
Statements or, if such disclosures are inadequate,
about whether the Standalone Financial Statements
to modify our opinion. Our conclusions are based
as a whole are free from material misstatement,
on the audit evidence obtained up to the date of
whether due to fraud or error, and to issue an Auditor’s
our Auditor’s Report. However, future events or
Report that includes our opinion. Reasonable
conditions may cause the Company to cease to
assurance is a high level of assurance, but is not a
continue as a going concern.
guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement e) Evaluate the overall presentation, structure and
when it exists. Misstatements can arise from fraud or content of the Standalone Financial Statements,
error and are considered material if, individually or in including the disclosures and whether the
the aggregate, they could reasonably be expected to Standalone Financial Statements represent the
influence the economic decisions of users taken on the underlying transactions and events in a manner
basis of these Standalone Financial Statements. that achieves fair presentation.
13. As part of an audit in accordance with SAs, we exercise Materiality is the magnitude of misstatements in the
professional judgement and maintain professional Standalone Financial Statements that individually or
scepticism throughout the audit. We also: in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
a)
Identify and assess the risks of material Standalone Financial Statements may be influenced.
misstatement of the Standalone Financial We consider quantitative materiality and qualitative
Statements, whether due to fraud or error, factors in i) planning the scope of our audit work and
design and perform audit procedures responsive in evaluating the results of our work and ii) to evaluate
to those risks and obtain audit evidence that the effect of any identified misstatements in the
is sufficient and appropriate to provide a basis Standalone Financial Statements.

We communicate with those charged with governance f) The modification relating to the maintenance of
regarding, among other matters, the planned scope accounts and other matters connected therewith
and timing of the audit and significant audit findings, is as stated in paragraph (b) above.
including any significant deficiencies in internal control
g)
With respect to the adequacy of the internal
that we identify during our audit.
financial controls with reference to the
We also provide those charged with governance with Standalone Financial Statements of the Company
a statement that we have complied with relevant and the operating effectiveness of such controls,
ethical requirements regarding independence and to refer to our separate report in Annexure A.
communicate with them all relationships and other Our report expresses an unmodified opinion
matters that may reasonably be thought to bear on on the adequacy and operating effectiveness
our independence and where applicable, related of the internal financial controls with reference
safeguards. to the Standalone Financial Statements of
From the matters communicated with those charged the Company.
with governance, we determine those matters h) With respect to the other matters to be included
that were of most significance in the audit of the in the Auditor’s Report in accordance with the
Standalone Financial Statements of the current period
requirements of Section 197(16) of the Act, as
and are therefore the key audit matters. We describe
amended, in our opinion and to the best of our
these matters in our Auditor’s Report unless law or
information and according to the explanations
regulation precludes public disclosure about the
given to us, the remuneration paid by the
matter or when, in extremely rare circumstances, we
Company to its Directors during the year is in
determine that a matter should not be communicated
accordance with the provisions of Section 197 of
in our report because the adverse consequences of
the Act.
doing so would reasonably be expected to outweigh
the public interest benefits of such communication. i) With respect to the other matters to be included
in the Auditor’s Report in accordance with
Report on other legal and regulatory requirements Rule 11 of the Companies (Audit and Auditors)
14. As required by Section 143(3) of the Act, based on our Rules, 2014, as amended in our opinion and to
audit we report that: the best of our information and according to the
a) We have sought and obtained all the information explanations given to us:
and explanations which to the best of our i.
The Company has disclosed the impact
knowledge and belief were necessary for the of pending litigations on its financial position
purposes of our audit. in its Standalone Financial Statements.
b)
In our opinion, proper books of account as Refer Note 29.1 to the Standalone
required by law have been kept by the Company Financial Statements.
so far as it appears from our examination of those ii. The Company did not have any long-term
books, except for matters stated in paragraph
contracts including derivative contracts
(i)(vi) below.
for which there were any material
c) The Balance Sheet, the Statement of Profit and foreseeable losses.
Loss including other comprehensive income, the
iii.
There has been no delay in transferring
Statement of Cash Flows and the Statement of
amounts, required to be transferred, to the
changes in equity dealt with by this Report are in
Investor Education and Protection Fund by
agreement with the books of account.
the Company.
d) In our opinion, the aforesaid Standalone Financial
iv. a) The Management has represented that,
Statements comply with the Ind AS specified
to the best of its knowledge and belief,
under Section 133 of the Act.
other than as disclosed in Note 29.20 to
e)
On the basis of the written representations the Standalone Financial Statements,
received from the Directors as on March 31, no funds have been advanced or loaned
2024, taken on record by the Board of Directors, or invested (either from borrowed funds
none of the Directors are disqualified as on March or share premium or any other sources
31, 2024, from being appointed as a Director in or kind of funds) by the Company to or
terms of Section 164(2) of the Act.
107
Atul Ltd
in any other person or entity, including books of account for the year ended March
foreign entities (Intermediaries), with 31, 2024, which has a feature of recording
the understanding, whether recorded audit trail (edit log) facility and the same
in writing or otherwise, that the has operated throughout the year for
intermediary shall, directly or indirectly all relevant transactions recorded in the
lend or invest in other persons or entities software, except that in respect of aforesaid
identified in any manner whatsoever by accounting software, audit trail was not
or on behalf of the Company (ultimate enabled at the database level to log any
beneficiaries) or provide any guarantee, direct data changes.
security or the like on behalf of the
Further, during the course of our audit,
ultimate beneficiaries.
we did not come across any instance of
b)
The Management has represented, audit trail feature being tampered with, in
that, to the best of its knowledge and respect of accounting software for which
belief, no funds have been received by the audit trail feature was operating.
the Company from any person or entity, (Refer Note 29.24 to the Standalone
including foreign entities (funding Financial Statements).
parties), with the understanding,
As proviso to Rule 3(1) of the Companies
whether recorded in writing or
(Accounts) Rules, 2014 is applicable from
otherwise, that the Company shall,
April 1, 2023, reporting under Rule 11 (g) of
directly or indirectly, lend or invest in
the Companies (Audit and Auditors) Rules,
other persons or entities identified
2014 on the preservation of audit trail as
in any manner whatsoever by or on
per the statutory requirements for record
behalf of the Funding Party (ultimate
retention is not applicable for the financial
beneficiaries) or provide any guarantee,
year ended March 31, 2024.
security or the like on behalf of the
ultimate beneficiaries. 15.
As required by the Companies (Auditor’s Report)
Order, 2020 (the Order), issued by the Central
c)
Based on the audit procedures that
Government in terms of Section 143(11) of the Act,
have been considered reasonable
we give in Annexure B, a statement on the matters
and appropriate in the circumstances,
specified in paragraphs 3 and 4 of the Order.
nothing has come to our notice that
has caused us to believe that the
representations under Sub-clause For Deloitte Haskins & Sells LLP
(i) and (ii) of Rule 11(e), as provided Chartered Accountants
under (a) and (b) above, contain any Firm registration number: 117366W|W-100018
material misstatement.
v. The final dividend proposed in the previous Ketan Vora

year, declared and paid by the Company Partner
during the year is in accordance with Section Mumbai Membership Number: 100459
123 of the Act, as applicable. April 26, 2024 UDIN: 24100459BKFASI1123
As stated in Note 29.17 to the Standalone

Financial Statements, the Board of Directors
of the Company have proposed final
dividend for the year which is subject to the
approval of the members at the ensuing
Annual General Meeting. The amount of
dividend proposed declared is in accordance
with Section 123 of the Act, as applicable.
vi. Based on our examination which included

test checks, the Company has used
accounting software for maintaining its

Annexure A to the Independent Auditor’s Report

Referred to in para 14(g) under ‘Report on other legal and with reference to Standalone Financial Statements
regulatory requirements’ section of our report of even date. were established and maintained and if such controls
operated effectively in all material respects.
Report on the internal financial controls with
reference to Standalone Financial Statements 02.
Our audit involves performing procedures to
under Clause (i) of Sub-section 3 of Section 143 of obtain audit evidence about the adequacy of
the Companies Act, 2013 (the Act) the internal financial controls with reference to
Standalone Financial Statements and their operating
We have audited the internal financial controls with effectiveness. Our audit of internal financial controls
reference to Standalone Financial Statements of Atul Ltd over standalone financial reporting included obtaining
(the Company) as of March 31, 2024, in conjunction with an understanding of internal financial controls
our audit of the Standalone Financial Statements of the with reference to standalone financial statements,
Company for the year ended on that date. assessing the risk that a material weakness exists,
Management’s responsibility for internal financial and testing and evaluating the design and operating
controls effectiveness of internal control based on the assessed
risk. The procedures selected depend on the Auditor’s
The Management of the Company is responsible for judgement, including the assessment of the risks of
establishing and maintaining internal financial controls material misstatement of the Standalone Financial
based on the internal control with reference to the Statements, whether due to fraud or error.
Standalone Financial Statements criteria established
by the Company considering the essential components 03. We believe that the audit evidence we have obtained
of internal control stated in the Guidance Note on Audit is sufficient and appropriate to provide a basis for our
of Internal financial controls Over Financial Reporting audit opinion on the internal financial controls system
(the Guidance Note) issued by the Institute of Chartered with reference to Standalone Financial Statements of
Accountants of India (ICAI). These responsibilities include the Company.
the design, implementation and maintenance of adequate Meaning of internal financial controls with reference
internal financial controls that were operating effectively for
to Standalone Financial Statements
ensuring the orderly and efficient conduct of its business,
including adherence to the policies of the Company, the The internal financial controls with reference to Standalone
safeguarding of its assets, the prevention and detection of Financial Statements of a company is a process designed
frauds and errors, the accuracy and completeness of the to provide reasonable assurance regarding the reliability
accounting records and the timely preparation of reliable of financial reporting and the preparation of Standalone
financial information, as required under the Companies Financial Statements for external purposes in accordance
Act, 2013. with the Generally Accepted Accounting Principles. Internal
financial controls with reference to Standalone Financial
Auditor’s responsibility Statements of a Company include those policies and
01. Our responsibility is to express an opinion on the procedures that i) pertain to the maintenance of records
internal financial controls of the Company with that, in reasonable detail, accurately and fairly reflect the
reference to Standalone Financial Statements based transactions and dispositions of the assets of the Company;
on our audit. We conducted our audit in accordance ii) provide reasonable assurance that transactions are
with the Guidance Note issued by the ICAI and the recorded as necessary to permit preparation of Standalone
Standards on Auditing prescribed under Section Financial Statements in accordance with the Generally
143(10) of the Companies Act, 2013, to the extent Accepted Accounting Principles, and that receipts and
applicable to an audit of internal financial controls expenditures of the Company are being made only in
with reference to financial statements. Those accordance with authorisations of Management and
Standards and the Guidance Note require that we Directors of the Company and iii) provide reasonable
comply with ethical requirements and plan and assurance regarding prevention or timely detection of
perform the audit to obtain reasonable assurance unauthorised acquisition, use, or disposition of the assets
about whether adequate internal financial controls of the Company that could have a material effect on the
Standalone Financial Statements.
109
Atul Ltd
Inherent limitations of internal financial controls

with reference to Standalone Financial Statements
Because of the inherent limitations of internal financial
controls with reference to Standalone Financial
Statements, including the possibility of collusion or
improper management override of controls, material
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal
financial controls with reference to Standalone Financial
Statements to future periods are subject to the risk that
the internal financial control with reference to Standalone
Financial Statements may become inadequate because
of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according
to the explanations given to us, the Company has, in all
material respects, an adequate internal financial controls
system with reference to Standalone Financial Statements
and such internal financial controls with reference
to Standalone Financial Statements were operating
effectively as at March 31, 2024, based on the criteria
for internal financial control with reference to Standalone
Financial Statements established by the Company
considering the essential components of internal control
stated in the Guidance Note issued by the ICAI.
For Deloitte Haskins & Sells LLP

Chartered Accountants
Firm registration number: 117366W|W-100018
Ketan Vora
Partner
Mumbai Membership Number: 100459
April 26, 2024 UDIN: 24100459BKFASI1123

Annexure B to the Independent Auditor’s Report

Referred to in paragraph 15 under ‘Report on Other legal items in a phased manner once over a period of
and regulatory requirements’ section of our report of even three years which, in our opinion, is reasonable
date. having regards to size of the Company and nature
of its assets. Pursuant to the program, certain
To the best of our information and explanations provided to
property, plant, and equipment were due for
us by the Company and the books of account and records
verification during the year and were physically
examined by us in the normal course of audit, we state
verified by the Management during the year.
that:
According to the information and explanations
01. a) In respect of the property, plant and equipment given to us, no material discrepancies were
and intangible assets of the Company: noticed on such verification.
i.
The Company has maintained proper c) With respect to immovable properties (other than
records showing full particulars, including properties where the Company is the lessee and
quantitative details and situation of property, the lease agreements are duly executed in favour
plant and equipment (bearer plants, capital of the Company) disclosed in the Standalone
work-in-progress, investment properties Financial Statements included in investment
and relevant details of right-of-use assets). properties, according to the information and
ii.
The Company has maintained proper explanations given to us and the records
records showing full particulars of intangible examined by us and based on the examination
assets. of the registered sale deed | transfer deed |
conveyance deed provided to us, we report that,
b) The Company has a program of verification of the title deeds of such immovable properties
property, plant and equipment, (bearer plants, are held in the name of the Company as at the
capital work-in-progress, investment properties Balance Sheet date, except for the following:
and right-of-use assets) so as to cover all the
Particulars of land Carrying value Held in the name Whether Held since Reason for not
and building as at March of promoter, Director being held in
31, 2024 (` cr) or their relative or the name of the
employee Company
Freehold land 6.63 Various individuals No January 23,2024 Subsequently
name changes is
completed on April
18, 2024
Freehold land 0.15 Atul Products Ltd No February 26, 1992 The Company has
possession of the
purchased land,
and the name
change applications
are under review
by government
authorities.
Freehold land 0.27 Various Individuals No December 21, 2019 An application
for resurvey has
been submitted for
government review
due to a 5% area
disparity between
the old and new
records
111
Atul Ltd
Particulars of land Carrying value Held in the name Whether Held since Reason for not
and building as at March of promoter, Director being held in
31, 2024 (` cr) or their relative or the name of the
employee Company
Freehold Land 4.73 Various individuals No August 24, 2021 The mutation
Others entry for the name
transfer is pending
due to a family
dispute among the
sellers
d) The Company has not revalued any of its property, 03.

The Company has made investments in, provided
plant and equipment (including right-of-use guarantee or security and granted loans, secured or
assets) and intangible assets during the year. unsecured, to companies, limited liability partnership
or any other parties during the year, in respect
e) No proceedings have been initiated during the
of which:
year or are pending against the Company as at
March 31, 2024, for holding any benami property a) The Company has provided unsecured loans and
under the Benami Transactions (Prohibition) Act, stood guarantee during the year and details of
1988 (as amended in 2016) and Rules made which are given below:
thereunder.
Amount (` cr)
02. a) The inventories were physically verified during
Particulars Loans Guarantees
the year by the Management at reasonable
intervals, except goods-in-transit and stocks A. Aggregate amount
lying with third-parties. In our opinion, the granted | provided
coverage and procedure of such verification by during the year:
the Management is appropriate having regard
to the size of the Company and the nature of - Subsidiary companies 67.00 200.00
its operations. In respect of inventory lying with
- Joint operation 1.74 -
third-parties at the year end, written confirmations
have been obtained by the Management and
- Others - Employees 2.28 -
in respect of goods-in-transit, the goods have
been received subsequent to the year end. No B. Balance outstanding
discrepancies of 10% or more in the aggregate as at Balance Sheet
for each class of inventories were noticed on date in respect of the
such physical verification of inventories, when above cases:
compared with the books of account.
- Subsidiary companies 41.53 200.00
b)
The Company has been sanctioned working
capital limits in excess of ` 5 cr in aggregate, - Joint operation 28.97 -
at points of time during the year, from banks
on the basis of security of current assets. In our - Others - Employees 0.47 -
opinion and according to the information and
explanations given to us, the quarterly returns The Company has not made advances in the
or statements comprising (stock statements, nature of loans or provided any security to any
book debt statements and other stipulated entity during the year.
financial information) filed by the Company b)
The investments made, guarantees provided
with such banks are in agreement with the and the terms and conditions of the grant of all
unaudited books of account of the Company the above mentioned loans and advances in the
of the respective quarters. According to the nature of loans and guarantees provided, during
information and explanations given to us, at any the year are, in our opinion, prima facie not
point of time of the year, the Company has not prejudicial to the interest of the Company.
been sanctioned any working capital facility from
financial institutions.

c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest
has been stipulated and the repayments of principal amounts and receipts of interest have been regular as per
stipulation except the following:
Name of the entity Nature Amount Due date Extent of

(` cr) delay (days)
Anaven LLP Principal 1.53 December 31, 2023 91
Anaven LLP Principal 3.05 March 31, 2024 1
Anaven LLP Interest 0.24 October 31, 2023 152
Anaven LLP Interest 0.23 November 30, 2023 122
Anaven LLP Interest 0.24 December 31, 2023 91
Anaven LLP Interest 0.24 January 31, 2024 60
Anaven LLP Interest 0.22 February 29, 2024 31
Anaven LLP Interest 0.24 March 31, 2024 1
Anaven LLP Interest 0.03 March 31, 2024 1
d)
In respect of following loan granted by the f) The Company has not granted any loans either
Company, which has been overdue for more repayable on demand or without specifying
than 90 days as at the Balance Sheet date, as any terms or period of repayment during the
explained to us, the Management has taken year. Hence, reporting under clause (iii)(f) is not
reasonable steps for recovery of the principal applicable.
amounts and interest:
04. In our opinion, the Company has complied with the
Amount (` cr) provisions of Sections 185 and 186 of the Companies
Act, 2013 in respect of loans granted, investments
No. of case Principal Interest Total
made and guarantees provided, as applicable.
overdue overdue overdue
1 1.53 0.64* 2.17 05. The Company has not accepted or is not holding any
deposit or amounts, which are deemed to be deposits
*net of TDS during the year. In respect of unclaimed deposits,
the Company has complied with the provisions of
e) During the year loans aggregating to ` 27 cr fell
Sections 73 to 76 or any other relevant provisions of
due from below mentioned party and fresh loan
the Companies Act, 2013. No order has been passed
aggregating to ` 27 cr were granted to same
by the Company Law Board or the National Company
party to settle the dues of existing loans given to
Law Tribunal or the Reserve Bank of India or any
it during the year. The details of such loans that
Court or any other Tribunal against the Company in
fell due and those granted during the year are
this regard.
stated below:
06. The maintenance of cost records has been specified
Name of Aggregate Percentage of by the Central Government under Section 148(1) of
the party amount (` cr) of the aggregate the Companies Act, 2013. We have broadly reviewed
due of existing to the total
the books of account maintained by the Company
loans settled by loans or
fresh loan advances in the pursuant to the Companies (Cost Records and Audit)
nature of loans Rules, 2014, as amended, prescribed by the Central
granted during Government for maintenance of cost records under
the year Sub-section (1) of Section 148 of the Companies
Atul Act, 2013, and are of the opinion that, the prescribed
Bioscience 27.00* 40.30% cost records have been made and maintained by the
Ltd Company. We have, however, not made a detailed
examination of the cost records with a view to
*The loan has been repaid by the party before the determine whether they are accurate or complete.
year end.
113
Atul Ltd
07. In respect of statutory dues: There were no undisputed amounts payable in
respect of goods and service tax, provident fund
a)
The Company has been generally regular in
payable, employees’ state insurance, income tax,
depositing undisputed statutory dues of the
sales tax, service tax, duty of customs, duty of
year, including goods and service tax, provident
excise, cess and other material statutory dues
fund, employees’ state insurance, income tax,
in arrears as at March 31, 2024, for a period of
sales tax, service tax, duty of customs, duty of
more than six months from the date they became
excise, value added tax, cess, and other material
payable.
statutory dues applicable to it to the appropriate
authorities.
b) Details of statutory dues referred to in Sub clause (a) above which have not been deposited as on March 31,
2024, on account of disputes are given below:
Name of statute Nature of dues Forum where dispute is Period to which the Amount unpaid
pending amount relates (` cr)
Income Tax Act, Income tax Commissioner of Income Various years from AY 10.24
1961 Tax (Appeals) 2009-10 to 2018-19
Income Tax Appellate AY 2010-11 and AY 3.21

Tribunal 2017-18
High Court AY 2002-03 0.02
The Central Excise Excise duty and Commissioner (Appeals) Various year from 1993 0.53
Act, 1944 and Service tax to 2016
Chapter V of the
Finance Act, 1994 Customs, Excise and Various year from 1992 1.64
Service Tax Appellate to 2018
Tribunal
High Court 1994-95 3.53
Customs Act, 1962 Custom duty Commissioner (Appeals) Various year from 3.19
1994-2009
High Court 2017-18 1.76
08.
There were no transactions relating to previously raised on short-term basis have, prima facie, not
unrecorded income that were surrendered or disclosed been used during the year for long-term purposes
as income in the tax assessments under the Income by the Company.
Tax Act, 1961 (43 of 1961) during the year.
e) On an overall examination of the Standalone
09. a) The Company has not defaulted in the repayment Financial Statements of the Company, the
of loans or borrowings or in the payment of
Company has not taken any funds from any
interest thereon to any lender during the year.
entity or person on account of or to meet the
b)
The Company has not been declared willful obligations of its subsidiary companies, associate
defaulter by any bank or financial institution or companies and joint ventures.
government or any government authority.
f)
The Company has not raised loans during
c)
The Company has not taken any term loans the year on the pledge of securities held in its
during the year and there are no outstanding subsidiary or joint venture or associate company.
term loans at the beginning of the year and
10. a) The Company has not issued any of its securities
hence, reporting under clause (ix)(c) of the Order
(including debt instruments) during the year and
is not applicable.
hence reporting under Clause (x)(a) of the Order
d) On an overall examination of the Standalone is not applicable.
Financial Statements of the Company, funds

b) During the year the Company has not made any Directions, 2016) as part of the Group and
preferential allotment or private placement of accordingly reporting under Clause (xvi)(d) of the
shares or convertible debentures (fully or partly or Order is not applicable.
optionally) and hence reporting under Clause (x)
17. The Company has not incurred cash losses during
(b) of the Order is not applicable to the Company.
the financial year covered by our audit and the
11. a) No fraud by the Company and no material fraud immediately preceding financial year.
on the Company has been noticed or reported
18.
There has been no resignation of the Statutory
during the year.
Auditors of the Company during the year.
b)
No report under Sub-section (12) of Section
19. On the basis of the financial ratios, ageing and
143 of the Companies Act, 2013 has been filed
expected dates of realisation of financial assets and
in Form ADT-4 as prescribed under Rule 13 of
payment of financial liabilities, other information
Companies (Audit and Auditors) Rules, 2014
accompanying the Standalone Financial Statements
with the Central Government, during the year
and our knowledge of the Board of Directors and the
and upto the date of this report.
Management plans and based on our examination of
c) As represented to us by the Management, there the evidence supporting the assumptions, nothing has
were no whistleblower complaints received by come to our attention, which causes us to believe that
the Company during the year. any material uncertainty exists as on the date of the
audit report indicating that the Company is not capable
12.
The Company is not a Nidhi Company and hence
of meeting its liabilities existing at the date of Balance
reporting under Clause (xii) of the Order is not
Sheet as and when they fall due within a period of one
applicable.
year from the Balance Sheet date. We, however, state
13. In our opinion, the Company is in compliance with that this is not an assurance as to the future viability
Section 177 and 188 of the Companies Act, 2013 of the Company. We further state that our reporting is
where applicable, for all transactions with the related based on the facts up to the date of the audit report
parties and the details of related party transactions and we neither give any guarantee nor any assurance
have been disclosed in the Standalone Financial that all liabilities falling due within a period of one year
Statements etc. as required by the applicable from the Balance Sheet date, will get discharged by the
accounting standards. Company as and when they fall due.
14. a) In our opinion the Company has an adequate 20. The Company has fully spent the required amount
internal audit system commensurate with the towards Corporate Social Responsibility (CSR)
size and the nature of its business. and there are no unspent CSR amount for the year
b) We have considered, the internal audit reports requiring a transfer to a fund specified in Schedule
issued to the Company during the year and till VII to the Companies Act, 2013 or special account in
date in determining the nature, timing and extent compliance with the provision of Sub-section (6) of
of our audit procedures. Section 135 of the said Act. Accordingly, reporting
under Clause (xx) of the Order is not applicable for
15.
In our opinion, during the year, the Company has the year.
not entered into any non-cash transactions with its
Directors or Directors of its subsidiary companies,
associate company or persons connected with them
and hence provisions of Section 192 of the Companies
Act, 2013 are not applicable.
Ketan Vora
16. a) In our opinion, the Company is not required to be Partner
registered under Section 45-IA of the Reserve Mumbai Membership Number: 100459
Bank of India Act, 1934. Hence, reporting under April 26, 2024 UDIN: 24100459BKFASI1123
Clause (xvi)(a), (b) and (c) of the order is not
applicable.
b)
In our opinion, the Group does not have any
core investment company (as defined in the
Core Investment Companies (Reserve Bank)
115
Atul Ltd
Standalone Balance Sheet as at March 31, 2024

(` cr)
As at As at
Particulars Note March 31, 2024 March 31, 2023
A ASSETS
1. Non-current assets
a) Property, plant and equipment 2 1,652.21 1,345.13
b) Capital work-in-progress 2 217.27 356.31
c) Investment properties 3 3.22 3.22
d) Intangible assets 4 1.32 0.26
e) Financial assets
i) Investments in subsidiary companies and joint venture company 5.1 1,153.39 312.56
ii) Other investments 5.2 896.12 642.86
iii) Loans 6 18.71 678.38
iv) Other financial assets 7 10.47 11.43
f) Income tax assets (net) 29.5 0.31 6.35
g) Other non-current assets 8 36.07 40.75
Total non-current assets 3,989.09 3,397.25
2. Current assets
a) Inventories 9 563.20 647.64
b) Financial assets
i) Investments 5.3 410.41 172.42
ii) Trade receivables 10 848.60 893.86
iii) Cash and cash equivalents 11 8.34 0.16
iv) Bank balances other than cash and cash equivalents mentioned above 12 2.80 2.93
v) Loans 6 53.54 194.60
vi) Other financial assets 7 21.57 24.30
c) Other current assets 8 107.25 97.74
Total current assets 2,015.71 2,033.65
Total assets 6,004.80 5,430.90
B EQUITY AND LIABILITIES
Equity
a) Equity share capital 13 29.46 29.53
b) Other equity 14 5,059.94 4,559.84
Total equity 5,089.40 4,589.37
Liabilities
1. Non-current liabilities
a) Other financial liabilities 15 3.09 2.86
b) Provisions 16 28.72 30.25
c) Deferred tax liabilities (net) 29.5 126.82 86.18
Total non-current liabilities 158.63 119.29
2. Current liabilities
a) Financial liabilities
i) Borrowings 17 10.52 5.41
ii) Trade payables 18
Total outstanding dues of
a) Micro-enterprises and small enterprises 55.15 40.15
b) Creditors other than micro-enterprises and small enterprises 505.52 490.65
iii) Other financial liabilities 15 137.10 127.93
b) Contract liabilities 19 23.32 32.55
c) Other current liabilities 20 9.31 9.09
d) Provisions 16 15.85 16.46
Total current liabilities 756.77 722.24
Total liabilities 915.40 841.53
Total equity and liabilities 6,004.80 5,430.90
The accompanying Notes 1-29 form an integral part of the Standalone Financial Statements.
In terms of our report attached

For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors
T R Gopi Kannan M M Chitale P J Banerjee S S Lalbhai
Ketan Vora (DIN:00048645) (DIN:00101004) (DIN:02985965) (DIN:00045590)
Partner Whole-time Director and CFO Chairman and Managing Director
L P Patni S A Panse R R Iyer S A Lalbhai
Company Secretary (DIN:02599310) (DIN: 00474407) (DIN:00009278)
Managing Director
B N Mohanan B R Arora S D Abhyankar
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director
and President - U&S S A Shah
Mumbai (DIN: 00058019) Mumbai
April 26, 2024 Directors April 26, 2024

Standalone Statement of Profit and Loss

for the year ended on March 31, 2024
(` cr)
Particulars Note 2023-24 2022-23

INCOME
Revenue from operations 21 4,357.70 5,061.78
Other income 22 134.61 199.44
Total income 4,492.31 5,261.22
EXPENSES
Cost of materials consumed 23 2,124.40 2,484.52
Purchases of stock-in-trade 157.48 186.74
Changes in inventories of finished goods, work-in-progress and stock-in-trade 24 91.31 10.74
Employee benefit expenses 25 320.60 301.46
Finance costs 26 2.25 2.12
Depreciation and amortisation expenses 27 184.22 162.85
Other expenses 28 1,102.54 1,382.58
Total expenses 3,982.80 4,531.01
Profit before tax 509.51 730.21
Tax expense
Current tax 29.5 105.49 170.29
Deferred tax 29.5 19.45 7.77
Total tax expense 124.94 178.06
Profit for the year 384.57 552.15
Other comprehensive income
a) Items that will not be reclassified to profit | loss
i) Change in fair value of equity instruments through other
comprehensive income (FVTOCI) 271.65 (110.26)
ii) Remeasurement gain | (loss) on defined benefit plans 0.25 3.72
iii) Income tax related to items above (21.28) 10.87
b) Items that will be reclassified to profit | loss
i) Effective portion of gain | (loss) on cash flow hedges (0.11) (0.54)
ii) Income tax related to item no (i) above 0.03 0.14
Other comprehensive income, net of tax 250.54 (96.07)
Total comprehensive income for the year 635.11 456.08
Earnings per equity share of ` 10 each
Basic earnings (`) 29.11 130.41 187.05
Diluted earnings (`) 29.11 130.41 187.05

Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director
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Atul Ltd
Standalone Statement of changes in equity

A Equity share capital
(` cr)
Particulars Note Amount
As at March 31, 2022 29.61
Changes in equity share capital during the year, pursuant to buy-back 29.18 (0.08)
As at March 31, 2023 29.53
As at March 31, 2024 13 29.46
B Other equity
(` cr)
Particulars Reserves and surplus Items of other Total
comprehensive income other
equity
General Retained Capital FVTOCI Effective
reserve earnings redemption equity portion of
reserve instruments cash flow
hedges
As at March 31, 2022 68.72 3,663.76 0.07 554.03 0.20 4,286.78
Profit for the year - 552.15 - - - 552.15
Other comprehensive income, net of tax - 2.79 - (98.46) (0.40) (96.07)
Total comprehensive income for the year - 554.94 - (98.46) (0.40) 456.08
Transfer to retained earnings on disposal of FVTOCI equity instruments - 1.84 - (1.84) - -
Hedging (gain) | loss reclassified to the Standalone Statement of Profit
and Loss - - - - (0.49) (0.49)
Buy-back of equity shares (refer Note 29.18) (68.72) (17.89) - - - (86.61)
Transferred to capital redemption reserve upon buy-back
(refer Note 29.18) (0.08) 0.08 - - -
Transactions with owners in their capacity as owners:
Dividend on equity shares (refer Note 29.17) - (95.92) - - - (95.92)
As at March 31, 2023 - 4,106.65 0.15 453.73 (0.69) 4,559.84
Profit for the year - 384.57 - - - 384.57
Other comprehensive income, net of tax - 0.19 - 250.43 (0.08) 250.54
Total comprehensive income for the year - 384.76 - 250.43 (0.08) 635.11
Transfer to retained earnings on disposal of FVTOCI equity instruments - - - - - -
Hedging (gain) | loss reclassified to the Standalone Statement of Profit
and Loss - - - - 0.54 0.54
Buy-back of equity shares (refer Note 29.18) - (61.76) - - - (61.76)
(refer Note 29.18) - (0.07) 0.07 - - -
Transactions with owners in their capacity as owners: -
Dividend on equity shares (refer Note 29.17) - (73.78) - - (73.78)
As at March 31, 2024 - 4,355.80 0.22 704.16 (0.24) 5,059.94
Refer Note 14 for nature and purpose of reserves

Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director

Standalone Statement of Cash Flows

(` cr)

A CASH FLOW FROM OPERATING ACTIVITIES
Adjustments for: Non-current assets
Depreciation and amortisation expenses 184.22 162.85
Finance costs 2.25 2.12
Loss | (gain) on disposal of property, plant and equipment (net) 2.29 (0.42)
Loss due to fire of property, plant and equipment - 32.46
Insurance claim - (31.28)
Unrealised exchange rate difference (net) (0.62) 1.81
Bad debts and irrecoverable balances written off 4.76 1.59
Allowance for doubtful debts made | (written back) (0.32) 1.46
Dividend income (24.41) (43.14)
Interest income (74.58) (61.13)
Liabilities no longer required written back (1.29) (3.14)
(Gain) on disposal of current investments measured at FVTPL (net) (15.02) (10.00)
Operating profit before change in operating assets and liabilities 586.79 783.39
Adjustments for:
(Increase) | Decrease in inventories 84.44 53.40
(Increase) | Decrease in non-current and current assets 22.89 188.67
Increase | (Decrease) in non-current and current liabilities 29.11 (116.07)
Cash generated from operations 723.23 909.39
Income tax paid (net of refund) (99.52) (177.39)
Net cash flow from operating activities A 623.71 732.00
B CASH FLOW FROM INVESTING ACTIVITIES
Payments towards property, plant and equipment (including capital advances) (342.96) (449.72)
Purchase of intangible assets (1.60) -
Proceeds from disposal of property, plant and equipment 0.40 0.79
Proceeds from insurance claim 7.00 22.29
Proceeds from sale of equity instruments measured at FVTOCI - 22.04
Purchase of equity instruments measured at FVTOCI - (20.18)
Redemption bonds measured at FVTPL 24.96 9.16
Redemption | (Investment in) of current investments measured at FVTPL (net) (220.82) 377.50
Purchase of preference share of subsidiary companies measured at cost (156.50) -
Purchase of equity instruments of subsidiary companies measured at cost (14.11) (56.67)
Repayments of loans given 199.25 41.33
Disbursements of loans (66.72) (536.73)
Redemption of | (Investment in) bank deposits (net) (0.02) (0.03)
Interest received 63.94 49.55
Dividend received from subsidiary companies 12.68 24.50
Dividend received from joint venture company 2.90 11.68
Dividend received from others 8.83 6.96
Net cash used in investing activities B (482.77) (497.53)
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Atul Ltd
Standalone Statement of Cash Flows

(` cr)

C CASH FLOW FROM FINANCING ACTIVITIES
Disbursements | (Repayments) of current borrowings (net) 5.10 (67.52)
Interest paid (2.25) (2.11)
Dividend on equity shares (73.78) (95.92)
Buy-back of equity shares (including transaction cost) (61.83) (86.69)
Net cash used in financing activities C (132.76) (252.24)
Net increase | (decrease) in cash and cash equivalents A+B+C 8.18 (17.77)
Cash and cash equivalents at the beginning of the year 0.16 17.93
Cash and cash equivalents at the end of the year (refer Note 11) 8.34 0.16
Notes:
i) The above Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in the Ind AS 7 on the Statement of
Cash Flows as notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended.
ii) Reconciliation of changes in liabilities arising from financing activities.
(` cr)
Borrowing at the beginning of the year 5.42 72.94
(Repayment) | Disbursement 5.10 (67.52)
Interest expense 0.03 0.18
Borrowing as at the end of the year 10.52 5.42
iii) Loan and Cumulative redeemable preference shares of ` 670.22 cr and ` 94.50 cr respectively, were converted into non-cumulative
redeemable preference shares of Atul Products Ltd as agreed upon by Atul Ltd and Atul Product Ltd during the year.

Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director

Notes to the Standalone Financial Statements

Background
Atul Ltd (the Company) is a public company limited by shares, incorporated and domiciled in India. Its shares are listed on two
stock exchanges in India; the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The registered office
is located at Atul House, G I Patel Marg, Ahmedabad 380 014, Gujarat, India, and the principal places of manufacturing are
located at Atul, Kharod, Ankleshwar, Gujarat, and Tarapur, Maharashtra, India.
The Company is mainly in the business of Life Science Chemicals and Performance and Other Chemicals and caters to
the needs of varied industries across the world such as Adhesives, Agriculture, Animal Feed, Automobile, Composites,
Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics, Flavour, Food, Footwear, Fragrance, Glass, Home Care,
Horticulture, Hospitality, Paint and Coatings, Paper, Personal Care, Pharmaceutical, Plastic, Polymer, Rubber, Soap and
Detergent, Sport and Leisure, Textile, Tyre and Wind Energy.
Note 1 Material accounting policies

This Note provides a list of the material accounting policies adopted by the Company in preparation of these Standalone
Financial Statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
a) Statement of compliance
The Standalone Financial Statements comply in all material respects with Indian Accounting Standards (Ind AS)
notified under Section 133 of the Companies Act, 2013 (the Act), read with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015, and other relevant provisions of the Act, as amended.
b) Basis of preparation
i) Historical cost convention
The Standalone Financial Statements have been prepared on a historical cost basis except for the following:
• Certain financial assets and liabilities including derivative instruments): measured at fair value
• Defined benefit plans: plan assets measured at fair value
• Biological assets: measured at fair value less cost to sell
ii) The Standalone Financial Statements have been prepared on an accrual and going concern basis.
iii) The accounting policies are applied consistently to all the periods presented in the Standalone Financial Statements.
All assets and liabilities have been classified as current or non-current as per the normal operating cycle of the
Company and other criteria as set out in Division II of Schedule III to the Companies Act, 2013. Based on the nature
of products and the time between the acquisition of assets for processing and their realisation in cash and cash
equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-
current classification of assets and liabilities.
iv) Recent accounting pronouncements:
The Ministry of Corporate Affairs (MCA) notifies new standards or amendments to the existing standards. There is
no such notification which will be applicable from April 01, 2024.
c) Foreign currency transactions

i) Functional and presentation currency
Items included in the Standalone Financial Statements of the Company are measured using the currency of
the primary economic environment in which the Company operates (‘functional currency’). The Standalone
Financial Statements of the Company are presented in Indian currency (`), which is also the functional currency of
the Company.
ii) Transactions and balances
Foreign currency transactions are translated into functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gain | (loss) resulting from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are
generally recognised in the Standalone Statement of Profit and Loss, except that they are deferred in other equity if
they relate to qualifying cash flow hedges. Foreign exchange differences regarded as an adjustment to borrowing
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Atul Ltd
costs are presented in the Standalone Statement of Profit and Loss, within finance costs. All other foreign exchange
gain | (loss) presented in the Standalone Statement of Profit and Loss are on a net basis within other income.
Non-monetary items that are measured at fair value and denominated in a foreign currency are translated using
the exchange rates at the date when the fair value was determined. Translation differences in assets and liabilities
carried at fair value are reported as part of the fair value gain | (loss). Non-monetary items that are measured in
terms of historical cost in a foreign currency are not revalued.
d) Revenue recognition
i) Revenue from operations
Revenue is recognised when control of goods is transferred to a customer in accordance with the terms of the
contract. The control of the goods is transferred upon delivery to the customers either at the factory gate of the
Company or a specific location of the customer or when the goods are handed over to the freight carrier, as per the
terms of the contract. A receivable is recognised by the Company when the goods are delivered to the customer as
this represents the point in time at which the right to consideration becomes unconditional, as only the passage of
time is required before payment is due.
Revenue from services, including those embedded in the contract for the sale of goods, namely, freight and
insurance services mainly in case of export sales, is recognised upon completion of services.
Revenue is measured based on the consideration to which the Company expects to be entitled as per contract
with a customer. The consideration is determined based on the transaction price specified in the contract, net of
the estimated variable consideration. Accumulated experience is used to estimate and provide for the variable
consideration, using the expected value method and revenue is only recognised to the extent that it is highly
probable that a significant reversal will not occur. Contracts with customers are for short-term, at an agreed price
basis having a contracted credit period ranging up to 180 days. The contracts do not grant any rights of return to
the customer. Returns of goods are accepted by the Company only on an exception basis. Revenue excludes any
taxes or duties collected on behalf of government that are levied on sales such as goods and services tax.
Eligible export incentives are recognised in the year in which the conditions precedent are met and there is no
significant uncertainty about the collectability.
ii) Other income
Interest income from financial assets is recognised using the effective interest rate method. The effective interest
rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to the gross carrying amount of a financial asset. When calculating the effective interest rate, the Company
estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example,
prepayment, extension, call and similar options), but does not consider the expected credit losses.
Dividends are recognised in the Standalone Statement of Profit and Loss only when the right to receive payment
is established; it is probable that the economic benefits associated with the dividend will flow to the Company and
the amount of the dividend can be measured reliably.
Insurance claims are accounted for on the basis of claims admitted and to the extent that there is no uncertainty in
receiving the claims.
Lease rental income is recognised on accrual basis.
e) Income tax
Income tax expense comprises current tax and deferred tax. Current tax is the tax payable on the taxable income of
the current period based on the applicable income tax rates. Deferred income tax is recognised using the balance sheet
approach. Deferred income tax assets and liabilities are recognised for deductible and taxable temporary differences
arising between the tax base of assets and liabilities and their carrying amount.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of
the reporting period. The Management periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate, on the basis of
amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts. However, deferred tax liabilities are not recognised if they arise from the initial recognition
of goodwill. Deferred income tax is also not accounted for if it arises from the initial recognition of an asset or liability
in a transaction other than a business combination that at the time of the transaction affects neither accounting profit

nor taxable profit | (tax loss). Deferred income tax is determined using tax rates (and laws) that have been enacted or
substantively enacted by the Standalone Balance Sheet date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
The Company considers reversals of deferred income tax liabilities, projected future taxable income and tax planning
strategies in making the assessment of deferred tax liabilities and realisability of deferred tax assets. Based on the
level of historical taxable income and projections for future taxable income over the periods in which the deferred
income tax assets are deductible, the Management believes that the Company will realise the benefits of those
deductible differences.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the Company has a legally enforceable right to offset and intends either to settle on a net basis or to
realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity respectively.
The Company considered whether it has any uncertain tax positions based on past experience pertaining to income
taxes, including those related to transfer pricing as per Appendix C to Ind AS 12. The Company has determined its tax
position based on tax compliance and present judicial pronouncements and accordingly expects that its tax treatments
will be accepted by the taxation authorities.
The Company determines whether to consider each uncertain tax treatment separately or together with one or more
other uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty. The
Company applies significant judgement in identifying uncertainties over income tax treatments.
f) Government grants
i) Government grants are recognised at their fair value where there is a reasonable assurance that the grant will be
received and the Company will comply with all the attached conditions.
ii) Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities
as deferred income and are credited to profit or loss in proportion to depreciation over the expected lives of the
related assets and presented within other income.
iii) Government grants relating to income are deferred and recognised in the Standalone Statement of Profit and Loss
over the period necessary to match them with the costs that they are intended to compensate and presented
within other income.
iv) Government grants relating to export incentives, refer Note 1 (d).
g) Leases
As a lessee
The Company assesses whether a contract is, or contains a lease, at the inception of the contract. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: i) the contract involves the use of an identified asset, ii) the Company has substantially all of the
economic benefits from the use of the asset through the period of the lease and iii) the Company has the right to direct
the use of the asset.
At the commencement date of the lease, the Company recognises a right-of-use asset and a corresponding lease
liability for all lease arrangements in which it is a lessee, except for short-term leases (leases with a term of twelve
months or less), leases of low-value assets and would remain for contract where the lessee and lessor have the right to
terminate a lease without permission from the other party with no more than an insignificant penalty. The lease expense
of such short-term leases, low-value assets leases and cancellable leases are recognised as an operating expense on
a straight-line basis over the term of the lease.
At the commencement date, lease liability is measured at the present value of the lease payments to be paid during the
non-cancellable period of the contract, discounted using the incremental borrowing rate. The right-of-use assets are
initially recognised at the amount of the initial measurement of the corresponding lease liability, lease payments made
at or before the commencement date less any lease incentives received and any initial direct costs.
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Atul Ltd
Subsequently, the right-of-use asset is measured at cost less accumulated depreciation and any impairment losses.
Lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using effective interest rate method) and reducing the carrying amount to reflect the lease payments made. The
right-of-use asset and lease liability are also adjusted to reflect any lease modifications or revised in-substance fixed
lease payments.
As a lessor
Leases for which the Company is a lessor are classified as finance or operating leases. Whenever the terms of the lease
substantially transfer all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease.
All other leases are classified as operating leases.
Income from operating leases where the Company is a lessor is recognised as income on a straight-line basis over the
lease term unless the receipts are structured to increase in line with the expected general inflation to compensate for the
expected inflationary cost increases. The respective leased assets are included in the Standalone Balance Sheet based
on their nature. Leases of property, plant and equipment where the Company as a lessor has substantially transferred
all the risks and rewards are classified as finance lease. Finance leases are capitalised at the inception of the lease at
the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding
rent receivables, net of interest income, are included in other financial assets. Each lease receipt is allocated between
the asset and interest income. The interest income is recognised in the Standalone Statement of Profit and Loss over the
lease period so as to produce a constant periodic rate of interest on the remaining balance of the asset for each period.
Under combined lease agreements, land and buildings are assessed individually.
h) Property, plant and equipment

Freehold land is carried at historical cost. All other items of property, plant and equipment (PPE) are stated at acquisition
cost net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure
that is directly attributable to the acquisition of the items. Acquisition cost may also include transfers from the equity of
any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
Subsequent costs are included in the carrying amount of the asset or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and the
cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the Standalone
Statement of Profit and Loss during the period in which they are incurred.
An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on the de-recognition of an item of PPE is
determined as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised
in the Standalone Statement of Profit and Loss.
Fruit-bearing plants qualify as Bearer plants under Ind AS 16. Expenditure incurred on cultivation of plantations up to
the date they become capable of bearing fruits are accumulated as Bearer plants under development (Immature) and
then capitalised as a Bearer plants (Mature) to be depreciated over their estimated useful life.
The plantation destroyed due to calamity, disease or any other reasons whether capitalised as a Bearer plant (Mature)
or being carried under Bearer plant under development (Immature) are charged off to the Standalone Statement of
Profit and Loss.
Spare parts, stand-by equipment and servicing equipment are recognised as property, plant and equipment if they are
held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and are
expected to be used during more than one period.
Depreciation methods, estimated useful lives and residual value
The charge with respect to periodic depreciation is derived after determining an estimate of the expected useful life and
the expected residual value of the assets at the end of its useful life. The lives are based on historical experience with
similar assets as well as anticipation of future events, which may impact their life.
Depreciation is computed on a pro-rata basis using the straight-line method from the month of acquisition | installation
until the last completed month before the assets are sold or disposed of.

Estimated useful lives of the assets are as follows:
Asset category Estimated useful life

Buildings (residential, factory, etc) 30 to 60 years
Plant and equipment 1
6 to 20 years
Vehicles1 6 to 10 years
Office equipment and furniture 5 to 10 years
Roads 5 years
Bearer plant 1
40 years

1
The useful lives have been determined based on technical evaluation done by the Management | experts, which are different from
the useful life prescribed in Part C of Schedule II to the Act, in order to reflect the actual usage of the assets. The residual values are
not more than 5% of the original cost of the asset. The residual values, useful lives and method of depreciation of property, plant and
equipment are reviewed annually and adjusted prospectively, if appropriate.
The carrying amount of an asset is written down immediately to its recoverable amount if the carrying amount of the
asset is greater than its estimated recoverable amount.
Land accounted under finance lease is amortised on a straight-line basis over the primary period of lease.
Right-of-use are depreciated over their expected useful lives on the same basis as own assets. However, when there is
no reasonable certainty that ownership will be obtained by the end of the lease term, assets are depreciated over the
shorter of the lease term and their useful lives.
i) Capital work-in-progress
The cost of PPE under construction at the reporting date is disclosed as ‘Capital work-in-progress.’ The cost comprises
purchase price, borrowing cost if capitalisation criteria are met and directly attributable cost of bringing the asset to its
working condition for the intended use. Any trade discount and rebates are deducted in arriving at the purchase price.
Advances paid for the acquisition | construction of PPE which are outstanding at the Balance Sheet date are classified
under the ‘Capital Advances.’
j) Investment properties
Property that is held for long-term rental yields or for capital appreciation or both, and that is not in use by the Company,
is classified as investment property. Land held for a currently undetermined future use is also classified as an investment
property. Investment property is measured at its acquisition cost, including related transaction costs and where
applicable, borrowing costs.
k) Intangible assets
Computer software includes enterprise resource planning application and other costs relating to such software that
provide significant future economic benefits. These costs comprise license fees and cost of system integration services.
Development expenditure qualifying as an intangible asset, if any, is capitalised, to be amortised over the economic life
of the product | patent.
Computer software cost is amortised over a period of three years using the straight-line method.
l) Impairment
The carrying amount of assets other than the land are reviewed at each Standalone Balance Sheet date to assess if
there is any indication of impairment based on internal | external factors. An impairment loss on such assessment is
recognised wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of the
assets is net selling price or value in use, whichever is higher. While assessing value in use, the estimated future cash
flows are discounted to the present value by using weighted average cost of capital. A previously recognised impairment
loss is further provided or reversed depending on changes in the circumstances and to the extent that carrying amount
of the assets does not exceed the carrying amount that will be determined if no impairment loss had previously
been recognised.
m) Cash and cash equivalents

Cash and cash equivalents include cash in hand, demand deposits with bank and other short-term (three months or less
from the date of acquisition), highly liquid investments that are readily convertible into cash and which are subject to an
insignificant risk of changes in value.
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Atul Ltd
n) Statement of cash flows

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of
income or expenses associated with investing or financing cash flows. The cash generated from | (used) in operating,
investing and financing activities of the Company are segregated.
o) Trade receivables
Trade receivables are recognised at the amount of transaction price (net of variable consideration) when the right to
consideration becomes unconditional. These assets are held at amortised cost, using the effective interest rate (EIR)
method where applicable, less provision for impairment based on expected credit loss. Trade receivables overdue more
than 180 days are considered in which there is a significant increase in credit risk.
p) Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year
which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12
months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised
cost using the EIR method.
q) Inventories
Inventories (other than the harvested products of biological assets) are stated at cost and net realisable value, whichever
is lower. Cost is determined on a periodic moving weighted average basis.
Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and
costs necessary to effect the sale.
Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventory to the
present location and condition. Cost includes the reclassification from equity of any gains or losses on qualifying cash
flow hedges relating to purchases of raw materials but excludes borrowing costs.
Due allowances are made for slow | non-moving, defective and obsolete inventories based on estimates made by
the Company.
Items such as spare parts, stand-by equipment and servicing equipment that are not plant and machinery get classified
as inventory.
The harvested product of biological assets of the Company, that is, oil palm Fresh Fruit Bunch (FFB) is initially measured
at fair value less costs to sell on the point of harvest and subsequently measured at the lower of such value or net
realisable value.
r) Investments and other financial assets

Classification and measurement:
The Company classifies its financial assets in the following measurement categories:
i) those to be measured subsequently at fair value (either through other comprehensive income or through profit
or loss)
ii) those measured at amortised cost
iii) those measured at carrying cost for equity instruments of subsidiary companies and joint venture company
The classification depends on the business model of the Company for managing financial assets and the contractual
terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive
income. For investments in debt instruments, this will depend on the business model in which the investment is held. For
investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the
time of initial recognition to account for the equity investments at fair value through other comprehensive income.
Debt instruments:
Initial recognition and measurement
Financial asset is recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial asset is recognised initially at fair value plus, in case the financial asset is not recorded at fair value through
profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Transaction costs of financial
asset carried at fair value through profit or loss are expensed in the Standalone Statement of Profit and Loss.

Subsequent measurement
Subsequent measurement of debt instruments depends on the business model of the Company for managing the
asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company
classifies its debt instruments:
Measured at amortised cost
Financial assets that are held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows that are solely payments of principal and interest are subsequently measured at amortised
cost using the EIR method less impairment, if any, the amortisation of EIR and loss arising from impairment, if any is
recognised in the Standalone Statement of Profit and Loss.
Measured at fair value through other comprehensive income (FVTOCI)
Financial assets that are held within a business model whose objective is achieved by both, selling financial assets
and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured
at fair value through other comprehensive income. Fair value movements are recognised in the OCI. Interest income
is measured using the EIR method and impairment losses, if any are recognised in the Standalone Statement of Profit
and Loss. On derecognition, cumulative gain | (loss) previously recognised in OCI is reclassified from the equity to other
income in the Standalone Statement of Profit and Loss.
Measured at fair value through profit or loss(FVTPL)
A financial asset not classified as either amortised cost or FVTOCI, is classified as FVTPL. Such financial assets are
measured at fair value with all changes in fair value, including interest income and dividend income if any, recognised
as other income in the Standalone Statement of Profit and Loss.
Equity instruments
The Company subsequently measures all investments in equity instruments other than subsidiary, joint venture and
associate companies | entities and joint operation at fair value. The Company has elected to present fair value gains and
losses on such equity investments in other comprehensive income and there is no subsequent reclassification of these
fair value gains and losses to the Standalone Statement of Profit and Loss. Dividends from such investments continue
to be recognised in profit or loss as other income when the right to receive payment is established.
Changes in the fair value of financial assets at fair value through profit or loss are recognised in the Standalone Statement
of Profit and Loss. Impairment losses (and reversal of impairment losses) on equity investments measured at FVTOCI
are not reported separately from other changes in fair value.
Investments in subsidiary companies, associate companies and joint venture company
Investments in subsidiary companies, associate companies and joint venture company are carried at cost less
accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment
is assessed and written down immediately to its recoverable amount. On disposal of investments in subsidiary
companies, associate companies and joint venture company, the difference between net disposal proceeds and the
carrying amounts are recognised in the Standalone Statement of Profit and Loss.
Impairment of financial assets
The Company assesses on a forward-looking basis the expected credit losses associated with its financial assets
carried at amortised cost and FVTOCI debt instruments. The impairment methodology applied depends on whether
there has been a significant increase in credit risk. Note 29.8 details how the Company determines whether there has
been a significant increase in credit risk.
For trade and lease receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial
Instruments, which require expected lifetime losses to be recognised from initial recognition of such receivables. The
Company computes expected lifetime losses based on a provision matrix, which takes into account historical credit loss
experience and is adjusted for forward-looking information.
Derecognition
A financial asset is derecognised only when the Company has transferred the rights to receive cash flows from the
financial asset, the asset expires or the Company retains the contractual rights to receive the cash flows of the financial
asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all
risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised through the
127
Atul Ltd
Standalone Statement of Profit and Loss or other comprehensive income as applicable. Where the Company has not
transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.
Where the Company has neither transferred a financial asset nor retained substantially all risks and rewards of
ownership of the financial asset, the financial asset is derecognised if the Company has not retained control of the
financial asset. Where the Company retains control of the financial asset, the asset continues to be recognised to the
extent of continuing involvement in the financial asset.
Financial liabilities
i) Classification as debt or equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
ii) Initial recognition and measurement
Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument. Financial liabilities are initially measured at the fair value.
iii) Subsequent measurement
Financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Financial
liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value
recognised in the Standalone Statement of Profit and Loss.
iv) Derecognition
A financial liability is derecognised when the obligation specified in the contract is discharged or cancelled or
it expires.
s) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the Standalone Balance Sheet where there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise
the assets and settle the liabilities simultaneously.
t) Derivatives and hedging activities

The Company holds derivative financial instruments such as foreign exchange forward, interest rate swaps, currency
swaps and currency options to mitigate the risk of changes in exchange rates or interest rate. The counterparty for these
contracts is generally a bank.
i) Financial assets or financial liabilities, at fair value through profit or loss
This category has derivative financial assets or liabilities, which are not designated as hedges.
Although the Company believes that these derivatives constitute hedges from an economic perspective, they
may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not
designated a hedge, or is so designated, but is ineffective as per Ind AS 109, is categorised as a financial asset or
financial liability, at fair value through profit or loss.
Derivatives not designated as hedges are recognised initially at fair value and attributable transaction costs
are recognised in net profit in the Standalone Statement of Profit and Loss, when incurred. Subsequent to initial
recognition, these derivatives are measured at fair value through profit or loss and the resulting gains or losses
are included in other income or other expenses. Assets | liabilities in this category are presented as current assets
| current liabilities if they are either held for trading or are expected to be realised within 12 months after the
Standalone Balance Sheet date.
ii) Cash flow hedge
The Company designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate
the risk of foreign exchange exposure on firm commitment and highly probable forecast transactions.
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair
value of the derivative is recognised in other comprehensive income and accumulated in the cash flow hedging
reserve. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in the net
profit in the Standalone Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for
hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold,
terminated or exercised, the cumulative gain | (loss) on the hedging instrument recognised in cash flow hedging
reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction

occurs. The cumulative gain | (loss) previously recognised in the cash flow hedging reserve is transferred to the
Standalone Statement of Profit and Loss upon the occurrence of the related forecasted transaction.
If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging
reserve is reclassified to net profit in the Standalone Statement of Profit and Loss.
u) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on
the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. If not, the fee is deferred until the drawdown occurs.
Borrowings are removed from the Standalone Balance Sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or
transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed,
is recognised in profit or loss as other income | (expense).
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting period.
v) Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings Pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalisation. Other borrowing costs are expensed in the period
in which they are incurred.
w) Provisions and contingent liabilities

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events,
it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. These are reviewed at each year end and reflect the best current estimate. Provisions are not recognised for
future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined
by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that
reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the
provision due to the passage of time is recognised as interest expense.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the Company or a present obligation that arises from past events where it is either not probable that an
outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
x) Employee benefits
i) Defined benefit plan
• Gratuity
Gratuity liability is a defined benefit obligation and is computed on the basis of an actuarial valuation by an
actuary appointed for the purpose as per the projected unit credit method at the end of each financial year.
The liability or asset recognised in the Standalone Balance Sheet in respect of defined benefit gratuity plans
is the present value of the defined benefit obligation at the end of the reporting period less the fair value of
plan assets. The liability so provided is paid to a trust administered by the Company, which in turn invests in
eligible securities to meet the liability as and when it becomes due for payment in future. Any shortfall in the
value of assets over the defined benefit obligation is recognised as a liability with a corresponding charge to
the Standalone Statement of Profit and Loss.
129
Atul Ltd
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows with reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate at the beginning of the period to the net
balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee
benefit expense in the Standalone Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions
are recognised in the period in which they occur directly in other comprehensive income. They are included in
retained earnings in the Statement of changes in equity and in the Standalone Balance Sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments
are recognised immediately in profit or loss as past service cost.
• Provident fund
Provident fund for certain eligible employees is managed by the Company through the Atul Products Ltd
- Ankleshwar Division Employees Provident Fund Trust in line with the Employees’ Provident Funds and
Miscellaneous Provisions Act, 1952. The plan guarantees interest at the rate notified by the provident fund
authorities. The contributions by the employer and employees together with the interest accumulated thereon
are payable to employees at the time of their retirement or separation from the Company, whichever is earlier.
The benefits vest immediately on rendering of the services by the employee. Any shortfall in the fair value
of assets over the defined benefit obligation is recognised as a liability, with a corresponding charge to the
Standalone Statement of Profit and Loss.
ii) Defined contribution plan
Contributions to defined contribution schemes such as contribution to provident fund, superannuation fund,
employees state insurance scheme, national pension scheme and labour welfare fund are charged as an expense
to the Standalone Statement of Profit and Loss based on the amount of contribution required to be made as and
when services are rendered by the employees. The above benefits are classified as defined contribution schemes
as the Company has no further defined obligations beyond the monthly contributions.
iii) Short-term employee benefits
All employee benefits payable within 12 months of service such as salaries, wages, bonus, ex-gratia, medical
benefits, etc, are recognised in the year in which the employees render the related service and are presented as
current employee benefit obligations. Termination benefits are recognised as an expense as and when incurred.
Short-term employee benefits are provided at an undiscounted amount during the accounting period based on
service rendered by employees.
iv) Other long-term employee benefits
The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service. They are therefore measured as the present
value of expected future payments to be made in respect of services provided by employees up to the end of the
reporting period using the projected unit credit method. The benefits are discounted using the market yields at the
end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements
as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.
y) Research and Development expenditure

Expenditure on research is recognised as an expense when it is incurred. Expenditure on development which does
not meet the criteria for recognition as an intangible asset is recognised as an expense when it is incurred. Items of
property, plant and equipment and acquired intangible assets utilised for research and development are capitalised and
depreciated in accordance with the policies stated for property, plant and equipment and intangible assets.
z) Earnings per share

Earnings per share (EPS) is calculated by dividing the net profit or loss for the period attributable to equity shareholders
by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted EPS, the net profit for the period attributable to equity shareholders and the
weighted average number of equity shares outstanding during the period are adjusted for the effects of all dilutive
potential equity shares.

aa) Ordinary shares

Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of Ordinary
shares, share options and buy-back are recognised as a deduction from equity, net of any tax effects.
Critical estimates and judgements
Preparation of the Standalone Financial Statements requires the use of accounting estimates, judgements and assumptions,
which by definition, will seldom equal the actual results. Appropriate changes in estimates are made as the Management
becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the Standalone
Financial Statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the
Standalone Financial Statements. This Note provides an overview of the areas that involve a higher degree of judgements
or complexity and of items that are more likely to be materially adjusted due to estimates and assumptions turning out to be
different than those originally assessed. Detailed information about each of these estimates and judgements is included in
relevant notes together with information about the basis of calculation for each affected line item in the Standalone Financial
Statements.
The areas involving critical estimates or judgements are:
i) Estimation for income tax: Note 1 (e)
ii) Estimation of useful life of tangible assets: Note 1 (h)
iii) Estimation of provision for inventories: Note 1 (q)
iv) Allowance for credit losses on trade receivables: Note 1 (o)
v) Estimation of claims | liabilities: Note 1 (w)
vi) Estimation of defined benefit obligations: Note 1 (x)
vii) Fair value measurements: Note 29.7
viii) Impairment: Note 1 (l)
131
Note 2 Property, plant and equipment and capital work-in-progress
132
(` cr)
Atul Ltd
Particulars Land - Right- Buildings2 Plant and Vehicles Office Roads Bearer Total Capital
freehold of-use equipment equipment plants work-in-
leasehold and progress3
land1 furniture
Gross carrying amount
As at March 31, 2022 70.69 3.93 244.34 1,566.28 10.58 10.78 14.89 0.73 1,922.22 173.44
Additions 1.54 - 71.85 186.83 3.85 2.68 0.98 - 267.73 457.06

Disposals, transfers and
adjustments - 0.04 (14.97) (47.18) (1.49) 0.58 (0.07) - (63.09) (274.19)
As at March 31, 2023 72.23 3.97 301.22 1,705.93 12.94 14.04 15.80 0.73 2,126.86 356.31
Additions 9.40 - 22.35 442.51 4.22 9.47 5.50 - 493.45 356.01
adjustments - - (1.06) (20.63) (1.82) - - - (23.51) (495.05)
As at March 31, 2024 81.63 3.97 322.51 2,127.81 15.34 23.51 21.30 0.73 2,596.80 217.27
Depreciation | Amortisation
Up to March 31, 2022 - 0.41 51.76 581.88 2.53 0.77 12.61 0.06 650.02 -
For the year - 0.05 8.94 148.04 2.36 2.22 0.69 0.02 162.32 -
adjustments - 0.03 (3.02) (27.25) (0.86) 0.56 (0.07) - (30.61) -
Up to March 31, 2023 - 0.49 57.68 702.67 4.03 3.55 13.23 0.08 781.73 -
For the year - 0.05 10.52 167.00 2.71 2.40 0.98 0.02 183.68 -
adjustments - - (1.94) (17.34) (1.53) - (0.01) - (20.82) -
Up to March 31, 2024 - 0.54 66.26 852.33 5.21 5.95 14.20 0.10 944.59 -
Net carrying amount
As at March 31, 2024 72.23 3.48 243.54 1,003.26 8.91 10.49 2.57 0.65 1,345.13 356.31
As at March 31, 2024 81.63 3.43 256.25 1,275.48 10.13 17.56 7.10 0.63 1,652.21 217.27
Notes:
1
The Company has taken on lease a parcel of land from Gujarat Industrial Development Corporation for a period of 99 years with an option to extend the lease by another 99 years
on expiry of lease at a rental that is 100% higher than the prevailing rent. It has considered that such a lease of land transfers substantially all of the risks and rewards incidental to
ownership of land.
2
Includes premises on ownership basis of ` 1.10 cr (March 31, 2023: ` 1.10 cr) and cost of fully paid share in co-operative society of ` 2,000 (March 31, 2023: ` 2,000).
3
Capital work-in-progress mainly comprises addition | expansion projects in progress.
Refer Note 17 (c) for information on property, plant and equipment hypothecated | mortgaged as security by the Company.
refer Note 29.2 for disclosure of contractual commitment for the acquisition of property, plant and equipment.
According to the assessment of the Management, there are no events or changes in circumstances that suggest impairment of property, plant and equipment as per Ind AS 36
‘Impairment of Assets’. Consequently, no provision for impairment has been recorded.
Capital work-in-progress ageing
(` cr)
Particulars As at March 31, 2024 As at March 31, 2023
Less than 1-2 years 2-3 years More than Total Less than 1-2 years 2-3 years More than Total
1 year 3 years 1 year 3 years
Corporate Overview
Projects in progress 160.33 46.84 6.96 3.14 217.27 305.73 43.74 4.68 2.16 356.31
Projects temporarily suspended - - - - - - - - - -
160.33 46.84 6.95 3.14 217.27 305.73 43.74 4.68 2.16 356.31
Capital work-in- progress (Projects in progress) whose completion is overdue

(` cr)
Statutory Reports
Less than 1-2 years 2-3 years More than Less than 1-2 years 2-3 years More than
Project 1 16.00 - 102.00 - -
Project 2 1.00 - 11.00 - -
Project 3 - 53.00 - - -
Project 4 45.00 - 16.00 - -
Project 5 4.00 12.00 - - -
Project 6 - 1.00 - - -
Project 7 - - 8.00 - -
Project 8 72.00 - - - -
Project 9 9.00 - - - -
147.00 - - - 66.00 137.00 - -
133
Title deeds of immovable properties not held in name of the Company
134
As at March 31, 2024
Atul Ltd
Relevant line item in the Balance Description Gross Title deeds held in the name of Whether title deed Property held since Reason for not being
Sheet of item of carrying holder is a promoter | which date held in the name of the
property value Director | employee | Company
(` cr) relative of promoter,
director or employee
Property, plant and equipment Land and 6.63 Pranit Bhejendra Patel No January 23, 2024 Subsequently name
Building Pranav Bhejendra Patel changes is completed on

April 18, 2024.
Property, plant and equipment Land 3.13 Ashokbhai Bhikhubhai Desai No August 24, 2021
The mutation entry for
the name transfer is
Property, plant and equipment Land 0.49 Ashokbhai Bhikhubhai Desai No August 24, 2021 pending due to a family
dispute among
the sellers.
Property, plant and equipment Land 0.27 Harisingh Tejasingh Rathod No December 21, 2019 An application
for resurvey has
been submitted for
government review due
to a 5% area disparity
between the old and
new records.
Property, plant and equipment Land 0.07 Atul Products Ltd No February 26, 1992 The Company has
possession of the allotted
Property, plant and equipment Land 0.06 Atul Products Ltd No February 26, 1992
land, and the name
Property, plant and equipment Land 0.02 Atul Products Ltd No February 26, 1992 change applications
are under review by
government authorities.
11.78
Relevant line item in the Description Gross Title deeds held in the name of Whether title deed Property held since Reason for not being
Balance Sheet of item of carrying holder is a promoter | which date held in the name of the
property value Director | employee | Company
(` cr) relative of promoter,
director or employee
The mutation entry for
Corporate Overview
the name transfer is
Property, plant and equipment Land 0.49 Ashokbhai Bhikhubhai Desai No August 24, 2021 pending due to a family
dispute among
the sellers.
Property, plant and equipment Land 0.27 Harisingh Tejasingh Rathod No December 21, 2019 An application
for resurvey has
been submitted for
government review due
Statutory Reports
to a 5% area disparity
between the old and
new records.
Property, plant and equipment Land 1.09 Nitaben Shailen Desai No March 25, 2023 Application for name
transfer submitted.
Property, plant and equipment Land 0.07 Atul Products Ltd No February 26, 1992 The Company has
possession of the
Property, plant and equipment Land 0.06 Atul Products Ltd No February 26, 1992
allotted land, and
Property, plant and equipment Land 0.02 Atul Products Ltd No February 26, 1992 the name change
applications are
under review by
government authorities.
Property, plant and equipment Building 0.01 Atul Products Ltd No March 31, 1968 Application for name
transfer submitted.
6.25
135
Atul Ltd
(` cr)
Note 3 Investment properties As at As at
March 31, 2024 March 31, 2023
Land - freehold
Gross carrying amount 3.22 3.22
Net carrying amount 3.22 3.22
a) Amount recognised in the Standalone Statement of Profit and Loss for investment properties
The Company has classified parcels of freehold land held for currently undeterminable future use as investment
properties. There are no amounts pertaining to these investment properties recognised in the Standalone
Statement of Profit and Loss, since the Company does not receive any rental income, incur any depreciation or other
operating expenses.
b) The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or
enhancements of investment properties.
c) Fair value
(` cr)
Particulars As at As at
March 31, 2024 March 31, 2023
Investment properties 101.90 89.32
101.90 89.32
Estimation of fair value

The Company obtains valuations from independent registered valuers for its investment properties at least annually. The
best evidence of fair value is current prices in an active market for similar properties. Where such information is not available,
the valuer considers information from a variety of sources, including current prices in an active market for investment
properties of different nature or recent prices of similar investment properties in less active markets, adjusted to reflect
those differences.
All resulting fair value estimates for investment properties are included in level 3.
(` cr)
Note 4 Intangible assets Computer software
As at March 31, 2023 1.89
Additions -
As at March 31, 2023 1.89
Additions 1.60
As at March 31, 2024 3.49
Amortisation
Up to March 31, 2023 1.11
Amortisation charged for the year 0.52
Up to March 31, 2023 1.63
Amortisation charged for the year 0.54
Up to March 31, 2024 2.17
Net carrying amount
As at March 31, 2023 0.26
As at March 31, 2024 1.32

(` cr)
Note 5.1 Investments in subsidiary Face As at As at
companies and joint venture company value1 March 31, 2024 March 31, 2023
Number of Amount Number of Amount
shares shares
a) Investment in equity instruments
(fully paid-up)
Subsidiary companies | joint venture
company measured at cost
Quoted
In subsidiary company measured at cost
Amal Ltd2, 3 10 1,70,130 18.82 1,70,130 18.82
Unquoted
In foreign subsidiary companies
measured at cost
Atul Brasil Quimicos Ltd R$ 1 7,04,711 2.03 7,04,711 2.03
Atul China Ltd US$
4,10,000 1 0.92 1 0.92
Atul Deutschland GmbH € 1,00,000 1 - 1 -
Atul Europe Ltd £1 32,88,911 24.14 32,88,911 24.14
Atul Middle East FZ-LLC AED 1,000 300 0.51 300 0.51
Atul USA Inc US$ 1,000 2,000 6.29 2,000 6.29
In Indian subsidiary companies measured

at cost
Aasthan Dates Ltd 10 20,98,000 2.10 20,98,000 2.10
Atul Adhesives Pvt Ltd (formerly known as
Anchor Adhesives Pvt Ltd) 10 5,86,155 2.28 5,86,155 2.28
Atul Bioscience Ltd 10 2,90,21,868 52.57 2,90,21,868 52.57
Atul Biospace Ltd 10 1,10,30,365 13.36 1,10,30,365 13.36
Atul Finserv Ltd 100 48,35,249 156.46 46,09,600 142.45
7 5,00,000 5.00 5,00,000 5.00
Atul Healthcare Ltd 10 22,67,000 22.77 22,67,000 22.77
Atul Lifescience Ltd 10 94,994 0.10 4,994 0.00
Atul Products Ltd 10 49,99,994 5.00 49,99,994 5.00
Atul Rajasthan Date Palms Ltd 1,000 30,001 3.00 30,001 3.00
Biyaban Agri Ltd 10 10,91,100 1.09 10,91,100 1.09
Raja Dates Ltd 10 40,95,500 4.10 40,95,500 4.10
In joint venture company measured

at cost
Rudolf Atul Chemicals Ltd 10 29,18,750 6.13 29,18,750 6.13
b) Investment in preference shares

(fully paid-up)
Subsidiary company measured at
amortised cost
Unquoted
9.50% Non-cumulative redeemable
preference shares of Atul Product Ltd4 10 82,67,18,500 826.72 - -
1,153.39 312.56
137
Atul Ltd
(` cr)
Note 5.2 Other investments Face As at As at
value1 March 31, 2024 March 31, 2023
Number Amount Number Amount
of shares of shares
a) Investment in equity instruments
(fully paid-up)
Other companies measured at FVTOCI
Quoted
Arvind Fashions Ltd 4 15,96,105 72.33 15,96,105 44.64
Arvind Ltd 10 41,27,471 111.63 41,27,471 35.08
Arvind SmartSpaces Ltd 10 4,12,747 28.80 4,12,747 11.66
BASF India Ltd 10 2,61,396 87.23 2,61,396 59.48
ICICI Bank Ltd 2 1,09,026 11.92 1,09,026 9.56
Novartis India Ltd 5 3,74,627 38.53 3,74,627 21.12
Pfizer Ltd 10 9,58,927 402.26 9,58,927 332.47
The Anup Engineering Ltd 10 1,52,869 48.27 1,52,869 15.31
Unquoted
Bhadreshwar Vidyut Pvt Ltd5 0.19 7,95,000 - 7,95,000 -
BEIL Infrastructure Ltd6 10 70,000 0.07 70,000 0.07
Narmada Clean Tech6 10 7,15,272 0.72 7,15,272 0.72
b) Investment in government or trust securities

measured at amortised cost
6 Years National Savings Certificates
(deposited with government departments) - 0.01 - 0.01
c) Investment in bonds measured at FVTPL

(quoted) - 94.35 - 112.74
896.12 642.86
(` cr)
Note 5.3 Current investment As at As at
March 31, 2024 March 31, 2023
Unquoted
Investment in mutual funds measured at FVTPL 410.41 172.42
410.41 172.42
Aggregate amount of investments and market value thereof:

(` cr)
March 31, 2024 March 31, 2023
Aggregate carrying value of quoted investments3 914.14 660.88
Aggregate market value of quoted investments 901.43 645.15
Aggregate carrying value of unquoted investments 1,545.78 466.96
Aggregate amount of impairment in value of investments - -
¹In ` and fully paid unless otherwise stated | 2Subsidiary company by virtue of control | 3Book value includes equity component of ` 18.12 cr
(March 31, 2023: ` 18.12 cr) recognised on 0% preference shares and interest free loans given to Amal Ltd carried at amortised cost | 4Loan
and cumulative redeemable preference shares of ` 670.22 cr and ` 94.50 cr respectively, were converted into non-cumulative redeemable
preference shares of Atul Products Ltd, as agreed upon by Atul Ltd and Atul Product Ltd during the year |5Under liquidation |6Investments
in BEIL Infrastructure Ltd and Narmada Clean Tech which are for operation purpose and the Company has to hold it till the production site
continues. The Company estimates that the fair value of these investments are not materially different as compared to its cost.


(` cr)
Note 6 Loans As at As at
March 31, 2024 March 31, 2023
Non-current Current Non-current Current
Loan to group entities (refer Note 29.4 and 29.13)
a) Considered good - secured 12.20 18.52 24.40 29.58
b) Considered good - unsecured1 6.51 35.02 653.98 165.02
18.71 53.54 678.38 194.60
1
Loan of ` 670.22 cr were converted into non-cumulative redeemable preference shares of Atul Products Ltd as agreed upon
by Atul Ltd and Atul Product Ltd during the year.
(` cr)
Note 7 Other financial assets As at As at
March 31, 2024 March 31, 2023
a) Security deposits for utilities and premises 1.42 0.80 1.56 0.80
b) Finance lease receivables (refer Note 29.12) 9.05 1.82 9.87 2.02
c) Other receivables (including discount receivable) - 17.25 - 19.41
10.47 19.87 11.43 22.23
d) Interest receivables (refer Note 29.4) - 2.99 - 2.07
Less: Provision for doubtful interest receivable - (1.29) - -
- 1.70 - 2.07
10.47 21.57 11.43 24.30
(` cr)
Note 8 Other assets As at As at
March 31, 2024 March 31, 2023
a) Capital advances 5.20 - 16.67 -
b) Advances other than capital advance
i) Security deposits 0.00 - 0.00 -
ii) Others - 29.46 - 28.19
c) Balances with government authorities 30.87 71.19 24.08 62.93
d) Other receivables (including prepaid expenses) - 6.60 - 6.62
36.07 107.25 40.75 97.74
(` cr)
Note 9 Inventories As at As at
March 31, 2024 March 31, 2023
a) Raw materials and packing materials 138.83 139.96
Add: Goods-in-transit 27.78 17.72
166.61 157.68
b) Work-in-progress 119.12 164.38
c) Finished goods 220.88 265.05
d) Stock-in-trade 8.92 10.80
e) Stores, spares and fuel 45.59 48.30
47.67 49.73
563.20 647.64
Notes:
Measured at the lower of cost and net realisable value
Refer Note 17 (c) for information on inventories have been offered as security against the working capital facilities provided by the bank
Amounts provided in the Standalone Statement of Profit and Loss of ` 4.21 cr (March 31, 2023: ` 7.46 cr)
139
Atul Ltd
(` cr)
Note 10 Trade receivables 1 As at As at
March 31, 2024 March 31, 2023
a) Undisputed trade receivables considered good - unsecured
i) Related parties (refer Note 29.4) 214.65 254.26
ii) Others 632.47 638.61
b) Which have significant increase in credit risk
i) Related parties (refer Note 29.4) 1.70 0.24
ii) Others 13.14 14.42
861.96 907.53
Less: Allowance for doubtful debts (refer Note 29.8)2 (13.36) (13.67)
848.60 893.86
Notes:
1
Refer Note 17 (c) for information on trade receivables have been offered as security against the working capital facilities provided by
the bank
2
Allowance for doubtful debts written off | recognised (including expected credit loss) in the Standalone Statement of Profit and Loss of
` (0.31) cr (March 31, 2023: ` 1.45 cr)
Trade receivables ageing

(` cr)
No. Particulars As at March 31, 2024
Outstanding for following period from due date
Not due Less than 6 months-1 1-2 2-3 years More than Total
6 months year years 3 years
1. Undisputed trade receivables:
considered good 717.23 129.88 - - - - 847.11
which have significant
increase in credit risk - - 4.60 5.96 0.30 3.00 13.86
3. Disputed trade receivables:
increase in credit risk - - - - - 0.99 0.99
Allowance for doubtful debts* - - (3.11) (5.96) (0.30) (3.99) (13.36)
717.23 129.88 1.49 - - - 848.60
*Allowance for doubtful debts include expected credit loss provision
(` cr)
Not due Less than 6 months- 1-2 2-3 years More than Total
6 months 1 year years 3 years
considered good 754.20 138.67 - - - - 892.87
which have significant increase
in credit risk - - 7.36 1.65 0.79 2.93 12.73
in credit risk - - - - - 1.93 1.93
Allowance for doubtful debts* - (7.05) - (0.97) (0.79) (4.86) (13.67)
754.20 131.62 7.36 0.68 - - 893.86
*Allowance for doubtful debts include expected credit loss provision

(` cr)
Note 11 Cash and cash equivalents As at As at
March 31, 2024 March 31, 2023
a) Balances with banks
In current accounts 8.13 -
b) Cash on hand 0.21 0.16
8.34 0.16
There are no repatriation restrictions with regard to cash and cash equivalents.
(` cr)
Note 12 Bank balances other than cash and cash equivalents above As at As at
March 31, 2024 March 31, 2023
a) Earmarked unpaid dividend accounts 2.67 2.81
b) Unclaimed interest on public deposit 0.00 0.00
c) Short-term bank deposit with maturity between 3 to 12 months 0.13 0.12
2.80 2.93
Note 13 Equity share capital As at As at

March 31, 2024 March 31, 2023
Number of ` cr Number of ` cr
shares shares
a) Authorised
Equity shares of ` 10 each 8,00,00,000 80.00 8,00,00,000 80.00
80.00 80.00
b) Issued
29.47 29.54
c) Subscribed
Equity shares of ` 10 each, fully paid 2,94,41,755 29.44 2,95,13,755 29.51
d) Forfeited shares
Amount originally paid-up on forfeited shares 29,991 0.02 29,991 0.02
29.46 29.53
a) Rights, preferences and restrictions
The Company has one class of shares referred to as equity shares having a par value of ` 10 each.
i) Equity shares
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining
assets of the Company, after distribution of all preferential amounts and preference shares, if any. The distribution
will be in proportion to the number of equity shares held by the shareholders.
Each holder of equity shares is entitled to one vote per share.
ii) Dividend
The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board is subject to the
approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
b) Shares reserved for allotment at a later date
56 equity shares are held in abeyance due to disputes at the time of earlier rights issues.

141
Atul Ltd
c) Details of shareholders holding more than 5% of equity shares

No. Name of the shareholder As at As at
March 31, 2024 March 31, 2023
Holding % Number Holding % Number
of shares of shares
1. Aagam holdings Pvt Ltd 22.60% 66,54,100 22.55% 66,54,100
2. Arvind Farms Pvt Ltd 9.50% 27,96,208 9.47% 27,96,208
3. Life Insurance Corporation of India 5.49% 16,17,151 * 6,84,858
*Shareholding is below 5% as at March 31, 2023
d) Reconciliation of the number of shares outstanding and the amount of equity share capital
March 31, 2024 March 31, 2023
shares shares
Balance as at the beginning of the year1 2,95,43,746 29.53 2,96,17,042 29.61
Less: Buy-back of equity shares (refer Note 29.18) 72,000 0.07 73,296 0.08
Balance as at the end of the year 1
2,94,71,746 29.46 2,95,43,746 29.53
1
Includes 29,991 forfeited shares and amount of ` 0.02 cr
e) Shareholding of promoters
No. Name of the promoter As at As at

March 31, 2024 March 31, 2023
Number of % of total % change Number of % of total % change
shares shares during the year shares shares during the year
01. Aagam holdings Pvt Ltd 66,54,100 22.60% - 66,54,100 22.55% 0.00%
02. Arvind Farms Pvt Ltd 27,96,208 9.50% - 27,96,208 9.47% -
03. Aagam Agencies Pvt Ltd (formerly known
as Adhigam Investments Pvt Ltd) 11,95,000 4.06% - 11,95,000 4.05% -
04. Aayojan Resources Pvt Ltd 6,15,460 2.09% - 6,15,460 2.09% 0.16%
05. Akshita holdings Pvt Ltd 4,64,800 1.58% 0.09% 4,64,400 1.57% -
06. Adhinami Investments Pvt Ltd 4,55,700 1.55% 0.08% 4,55,350 1.54% -
07. Anusandhan Investments Ltd 2,35,100 0.80% 0.04% 2,35,000 0.80% -
08. Samvegbhai Arvindbhai Lalbhai* 2,07,814 0.71% 2.69% 2,02,377 0.69% -
09. Samvegbhai Arvindbhai (On behalf of
Samvegbhai Arvindbhai Lalbhai HUF) 1,14,943 0.39% - 1,14,943 0.39% -
10. Sunil Siddharth Lalbhai 93,326 0.32% - 93,326 0.32% 1.69%
11. Saumya Samvegbhai Lalbhai 74,070 0.25% - 74,070 0.25% (57.45%)
12. Swati S Lalbhai 63,450 0.22% - 63,450 0.21% (0.08%)
13. Vimla S Lalbhai** 25,750 0.09% (58.04%) 61,370 0.21% (6.99%)
14. Taral S Lalbhai 51,591 0.18% - 51,591 0.17% 3.13%
15. Samvegbhai Arvindbhai Lalbhai (On
behalf of Ankush Trust) 50,000 0.17% - 50,000 0.17% 100%
behalf of Adwait Trust) 50,000 0.17% - 50,000 0.17% 100%
17. Anamikaben Samveghbhai Lalbhai 47,199 0.16% - 47,199 0.16% -
18. Swati Siddharth Lalbhai (On behalf of
Siddharth Family Trust)** 35,620 0.12% 100% - 0.00% -
19. Sunil Siddharth Lalbhai (On behalf of Sunil
Siddharth HUF) 31,544 0.11% - 31,544 0.11% -
20. Astha Lalbhai 20,500 0.07% - 20,500 0.07% -
21. Hansa Niranjanbhai* 562 0.00% (90.63%) 5,999 0.02% -


March 31, 2024 March 31, 2023
shares shares during the year shares shares during the year
22. Nishtha Sunilbhai Lalbhai 5,500 0.02% - 5,500 0.02% -
23. Sanjaybhai Shrenikbhai Lalbhai (On behalf
of Arvindbhai Lalbhai Family Trust) 3,653 0.01% - 3,653 0.01% -
24. Sunil Siddharth Lalbhai (On behalf of
Vimla Siddharth Family Trust) 2,724 0.01% - 2,724 0.01% 154.58%
25. Swati Siddharth Lalbhai (On behalf of
Sunil Lalbhai Employees Trust 1) 2,000 0.01% - 2,000 0.01% -
26. Lalbhai Dalpatbhai HUF 1,169 0.00% - 1,169 0.01% -
27. Sheth Narottambhai Lalbhai 495 0.00% - 495 0.00% -
*Includes 5,437 shares held on behalf of Manini Niranjan Trust in capacity of a Trustee as at March 31, 2024 (March 31, 2023: Hansa
Niranjanbhai was a Trustee).
**Includes 35,620 shares held on behalf of Siddharth Family Trust in capacity of a Trustee as at March 31, 2023.
(` cr)
Note 14 Other equity As at As at
March 31, 2024 March 31, 2023
Summary of other equity balance
a) Retained earnings 4,355.80 4,106.65
b) Capital redemption reserve 0.22 0.15
c) Other reserves
i) FVTOCI equity instruments 704.16 453.73
ii) Effective portion of cash flow hedges (0.24) (0.69)
5,059.94 4,559.84
Refer Standalone Statement of changes in equity for detailed movement in other equity balance.
Nature and purpose of reserves

a) Retained earnings
Retained earnings are the profits that the Company has earned till date, less, any transfers to general reserve, any
transfers from or to other comprehensive income, dividends or other distributions paid to shareholders.
b) Capital redemption reserve
In accordance with Section 69 of the Companies Act, 2013, the Company has created capital redemption reserve equal
to the nominal value of the shares bought back as an appropriation from the general reserve.
c) FVTOCI equity instruments
The Company has elected to recognise changes in the fair value of certain investments in equity securities in other
comprehensive income. These changes are accumulated within the FVTOCI equity instruments reserve within equity.
The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are
derecognised.
d) Cash flow hedge reserve
The Company uses hedging instruments as part of its management of foreign currency risk associated with its highly
probable forecast sale and inventory purchases and interest rate risk associated with variable interest rate borrowings.
For hedging foreign currency risk, the Company uses foreign currency forward contracts, foreign currency option
contracts and interest rate swaps. They are designated as cash flow hedges to the extent these hedges are effective,
the change in fair value of the hedging instrument is recognised in the cash flow hedging reserve. Amounts recognised
in the cash flow hedging reserve is reclassified to profit or loss when the hedged item affects profit or loss (for example,
sales and interest payments). When the forecast transaction results in the recognition of a non-financial asset (for
example, inventory), the amount recognised in the cash flow hedging reserve is adjusted against the carrying amount
of the non-financial asset.
143
Atul Ltd
(` cr)
Note 15 Other financial liabilities As at As at
March 31, 2024 March 31, 2023
a) Employee benefits payable - 50.92 - 42.77
b) Security deposits - 38.16 - 35.98
c) Unclaimed dividends* - 2.67 - 2.81
d) Creditors for capital goods - 43.57 - 43.59
e) Derivative financial liabilities designated as hedges (net) - 0.11 - 0.54
f) Other liabilities 3.09 1.67 2.86 2.24
3.09 137.10 2.86 127.93
*There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at March 31, 2024.
(` cr)
Note 16 Provisions As at As at
March 31, 2024 March 31, 2023
a) Provision for compensated absences 28.72 9.74 30.25 8.09
b) Others {refer i(b) and ii below} - 6.11 - 8.37
28.72 15.85 30.25 16.46
i) Information about individual provisions and significant estimates
a) Compensated absences
The Compensated absences cover the liability for sick and earned leave. Out of the total amount disclosed above,
the amount of ` 9.74 cr (March 31, 2023: ` 8.09 cr) is presented as current since the Company does not have
an unconditional right to defer settlement for any of these obligations. However, based on past experience, the
Company does not expect all employees to take the full amount of accrued leave or require payment within the
next 12 months.
b) Others

Regulatory and other claims
The Company has provided for certain regulatory and other charges for which it has received claims. The provision
represents the unpaid amount that it expects to incur | pay for which the obligating event has already arisen as on
the reporting date.
Effluent disposal
The Company has provided for expenses it estimates to incur for safe disposal of effluent in line with the regulatory
framework it operates in. The provision represents the unpaid amount it expects to incur for which the obligating
event has already arisen as on the reporting date.
ii) Movements in provisions
(` cr)
March 31, 2024 March 31, 2023
Regulatory and Effluent Regulatory and Effluent
other claims disposal other claims disposal
Balance as at the beginning of the year 4.78 3.59 29.91 6.31
Less: Utilised - (3.59) (25.13) (6.31)
Provision made during the year - 1.33 - 3.59
Balance as at the end of the year 4.78 1.33 4.78 3.59

Note 17 Borrowings
(` cr)
Particulars Maturity Terms of Interest As at As at
repayment rate p.a. March 31, 2024 March 31, 2023
Non- Current Non- Current
current current
Secured
Cash credit loan from banks Short-term Repayable 8.60% to 9.45%

repayable on demand on demand (March 31, 2023:
9.00% to 9.25%) - 10.52 - 5.41
- 10.52 - 5.41
a) Security details:
Working capital loans repayable on demand from banks (March 31, 2024: ` 10.52 cr, March 31, 2023: ` 5.41) is
secured by hypothecation of tangible current assets, namely, inventories and book debts of the Company as a whole
and also secured by second and subservient charge on immovable and movable assets of the Company to the extent of
individual bank limit as mentioned in joint consortium documents. This also extends to guarantees and letters of credit
given by the bankers aggregating to ` 221.19 cr (March 31, 2023: ` 200.08 cr).
b) The quarterly returns or statements comprising (stock statements, book debt statements and other stipulated financial
information) filed by the Company with such banks or financial institutions are in agreement with the books of account
of the Company of the respective quarters.
c) The carrying amount of assets hypothecated | mortgaged as security for borrowing limits are
(` cr)
March 31, 2024 March 31, 2023
i) Property, plant and equipment excluding leasehold land, certain lands
and Buildings 1,648.78 1,341.65
ii) Inventories 563.20 647.64
iii) Trade receivables 848.60 893.86
iv) Current assets other than inventories and trade receivables 139.96 125.13
Total assets as security 3,200.54 3,008.28
(` cr)
Note 18 Trade payables As at As at
March 31, 2024 March 31, 2023
a) Total outstanding dues of micro-enterprises and small enterprises
(refer Note 29.14) 55.15 40.15
b) Total outstanding dues of creditors other than micro-enterprises and
small enterprises
i) Related party (refer Note 29.4)
Acceptances 9.62 5.30
Payables 34.59 24.23
ii) Others 461.31 461.12
560.67 530.80
145
Atul Ltd
Trade payables ageing

(` cr)
Outstanding for following periods from due date of payment
Unbillied Not due Less than 1-2 2-3 More Total
1 year years years than 3
years
1. MSME - 47.67 7.48 - - - 55.15
2. Others 96.60 375.97 32.95 - - - 505.52
96.60 423.64 40.43 - - - 560.67
(` cr)
Unbillied Not due Less than 1-2 2-3 More Total
1 year years years than 3
years
1. MSME - 40.15 - - - - 40.15
2. Others 94.80 328.53 67.32 - - - 490.65
94.80 368.68 67.32 - - - 530.80
(` cr)
Note 19 Contract liabilities As at As at
March 31, 2024 March 31, 2023
Advances received from customers 23.32 32.55
23.32 32.55
(` cr)
Note 20 Other current liabilities As at As at

March 31, 2024 March 31, 2023
a) Statutory dues 9.31 9.07
b) Others - 0.02
9.31 9.09

(` cr)
Note 21 Revenue from operations 2023-24 2022-23
Sale of products 4,228.26 4,809.76
Sale of services1 73.12 191.78
Scrap sales 14.17 13.62
Revenue from contracts with customers 4,315.55 5,015.16
Export incentives 42.15 46.62
4,357.70 5,061.78
1
Includes ` 61.01 cr (2022-23: ` 183.37 cr) on account of freight and insurance in sale of goods on CIF, which are identified as separate
performance obligation under Ind AS 115.
Disaggregation of revenue from contracts with customers:
(` cr)
Sale of goods | services
Life Science Chemicals 1,257.29 1,476.67
Domestic 701.82 631.82
Export 555.47 844.85
Performance and Other Chemicals 3,272.86 3,822.04
Domestic 1,965.04 2,170.00
Export 1,307.82 1,652.04
Others 2.46 3.89
4,532.61 5,302.60
Inter-segment revenue 217.06 287.44
4,315.55 5,015.16
Reconciliation of revenue from contracts with customers recognised at contract price:

(` cr)
Contract price 4,415.13 5,089.53
Adjustments for:
Consideration payable to customers - discounts1 (93.71) (83.20)
Contract price allocated to unsatisfied performance obligation for sale of services (net)2 (5.87) 8.83
1
Consideration payable to customers like discounts and price reductions offered to customers are estimated on specific identified basis and
reduced from the contract price when the Company recognises revenue from the transfer of the related goods or services to the customer
and the entity pays or promises to pay the consideration.
2
Unsatisfied performance obligation for sale of services comprises revenue from insurance and freight services for exports in-progress as
at March 31, 2024, of ` 13.41 cr, net of revenue recognised for such services for similar contracts in-progress as at March 31, 2023, for
` 7.54 cr. The revenue for exports in-progress as at March 31, 2024, will be recognised in 2024-25 upon completion of the exports.

147
Atul Ltd
(` cr)
Note 22 Other income 2023-24 2022-23
Dividends
Dividends from equity investments measured at FVTOCI 8.83 6.96
Dividends from equity investments measured at cost 15.58 36.18
24.41 43.14
Interest income
Interest income from financial assets measured at amortised cost 66.67 52.48
Interest income from financial assets measured at FVTPL 8.72 9.16
Interest from others 0.01 0.02
75.40 61.66
Other non-operating income
Insurance claim received 4.76 38.21
Lease income 3.08 2.27
(Loss) | Gain on disposal of property, plant and equipment 0.02 0.27
Gain on investments measured at FVTPL 15.02 10.00
Net exchange rate difference gain | (loss) 3.38 36.31
Miscellaneous income 8.54 7.58
34.80 94.64
134.61 199.44
(` cr)
Note 23 Cost of materials consumed 2023-24 2022-23
Raw materials and packing materials consumed
Stocks at commencement 139.97 185.44
Add: Purchase 2,123.26 2,439.05
2,263.23 2,624.49
Less: Stocks at close 138.83 139.97
2,124.40 2,484.52
(` cr)
Note 24 Changes in inventories of finished goods, work-in-progress
2023-24 2022-23
and stock-in-trade
Stocks at close
Finished goods 220.88 265.05
Work-in-progress 119.12 164.38
Stock-in-trade 8.92 10.80
348.92 440.23
Less: Stocks at commencement
440.23 450.97
(Increase) | Decrease in stocks 91.31 10.74
(` cr)
Note 25 Employee benefit expenses 2023-24 2022-23
Salaries, wages and bonus (refer Note 29.6) 288.27 270.71
Contribution(net) to provident and other funds (refer Note 29.6) 21.62 19.53
Staff welfare 10.71 11.22
320.60 301.46

(` cr)
Note 26 Finance costs 2023-24 2022-23

Interest on borrowings 0.03 0.18
Interest on financial liabilities at amortised cost 1.77 1.59
Interest on others 0.40 0.28
Other borrowing costs 0.05 0.07
2.25 2.12
(` cr)
Note 27 Depreciation and amortisation expenses 2023-24 2022-23

Depreciation on property, plant and equipment (refer Note 2) 183.68 162.33
Amortisation of intangiable assets (refer Note 4) 0.54 0.52
184.22 162.85
(` cr)
Note 28 Other expenses 2023-24 2022-23
Power, fuel and water 476.63 613.15
Freight charges 139.29 252.69
Manpower services 73.27 65.07
Consumption of stores and spares 40.77 50.33
Conversion and plant operation charges 52.98 57.24
Plant and equipment repairs 89.41 88.41
Building repairs 37.95 38.35
Sundry repairs 11.86 12.36
Rent 2.92 2.81
Rates and taxes 1.91 2.00
Insurance 24.40 22.18
Commission 13.78 15.99
Auditor's remuneration 1
0.78 0.66
Travelling and conveyance 21.93 19.23
Directors' fees and travelling 0.41 0.35
Directors' commission (other than the Executive Directors) 0.90 1.02
Provision for doubtful debts (net) (0.31) 1.45
Loss on assets sold, discarded or demolished 2.30 32.32
Expenditure on Corporate Social Responsibility initiatives (refer Note 29.15) 15.32 15.83
Miscellaneous expenses 91.29 89.55
1,102.54 1,382.58
Details of Auditors’ remuneration are as follows:
1
149
Atul Ltd
(` cr)
Remuneration to the Statutory Auditors
a) Audit fees 0.56 0.48
b) Tax audit fees 0.13 0.11
c) Other matters 0.02 0.01
d) Out of pocket expenses 0.03 0.03
Remuneration to the Cost Auditors
0.78 0.66
Note 29.1 Contingent liabilities and guarantees

a) Claims against the Company not acknowledged as debts in respects of
(` cr)
March 31, 2024 March 31, 2023
i) Customs duty 1.94 1.94
ii) Excise duty 0.67 0.67
iii) Income tax 7.56 8.01
iv) Others (contract and labour matters) 3.36 1.44
The regulatory claims are under litigation at various forums. The Company expects the outcome of the above matters to be
in its favour and has, therefore, not recognised provision in relation to these claims. The above excludes interest | penalty
unless demanded by the authorities.
b) The Company has given guarantees aggregating ` 200 cr (March 31, 2023: Nil) in favour of HDFC Bank and Federal
Bank for ` 100 cr each (March 31, 2023: Nil) guaranteeing the financial liability of a subsidiary Atul Products Ltd, for the
purpose of availing banking facility for working capital, operational and project expenditure requirement.
Note 29.2 Commitments
a) Capital commitments
Capital expenditure contracted for at the end of the reporting period, but not recognised as liabilities, is as follows:
(` cr)
March 31, 2024 March 31, 2023
Estimated amount of contracts remaining to be executed and not provided for
(net of advances)
Property, plant and equipment 61.80 88.45
b) The Company has provided letters of financial support to its two subsidiary companies.

Note 29.3 Research and development

Details of expenditure incurred on approved in-house Research and Development facilities:
(` cr)
Capital expenditure 57.60 1.99
Revenue expenditure 33.96 31.22
91.56 33.21
Note 29.4 Related party disclosures

Note 29.4 (A) Related party information
Name of the related party and nature of relationship
No. Name of the related party Description of relationship
01. Aaranyak Urmi Ltd1
02. Aasthan Dates Ltd
03. Amal Ltd2
04. Amal Speciality Chemicals Ltd1
05. Atul Aarogya Ltd
06. Atul Adhesives Pvt Ltd (formely known as Anchor Adhesives Pvt Ltd)
07. Atul Ayurveda Ltd
08. Atul Bioscience Ltd
09. Atul Biospace Ltd
10. Atul Brasil Quimicos Ltda
11. Atul China Ltd
12. Atul Clean Energy Ltd
13. Atul Crop Care Ltd
14. Atul Deutschland GmbH
15. Atul Entertainment Ltd
16. Atul Europe Ltd
17. Atul Finserv Ltd
18. Atul Fin Resources Ltd1
19. Atul Healthcare Ltd
20. Atul Consumer Products Ltd
21. Atul Hospitality Ltd
22. Atul Infotech Pvt Ltd1
23. Atul Ireland Ltd1
24. Atul Lifescience Ltd
25. Atul Middle East FZ-LLC
26. Atul Natural Dyes Ltd
27. Atul Natural Foods Ltd
28. Atul Nivesh Ltd1
29. Atul Paints Ltd
30. Atul Polymers Products Ltd
31. Atul Products Ltd
32. Atul Rajasthan Date Palms Ltd1
151
Atul Ltd
Note 29.4 Related party disclosures (continued)

33. Atul Renewable Energy Ltd
34. Atul (Retail) Brands Ltd
35. Atul Seeds Ltd
36. Atul USA Inc
37. Biyaban Agri Ltd
38. DPD Ltd1 Subsidiary companies
39. Jayati Infrastructure Ltd
40. Osia Dairy Ltd
41. Osia Infrastructure Ltd
42. Raja Dates Ltd
43. Sehat Food Ltd
44. Valsad Institute of Medical Sciences Ltd1 Associate Company
45. Rudolf Atul Chemicals Ltd Joint venture company
46. Anaven LLP Joint operation of subsidiary company
47. Aagam holdings Pvt Ltd Entity over which control is exercised by
48. Crawford Bayley & Co3 Key Management Personnel
49. Key management personnel
Sunil Lalbhai Chairman and Managing Director
Samveg Lalbhai Managing Director
Bharathy Mohanan Whole-time Director and President - U&S
Gopi Kannan Thirukonda Whole-time Director and CFO
Susim Datta Non-executive Director
Mukund Chitale Non-executive Director
Subhalakshmi Panse Non-executive Director
Baldev Arora Non-executive Director
Pradeep Banerjee Non-executive Director
Rangaswamy Iyer Non-executive Director
Sharadachandra Abhyankar Non-executive Director
Sujal Shah Non-executive Director
50. Close family members of key management personnel
Vimla Lalbhai Mother of Sunil Lalbhai
Swati Lalbhai Sister of Sunil Lalbhai
Astha Lalbhai Daughter of Sunil Lalbhai
Saumya Lalbhai Son of Samveg Lalbhai
Nishtha Lalbhai Daughter of Sunil Lalbhai
51. Welfare funds
Atul Foundation Health Center
Atul Foundation Trust Entities over which Key Management
Atul Kelavani Mandal Personnel or their Close family members
Atul Rural Development Fund have significant influence
Atul Vidyalaya Trust
Urmi Stree Sanstha


52. Other related parties
Atul Ltd Employees Gratuity Fund
Atul Products Ltd-Ankleshwar Division Employees' Provident Fund Trust Post-employment benefit plan of Atul Ltd
The Atul Officers Retirement Benefit Fund
Investments held through subsidiary companies | 2Subsidiary company by virtue of control | 3Up to July 28, 2023.
1
(` cr)
Note 29.4 (B) Transactions with subsidiary companies 2023-24 2022-23
a) Sales and income
1. Sale of goods 567.54 827.30
Aaranyak Urmi Ltd 0.00 0.01
Amal Ltd 0.01 0.40
Amal Speciality Chemicals Ltd 0.18 0.24
Atul Bioscience Ltd 39.03 68.88
Atul Biospace Ltd 2.02 3.11
Atul China Ltd 155.10 173.91
Atul Europe Ltd 99.27 119.78
Atul Ireland Ltd 1.38 1.60
Atul Middle East FZ-LLC 0.01 3.04
Atul Products Ltd 5.75 0.68
Atul USA Inc 264.69 455.55
Osia Infrastructure Ltd 0.10 0.10
2. Service charges received 10.09 10.22
Amal Ltd 1.37 1.12
Atul Consumer Products Ltd 0.02 0.03
Atul Crop Care Ltd 0.07 0.08
Atul Finserv Ltd 0.06 0.06
Atul Infotech Pvt Ltd 0.08 0.07
3. Interest received 61.06 45.11
Atul Finserv Ltd 1.43 -
Atul Rajasthan Date Palms Ltd 0.46 0.04
4. Lease rent received 0.47 0.50
153
Atul Ltd
(` cr)
Atul Natural Dyes Ltd 0.00 0.00
Atul Natural Foods Ltd 0.00 0.00
Atul Renewable Energy Ltd 0.00 0.00
5. Brand usage charges 0.04 0.17
Atul Aarogya Ltd 0.00 0.00
Atul Ayurveda Ltd 0.00 0.00
Atul Consumer Products Ltd 0.00 -
Atul Clean Energy Ltd 0.00 0.00
Atul Entertainment Ltd 0.00 0.00
Atul Fin Resource Ltd 0.00 0.00
Atul Hospitality Ltd 0.00 0.00
Atul Nivesh Ltd 0.00 0.00
Atul Paints Ltd 0.00 0.00
Atul (Retail) Brands Ltd 0.00 0.00
Atul Seeds Ltd 0.00 0.00
b) Purchases and expenses
1. Purchase of goods 78.53 53.35
Aasthan Dates Ltd 0.00 0.00
Amal Ltd 10.93 21.24
Atul Products Ltd 35.63 -
Atul USA Inc - 0.88
DPD Ltd - 3.97

(` cr)
2. Service charges 38.72 36.58
3. Commission 8.29 8.89
Atul Brasil Quimicos Ltda 0.87 1.83
Atul USA Inc 0.74 1.00
4. Reimbursement of expenses 10.02 13.18
Amal Ltd 0.01 0.00
Atul Bioscience Ltd 0.00 -
Atul Ireland Ltd 0.21 -
Osia Infrastructure Ltd 0.01 -
c) Other transactions
1. Repayment of loans given 174.25 14.52
2. Direct investment made in equity shares 14.12 58.67
Amal Ltd - 0.69
Atul Healthcare Ltd - 22.67
Atul Lifescience Ltd 0.10 -
3. Reimbursements received 0.08 0.48
Aaranyak Urmi Ltd 0.00 -
Amal Ltd 0.00 0.05
Amal Speciality Chemicals Ltd - 0.01
Atul Biospace Ltd - 0.00
Atul Consumer Products Ltd 0.02 -
Atul Crop Care Ltd - 0.00
Atul Infotech Pvt Ltd - 0.02
Atul Middle East FZ-LLC - 0.09
155
Atul Ltd
(` cr)
Atul Rajasthan Date Palms Ltd - 0.01
4. Redemption of preference shares - 2.00
Amal Ltd - 2.00
5. Loan given 67.00 526.05
Atul Rajasthan Date Palms Ltd - 4.00
6. Sale of fixed assets (including CWIP) 1.37 0.07
Amal Ltd 0.32 -
Amal Speciality Chemicals Ltd - 0.06
Atul Europe Ltd 0.17 -
7. Purchase of CWIP - 0.64
Atul Infotech Pvt Ltd - 0.64
8. Dividend income 12.66 24.50
Atul Biospace Ltd - 2.60
Atul USA Inc 8.31 -
Atul Finserv Ltd - 6.32
9. Investment in 9% cumulative redeemable preference shares 94.50 -
10. Corporate gurantee commission received 0.55 -
11. Investment in 9.5% non-cumulative redeemable preference shares* 826.72 -
*Including conversion of loan and cumulative redeemable preference shares ` 764.72 cr into non-cumulative redeemable
preference shares
(` cr)
Note 29.4 (C) Transactions with joint venture company 2023-24 2022-23
a) Sales and income
1. Sale of goods 6.03 5.08
Purchase of goods 0.96 0.64
1. Dividends received from equity investment measured at cost 2.92 11.68
3. Purchase of fixed assets 0.44 -
All above transactions are with Rudolf Atul Chemicals Ltd.


(` cr)
Note 29.4 (D) Transactions with joint operation of subsidiary company 2023-24 2022-23
a) Sales and income
4. Interest income 3.69 5.33
Purchase of goods 49.88 100.77
2. Loan given 1.74 5.52
3. Repayment of loan given 25.00 19.83
All above transactions are with Anaven LLP.
(` cr)
Note 29.4 (E) Transactions with entity over which control exercised by 2023-24 2022-23
Key Management Personnel
Purchases and expenses
1. Services availed 0.09 0.02
Crawford Bayley & Co 0.09 0.02
Other transactions
1. Reimbursement received - 0.00
Aagam Holdings Pvt Ltd - 0.00
(` cr)
Note 29.4 (F) Key management personnel compensation 2023-24 2022-23
Remuneration 1
18.68 21.70
1. Short-term employee benefits 16.21 19.16
2. Post-employment benefits 1
1.27 1.25
3. Commission and other benefits to Non-executive Directors 1.20 1.29
1
Compensation exclude provision for gratuity and compensated absences since these are based on actuarial valuation on an overall
company basis.
(` cr)
Note 29.4 (G) Close family members of Key Management Personnel 2023-24 2022-23
compensation
Remuneration1 1.14 1.13
1. Astha Lalbhai 0.52 0.51
2. Saumya Lalbhai 0.34 0.35
3. Nishtha Lalbhai 0.28 0.27
1
company basis.
157
Atul Ltd

(` cr)
Note 29.4 (H) Transactions with entities over which Key Management 2023-24 2022-23
Personnel or their Close family members have significant influence
a) Sales and income
Atul Foundation Health Center 0.01 -
Atul Kelavani Mandal 0.05 0.05
Atul Rural Development Fund 0.03 0.02
Atul Vidyalaya Trust 0.13 0.10
Urmi Stree Sanstha 0.00 0.00
Urmi Stree Sansthan 0.00 0.00
1. Purchase of goods - 0.00
Atul Foundation Trust - 0.00
2. Reimbursement of expenses 0.03 0.06
Atul Vidyalaya Trust 0.00 -
1. Expenditure on Corporate Social Responsibility initiatives 12.76 17.28
Atul Foundation Trust 11.98 7.18
Atul Rural Development Fund (previous year including ` 4.35 cr unspent
CSR of 2021-22) 0.78 10.10
3. Sale of CWIP - 0.90
Atul Rural Development Fund - 0.90
(` cr)
Note 29.4 (I) Transactions with post-employment benefit plan of 2023-24 2022-23
Atul Ltd
a) Contributions during the year (Employer’s contribution only)
Atul Ltd Employees Gratuity Fund 3.92 0.42
Atul Products Ltd-Ankleshwar Division Employees' Provident Fund Trust 0.23 0.24


(` cr)
Note 29.4 (J) outstanding balances as at year end As at As at
March 31, 2024 March 31, 2023
a) With subsidiary companies
1. Loans receivable 41.53 819.00
Atul Products Ltd - 760.45
2. Receivables 217.39 248.40
Amal Ltd 0.34 0.51
Atul Consumer Products Ltd - 0.00
Atul Fin Resources Ltd - 0.00
Atul Healthcare Ltd - 0.02
Atul Middle East FZ-LLC 0.01 -
Atul Natural Dyes Ltd - 0.00
Atul Natural Foods Ltd - 0.00
Atul Nivesh Ltd - 0.00
Atul Paints Ltd - 0.00
Atul Polymers Products Ltd - 0.07
Atul Renewable Energy Ltd 0.00 0.00
Atul USA Inc 112.71 158.54
3. Payables 18.56 20.02
Aasthan Dates Ltd 0.00 -
Amal Ltd 1.60 0.04
Atul Bioscience Ltd - 1.42
Atul Brasil Quimicos Ltda 1.75 1.94
159
Atul Ltd

(` cr)
March 31, 2024 March 31, 2023
4. Acceptances 9.78 5.31
Atul Fin Resources Ltd 9.78 5.31
5. Interest accrued on loan given 1.70 0.04
(` cr)
March 31, 2024 March 31, 2023
b) With joint venture company
1. Receivables 1.14 2.18
2. Payables 0.80 0.30
3. Refundable security deposit 1.80 2.00
All above balances are with Rudolf Atul Chemicals Ltd.
(` cr)
March 31, 2024 March 31, 2023
c) With joint operation
2. Payables 7.55 6.86
3. Loan receivable 30.72 53.98
4. Interest accrued on loan given 1.29 2.04
All above balances are with Anaven LLP.
(` cr)
March 31, 2024 March 31, 2023
d) With entity over which control exercised by key management personnel
Aagam Holdings Pvt Ltd 0.00 0.00
2. Payables - 0.01
Crawford Bayley & Co - 0.01


(` cr)
March 31, 2024 March 31, 2023
e) With entities over which key management personnel or their close family
members have significant influence
2. Payables 0.09 0.05
Atul Rural Development Fund 0.00 -
Note 29.4 (K) Terms and conditions

1. Sales to and purchases from related parties were made on normal commercial terms and conditions and at
prevailing market prices or where market price is not available at cost plus margin.
2. Transactions relating to dividends were on the same terms and conditions that applied to other shareholders.
Subscriptions of additional equity shares were on a preferential basis.
3. All outstanding balances are repayable in cash and cash equivalent.
Note 29.5 Current and deferred tax

The major components of income tax expense for the years ended March 31, 2024, and March 31, 2023, are:
a) Income tax expense recognised in the Statement of Profit and Loss:

(` cr)
i) Current tax
Current tax on profit for the year 105.49 170.06
Adjustments for current tax of prior periods - 0.23
Total current tax expense 105.49 170.29
ii) Deferred tax
(Decrease) | Increase in deferred tax liabilities 20.68 3.96
Decrease | (Increase) in deferred tax assets (1.23) 3.81
Total deferred tax expense | (benefit) 19.45 7.77
Income tax expense 124.94 178.06
161
Atul Ltd
Note 29.5 Current and deferred tax (continued)

b) Income tax expense recognised in the other comprehensive income:
(` cr)
i) Current tax
Remeasurement gain | (loss) on defined benefit plans 0.06 0.94
Total current tax expenses 0.06 0.94
ii) Deferred tax
Fair value of equity investment 21.22 (11.81)
Effective portion of gain | (loss) on cash flow hedges (0.03) (0.14)
Total deferred tax expenses | (benefits) 21.19 (11.95)
Income tax expenses 21.25 (11.01)
c) The reconciliation between the statutory income tax rate applicable to the Company and the effective
income tax rate of the Company is as follows

a) Statutory income tax rate 25.17% 25.17%
b) Differences due to:
i) Non-deductible expenses 0.76% 0.71%
ii) Income tax incentives (1.28%) (1.53%)
iii) Others (0.15%) 0.04%
Effective income tax rate 24.52% 24.39%
d) Current tax assets

(` cr)
March 31, 2024 March 31, 2023
Opening balance 6.35 6.89
Add: Taxes paid in advance, net of provision during the year (6.04) (0.54)
Closing balance 0.31 6.35
e) Current tax liabilities

(` cr)
March 31, 2024 March 31, 2023
Opening balance - 6.70
Add: Current tax payable for the year 105.49 170.29
Less: Taxes paid (105.49) (176.99)
Closing balance - -


f) Deferred tax liabilities (net)
The balance comprises temporary differences attributable to the below items and corresponding movement in deferred
tax liabilities | (assets):
(` cr)
Particulars As at Charged | As at Charged | As at
March 31, (Credited) to March 31, (Credited) to March 31,
2024 profit or OCI | 2023 profit or OCI | 2022
loss equity loss equity
Property, plant and equipment 111.10 18.44 - 92.66 7.53 - 85.13
Unrealised gain on mutual fund 2.35 2.24 - 0.11 (3.57) - 3.68
Fair value equity investments
(net) 36.79 - 21.22 15.57 - (11.81) 27.38
Total deferred tax liabilities 150.24 20.68 21.22 108.34 3.96 (11.81) 116.19
Provision for leave encashment (9.72) (0.07) - (9.65) (0.35) - (9.30)
Provision for doubtful debts (3.36) 0.08 - (3.44) (0.37) - (3.07)
Regulatory and other charges (2.24) (0.80) - (1.44) 4.89 - (6.33)
Investment properties (8.23) (0.44) - (7.79) (0.36) - (7.43)
Cash flow hedges 0.13 - 0.03 0.16 - (0.14) 0.30
Total deferred tax assets (23.42) (1.23) 0.03 (22.16) 3.81 (0.14) (25.83)
Net deferred tax liabilities |
(assets) 126.82 19.45 21.19 86.18 7.77 (11.95) 90.36
Note 29.6 Employee benefit obligations

Funded schemes
a) Defined benefit plans
Gratuity

The Company operates a gratuity plan through the Atul Ltd Employees Gratuity Fund. Every employee is entitled to a
benefit equivalent to the last drawn salary of 15 days for each completed year of service in line with the Payment of
Gratuity Act, 1972 or the Company scheme, whichever is more beneficial. Gratuity is payable at the time of separation
or retirement from the Company, whichever is earlier. The benefit vests after five years of continuous service.
(` cr)
Particulars Present value of Fair value of Net amount
obligation plan assets
As at March 31, 2022 61.16 (61.16) -
Current service cost 4.13 - 4.13
Interest expense | (income) 3.92 (3.92) -
Total amount recognised in profit and loss 8.05 (3.92) 4.13
Remeasurement
(Gain) | loss from changes in demographic assumptions 1.06 - 1.06
(Gain) from change in financial assumptions (3.87) 0.06 (3.81)
Experience loss (0.97) - (0.97)
Total amount recognised in other comprehensive income (3.78) 0.06 (3.72)
Employer contributions - (0.42) (0.42)
Benefit payments (4.43) 4.43 -
Liability transferred (out) | in 0.01 - 0.01
163
Atul Ltd
Note 29.6 Employee benefit obligations (continued)
(` cr)
As at March 31, 2023 61.01 (61.01) -
Current service cost 4.17 - 4.17
Interest expense | (income) 4.48 (4.48) -
Total amount recognised in profit and loss 8.65 (4.48) 4.17
Remeasurement
(Gain) | loss from changes in demographic assumptions (0.35) - (0.35)
(Gain) from change in financial assumptions 1.39 (0.05) 1.34
Experience loss (1.24) - (1.24)
Total amount recognised in other comprehensive income (0.20) (0.05) (0.25)
Liability transferred (out) | in (0.16) 0.16 -
As at March 31, 2024 63.32 (63.32) -
The net liability disclosed above relates to the following funded and unfunded plans:
(` cr)
March 31, 2024 March 31, 2023
Present value of funded obligations 63.32 61.01
Fair value of plan assets (63.32) (61.01)
Deficit of gratuity plan - -
Significant estimates: Actuarial assumptions and sensitivity

The significant actuarial assumptions were as follows:
March 31, 2024 March 31, 2023
Discount rate 7.17% 7.35%
Attrition rate 14.00% 13.00%
Rate of return on plan assets 7.17% 7.35%
Salary escalation rate 10.36% 9.84%

Sensitivity analysis
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Particulars Change in assumptions Impact on defined benefit obligation
Increase in assumptions Decrease in assumptions
As at As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31, March 31,
2024 2023 2024 2023 2024 2023
Discount rate 1.00% 1.00% (3.14%) (3.19%) 3.43% 3.47%
Attrition rate 1.00% 1.00% (0.64%) (0.54%) 0.68% 0.58%
Rate of return on plan assets 1.00% 1.00% (3.14%) (3.19%) 3.43% 3.47%
Salary escalation rate 1.00% 1.00% 3.29% 3.36% (3.08%) (3.15%)
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In
practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity
of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit
obligation calculated with the projected unit credit method at the end of the reporting period) has been applied while
calculating the defined benefit liability recognised in the Standalone Balance Sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change as compared to the
previous year.
Major categories of plan assets are as follows:
(` cr)
Unquoted in % Unquoted in %
Government of India assets 1.18 1.86% 1.18 1.93%
Debt instruments
Corporate bonds 1.34 2.12% 1.28 2.10%
Investment funds
Insurance funds 60.52 95.58% 58.10 95.23%
Others 0.12 0.19% 0.29 0.48%
Special deposit schemes 0.16 0.25% 0.16 0.26%
63.32 100% 61.01 100%
Risk exposure
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed
below:
i) Asset volatility
The plan liabilities are calculated using a discount rate set with reference to bond yields, if plan assets underperform this
yield, this will create a deficit. Most of the plan asset investments are in fixed-income securities with high grades and in
government securities. These are subject to interest rate risk. The Company has a risk management strategy where the
165
Atul Ltd
aggregate amount of risk exposure on a portfolio level is maintained at a fixed range. All deviations from the range are
corrected by rebalancing the portfolio. It intends to maintain the above investment mix in the coming years.
ii) Changes in bond yields
A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of
other bond holdings.
The Company actively monitors how the duration and the expected yield of the investments match the expected cash
outflows arising from the employee benefit obligations. It has not changed the processes used to manage its risks from
previous periods. Investments are well diversified, such that the failure of any single investment will not have a material
impact on the overall level of assets. A large portion of assets consists of insurance funds; it also invests in corporate
bonds and special deposit schemes. The plan asset mix is in compliance with the requirements of the respective local
regulations.
Expected contributions to post-employment benefit plans for the year ending March 31, 2025, are ` 4.42 cr.
The weighted average duration of the defined benefit obligation is five years (2022-23: six years). The expected maturity
analysis of gratuity is as follows:
(` cr)
Particulars Less than Between Between Over Total
a year 1 - 2 years 2 - 5 years 5 years
Defined benefit obligation (gratuity)
As at March 31, 2024 15.98 9.06 25.82 34.14 85.00
As at March 31, 2023 11.51 8.32 30.71 32.21 82.75
Provident fund
The Company has established an employee provident fund trust for employees based at Ankleshwar. It is administered by
the Company to which both the employee and the employer make monthly contributions equal to 12% of the basic salary
of the employee. The contribution of the Company to the provident fund for all employees is charged to the Standalone
Statement of Profit and Loss. In case of any liability arising due to shortfall between the return from its investments and the
administered interest rate, the same is required to be provided for by the Company. The actuary has provided an actuarial
valuation and indicated that the interest shortfall liability is ` nil. The Company has contributed the following amounts
towards the provident fund during the respective period ended:
(` cr)
Expenses recognised for the year ended on March 31, 2024 (included in Note 25) As at As at
March 31, 2024 March 31, 2023
i) Defined benefit obligation 11.74 12.45
ii) Funds 12.24 12.48
Net assets | (liabilities) 0.50 0.03
iii) Charge to the Standalone Statement of Profit and Loss during the year 0.23 0.24
The assumptions used in determining the present value of obligation:
i) Mortality rate Indian assured lives Indian assured lives
mortality 2012-14 mortality 2012-14
(Urban) (Urban)
ii) Withdrawal rate 5% p.a. for all age 5% pa for all age
groups groups
iii) Rate of discount 7.17% 7.35%
iv) Expected rate of interest 8.25% 8.88%
v) Retirement age 58 & 60 years 60 years
vi) Guaranteed rate of interest 8.25% 8.15%

b) Defined contribution plans

Provident and other funds
Amount of ` 17.45 cr March 31, 2023: ` 15.40 cr) is recognised as expense and included in Note 25 ‘Contribution of
provident and other funds’.
Compensated absences
Amount of ` 3.52 cr (March 31, 2023: ` 4.08 cr) is recognised as expense and included in Note 25 ‘Salaries, wages
and bonus’.
Note 29.7 Fair value measurements

Financial instruments by category
(` cr)
March 31, 2024 March 31, 2023
FVTPL FVTOCI Amortised FVTPL FVTOCI Amortised
cost cost
Financial assets
Investments:
Equity instruments1 - 801.76 - - 530.11 -
Government securities - - 0.01 - - 0.01
Bonds 94.35 - - 112.74 - -
Mutual funds 410.41 - - 172.42 - -
Trade receivables - - 848.60 - - 893.86
Loans - - 72.25 - - 872.98
Security deposits for utilities and
premises - - 2.22 - - 2.36
Interest - - 1.70 - - 2.07
Finance lease receivables - - 10.87 - - 11.89
Cash and bank balances - - 11.14 - - 3.09
Other receivables - - 17.25 - - 19.41
Total financial assets 504.76 801.76 964.04 285.16 530.11 1,805.67
Borrowings - - 10.52 - - 5.41
Trade payables - - 560.67 - - 530.80
Security deposits - - 38.16 - - 35.98
Derivative financial liabilities
designated as hedges (net) - 0.11 - - 0.54 -
Employee benefits payable - - 50.92 - - 42.77
Creditors for capital goods - - 43.57 - - 43.59
Other liabilities (includes discount
payables) - - 7.43 - - 7.91
Total financial liabilities - 0.11 711.27 - 0.54 666.46
1
Excludes equity investments in subsidiary, joint venture and associate companies | entities which are carried at cost and hence are not
required to be disclosed as per Ind AS 107 ‘Financial Instruments Disclosures’.
167
Atul Ltd
Note 29.7 Fair value measurements (continued)
a) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are, a) recognised and measured at fair value, b) measured at amortised cost and for which fair values are disclosed
in the Standalone Financial Statements. To provide an indication about the reliability of the inputs used in determining
fair value, the Company has classified its financial instruments into the three levels prescribed in the Indian Accounting
Standard. An explanation of each level follows underneath the table:
(` cr)
i) Financial assets and liabilities measured at Note Level 1 Level 2 Level 3 Total
fair value as at March 31, 2024
Financial assets
Financial investments measured at FVTOCI:
Quoted equity shares1 5.2 800.97 - - 800.97
Unquoted equity shares 2
5.2 - - 0.79 0.79
Financial investments measured at FVTPL:
Bond 5.2 94.35 - - 94.35
Mutual funds 5.3 - 410.41 - 410.41
Total financial assets 895.32 410.41 0.79 1,306.52
Derivatives designated as hedges:
Currency options 15 - 0.11 - 0.11
Total financial liabilities - 0.11 - 0.11
(` cr)
ii) Financial assets and liabilities measured at Note Level 1 Level 2 Level 3 Total
Financial assets
Financial investments measured at FVTOCI:
Unquoted equity shares 2
5.2 - - 0.79 0.79
Financial investments measured at FVTPL:
Bond 5.2 112.74 - - 112.74
Mutual funds 5.2 - 172.42 - 172.42
Currency options 7 - - - -
Total financial assets 642.06 172.42 0.79 815.27
1
Excludes investments (in equity shares) in subsidiary, joint venture and associate companies | entities which are carried at cost and hence
are not required to be disclosed as per Ind AS 107 “Financial Instruments Disclosures”.
2
Includes investments in BEIL Infrastructure Ltd and Narmada Clean Tech which are for operation purpose and the Company has to hold it
till the production site continues. The Company estimates that the fair value of these investments are not materially different as compared
to its cost.

There were no transfers between any levels during the year.
Level 1: This includes financial instruments measured using quoted prices. The fair value of all equity instruments that are
traded on the stock exchanges is valued using the closing price as at the reporting period.
Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter
derivatives) is determined using valuation techniques, which maximise the use of observable market data and rely as little
as possible on entity-specific estimates. The mutual fund units are valued using the closing net assets value. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
b) Valuation techniques used to determine fair value
Specific valuation techniques used to value financial instruments include:
i) the use of quoted market prices or dealer quotes for similar instruments,
ii) the fair value of forward foreign exchange contracts is determined using forward exchange rates at the Standalone
Balance Sheet date,
iii) the fair value of foreign currency option contracts is determined using the Black Scholes valuation model,
iv) the fair value of the remaining financial instruments is determined using discounted cash flow analysis.
All of the resulting fair value estimates are included in levels 1, 2 and 3.
c) Valuation processes
The Finance department of the Company includes a team that performs the valuations of financial assets and liabilities with
assistance from independent external experts when required, for financial reporting purposes, including level 3 fair values.
d) Fair value of financial assets and liabilities measured at amortised cost
(` cr)
March 31, 2024 March 31, 2023
Carrying amount | Carrying amount |
Fair value Fair value
Financial assets
Investments:
Government securities 0.01 0.01
Loans 72.25 872.98
Security deposits for utilities and premises 2.22 2.36
Finance lease receivables 10.87 11.89
Financial assets 85.35 887.24
Non-current financial liabilities
Other liabilities 3.09 2.86
Total non-current financial liabilities 3.09 2.86
169
Atul Ltd
The carrying amounts of trade receivables, cash and cash equivalents, other bank balances, dividend receivables, other
receivables, trade payables, capital creditors, and other liabilities are considered to be the same as their fair values due to the
current and short-term nature of such balances.
Note 29.8 Financial risk management

Risk management is an integral part of the business practices of the Company. The framework of risk management
concentrates on formalising a system to deal with the most relevant risks, Building on existing management practices,
knowledge and structures. With the help of a reputed international consultancy firm, the Company has developed and
implemented a comprehensive risk management system to ensure that risks to the continued existence of the Company as a
going concern and to its growth are identified and remedied on a timely basis. While defining and developing the formalised
risk management system, leading standards and practices have been considered. The risk management system is relevant
to business reality, pragmatic and simple and involves the following:
i) Risk identification and definition: Focused on identifying relevant risks, creating | updating clear definitions to ensure
undisputed understanding along with details of the underlying root causes | contributing factors.
ii) Risk classification: Focused on understanding the various impacts of risks and the level of influence on its root causes. This
involves identifying various processes generating the root causes and a clear understanding of risk interrelationships.
iii) Risk assessment and prioritisation: Focused on determining risk priority and risk ownership for critical risks. This involves
assessment of the various impacts taking into consideration risk appetite and existing mitigation controls.
iv) Risk mitigation: Focused on addressing critical risks to restrict their impact(s) to an acceptable level (within the defined
risk appetite). This involves a clear definition of actions, responsibilities and milestones.
v) Risk reporting and monitoring: Focused on providing to the Board and the Audit Committee periodic information on risk
profile evolution and mitigation plans.
a) Management of liquidity risk
The principal sources of liquidity of the Company are cash and cash equivalents, investment in mutual funds, borrowings
and the cash flow that is generated from operations. It believes that the current cash and cash equivalents, tied-up
borrowing lines and cash flow that are generated from operations are sufficient to meet the requirements. accordingly,
liquidity risk is perceived to be low.
The following table shows the maturity analysis of financial liabilities of the Company based on contractually agreed

undiscounted cash flows as at the Standalone Balance Sheet date:
(` cr)
As at March 31, 2024 Note Carrying Less than More than Total
amount 12 months 12 months
Borrowings 17 10.52 10.52 - 10.52
Trade payables 18 560.67 560.67 - 560.67
Security and other deposits 15 38.16 38.16 - 38.16
Employee benefits payable 15 50.92 50.92 - 50.92
Creditors for capital goods 15 43.57 43.57 - 43.57
Other liabilities 15 7.43 4.34 3.09 7.43
Derivatives (settlement on net basis) 15 0.11 0.11 - 0.11

Note 29.8 Financial risk management (continued)
Borrowings 17 5.41 5.41 - 5.41
Trade payables 18 530.80 530.80 - 530.80
b) Management of market risk

The size and operations of the Company expose it to the following market risks that arise from its use of financial
instruments:
i) price risk
ii) Interest risk
ii) foreign exchange risk
The above risks may affect income and expenses or the value of its financial instruments. Its objective for market risk
is to maintain this risk within acceptable parameters while optimising returns. The exposure to these risks and the
management of these risks are explained as follows:
Potential impact of risk Management policy Sensitivity to risk
i) Price risk
The Company is mainly exposed In order to manage its price As an estimation of the approximate impact of
to price risk due to its investments risk arising from investments price risk, with respect to investments in equity
in equity instruments and mutual in equity instruments, the instruments, the Company has calculated the
funds. The price risk arises due Company maintains its impact as follows:
to uncertainties about the future portfolio in accordance with For equity instruments, a 4% % increase in Nifty
market values of these investments. the framework set by the Risk 50 prices may have led to approximately an
Equity price risk is related to the Management Policy. additional ` 25.62 cr gain in other comprehensive
change in the market reference Any investment or divestment income (2022-23: ` 12.66 cr). A 4% decrease
price of the investments in equity must be approved by the in Nifty 50 prices may have led to an equal but
securities. Board, Chief Financial Officer opposite effect.
In general, equity securities are not and the Audit Committee. For bonds, a 1% increase in prices may have led
held for trading purposes. These to approximately an additional ` 0.94 cr gain
investments are subject to changes in the Standalone Statement of Profit and Loss
in the market price of securities. (2022-23: ` 1.13 cr). A 1% decrease in prices
The fair value of the quoted equity may have led to an equal but opposite effect.
instruments classified as fair value
through other comprehensive For mutual funds, a 1% increase in prices
income as at March 31, 2024, may have led to approximately an additional
is ` 800.97 cr (March 31, 2023: ` 4.10 cr gain in the Standalone Statement
` 529.32 cr). of Profit and Loss (2022-23: ` 1.72 cr). A 1%
decrease in prices may have led to an equal but
The fair value of bonds classified opposite effect.
at fair value through profit and loss
as at March 31, 2024, is ` 94.35 cr
(March 31, 2023: ` 112.74 cr).
The fair value of mutual funds
classified at fair value through profit
and loss as at March 31, 2024, is
` 410.41 cr (March 31, 2023:
` 172.42 cr).
171
Atul Ltd

ii) Interest risk
The Company is mainly exposed to In order to manage its interest As an estimation of the approximate impact of
interest rate risk due to its variable rate risk arising from variable the interest rate risk, with respect to financial
interest rate borrowings. The interest interest rate borrowings, the instruments, the Company has calculated the
rate risk arises due to uncertainties Company uses interest rate impact of a 25 bps change in variable interest
about the future market interest rate swaps to hedge its exposure rates. A 25 bps increase in variable interest rates
of these borrowings to future market interest rates would have led to approximately an additional
As at March 31, 2024, the exposure whenever appropriate. The ` 0.03 cr (2022-23: ` 0.01) expenses in the
to interest rate risk due to variable hedging activity is undertaken Standalone Statement of Profit and Loss. A 25
interest rate borrowings amounted in accordance with the bps decrease in variable interest rates would
to ` 10.52 cr (March 31, 2023: framework set by the Risk have led to an equal but opposite effect.
` 5.41 cr) Management Committee and
supported by the treasury
department.
iii) Foreign exchange risk
The Company has international The Company has exposure As an estimation of the approximate impact
operations and is exposed to arising out of export, import of the foreign exchange rate risk, with respect
foreign exchange risk arising from and other transactions other to the Standalone Financial Statements, the
foreign currency transactions. than functional risks. It hedges Company has calculated the impact as follows:
Foreign exchange risk arises from its foreign exchange risk using For derivative financial instruments, a 2% increase
future commercial transactions and foreign exchange forward in the spot price as on the reporting date may have
recognised financial assets and contracts and currency led to insignificant effect in other comprehensive
liabilities denominated in a currency options after considering the income (2022-23: loss of ` 0.23 cr). A 2% decrease
that is not the functional currency natural hedge. The same is as may have led to an additional ` 0.85 cr gain in
(`) of the Company. The risk also per the guidelines laid down in other comprehensive income (2022-23: gain of
includes highly probable foreign its Risk Management Policy. ` 1.25 cr).
currency cash flows. The objective For non-derivative financial instruments, a 2%
of the cash flow hedges is to increase in the spot price as on the reporting date
minimise the volatility of the ` cash may have led to an additional ` 7.10 cr gain in
flows of highly probable forecast Standalone Statement of Profit and Loss (2022-
transactions. 23: gain of ` 8.20 cr). A 2% decrease may have
led to an equal but opposite effect.
Foreign currency risk exposure

The exposure to foreign currency risk of the Company at the end of the reporting period expressed is as follows:
Particulars As at March 31, 2024

US$ mn ` cr € mn ` cr £ mn ` cr
Financial assets
Trade receivables 49.14 409.81 3.27 29.38 0.30 3.13
Less:
Hedged through derivatives1:
Currency range options 5.30 44.20 - - - -
Net exposure to foreign currency
risk (assets) 43.84 365.61 3.27 29.38 0.30 3.13
Trade payables 13.33 111.16 0.06 0.53 0.01 0.09
risk (liabilities) 13.33 111.16 0.06 0.53 0.01 0.09


CN¥ mn ` cr AED mn ` cr JPY mn ` cr
Financial assets
Trade receivables 21.90 25.29 - - - -
Less:
Currency range options - - - - - -
risk (assets) 21.90 25.29 - - - -
Trade payables 0.23 0.27 0.11 0.24 3.24 0.18
risk (liabilities) 0.23 0.27 0.11 0.24 3.24 0.18
1
Includes hedges for highly probable transactions up to next 12 months

US$ mn ` cr € mn ` cr £ mn ` cr
Financial assets
Trade receivables 59.00 484.82 2.39 21.39 0.23 2.31
Less:
Hedged through derivatives1
Currency range options 15.10 124.08 - - - -
Net exposure to foreign currency risk
(assets) 43.90 360.74 2.39 21.39 0.23 2.31
Trade payables 11.91 97.86 0.06 0.54 (0.00) (0.00)
Foreign exchange forward contracts
Currency swaps
risk (liabilities) 11.91 97.86 0.06 0.54 (0.00) (0.00)
173
Atul Ltd

CN¥ mn ` cr AED mn ` cr JPY mn ` cr
Financial assets
Trade receivables - - - - -
Less:
Net exposure to foreign currency risk
(assets) - - - - - -
Trade payables - - - - 3.24 0.20
risk (liabilities) - - - - 3.24 0.20
c) Management of credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual obligations.
Trade receivables
Concentrations of credit risk with respect to trade receivables are limited due to the customer base being large, diverse
and across sectors and countries. A portion of trade receivables are secured by insurance policies or Export Credit
Guarantee Corporation schemes. All trade receivables are reviewed and assessed for default on a quarterly basis.
Historical experience of collecting receivables of the Company is supported by low level of past default and hence, the
credit risk is perceived to be low.
Reconciliation of loss allowance provision – trade receivables
(` cr)
Particulars Loss allowance on trade
receivables
Loss allowance as on March 31, 2022 12.22
Changes in loss allowance 1.45
Changes in loss allowance (0.31)
Other financial assets

The Company maintains exposure in cash and cash equivalents, term deposits with banks, investments in government
securities, preference shares, mutual funds, bonds and loans to subsidiary companies. It has a diversified portfolio of
investments with various number of counterparties which have secure credit ratings, hence the risk is reduced. Individual
risk limits are set for each counterparty based on financial position, credit rating and past experience. Credit limits and
concentration of exposures are actively monitored by its treasury department.

Impact of hedging activities
a) Disclosure of effects of hedge accounting on financial position:

(` cr)
Type of hedge Notional value Carrying amount of Maturity Weighted Changes in Changes in
and risks hedging instrument (months) average fair value the value of
Assets Liabilities Assets Liabilities strike price | of hedging hedged item
interest rate instrument used as the
basis for
recognising
hedge
effectiveness
Cash flow hedge
` : US$
Foreign exchange
risk
Currency range
options 44.20 - - 0.11 1-12 83.12 - 85.00 (0.11) 0.11

(` cr)
Type of hedge Notional value Carrying amount of Maturity Weighted Changes in Changes in
and risks hedging instrument (months) average fair value the value of
Assets Liabilities Assets Liabilities strike price | of hedging hedged item
interest rate instrument used as the
basis for
recognising
hedge
effectiveness
Cash flow hedge
` : US$
Foreign exchange
risk
Currency range
options 124.08 - - 0.54 1-12 79.58 - 84.22 (0.54) 0.54
b) Disclosure of effects of hedge accounting on financial performance

(` cr)
Type of hedge Changes in the Hedge ineffectiveness Amount reclassified Financial Statement
value of the recognised in profit from cash flow line item affected
hedging instrument or loss hedging reserve to
recognised in other profit or loss
comprehensive
income
Cash flow hedge
Foreign exchange risk Trade receivables and
(0.11) - (0.54) payables
175
Atul Ltd

(` cr)
Type of hedge Changes in the Hedge ineffectiveness Amount reclassified Financial Statement
comprehensive
income
Cash flow hedge
Foreign exchange risk Trade Receivables and
(0.54) - 0.50 payables
Movements in cash flow hedging reserve

(` cr)
Risk category Foreign currency risk
Derivative instruments As at As at
March 31, 2024 March 31, 2023
Balance at the beginning of the year (0.69) 0.20
Gain recognised in other comprehensive income during the year (0.11) (0.54)
Amount reclassified to revenue during the year 0.54 (0.49)
Tax impact on above 0.03 0.14
Balance at the end of the year (0.23) (0.69)
Note 29.9 Capital management

The primary objective of capital management is to maximise shareholder value, safeguard business continuity and support
the growth of the Company. It determines the capital requirement based on annual operating plans and long-term and other
strategic investment plans. The funding requirements are met through equity and operating cash flows generated. The
Company is not subject to any externally imposed capital requirements (refer Note 29.19 (b) for debt-equity ratio).
Note 29.10 Segment information

In accordance with Ind AS 108, ‘Operating Segments’, segment information has been given in the Consolidated Financial
Statements of Atul Ltd and therefore, no separate disclosure on segment information is given in the Standalone Financial
Statements.
Note 29.11 Earnings per share

Earnings per share (EPS) - The numerators and denominators used to calculate basic and diluted EPS:

Profit for the year attributable to the equity shareholders ` cr 384.57 552.15
Weighted average number of equity shares used in calculating basic |
Number
diluted EPS1 2,94,88,308 2,95,19,595
Nominal value of equity share ` 10.00 10.00
Basic EPS ` 130.41 187.05
Diluted EPS ` 130.41 187.05
1
During the current year, the Company completed its share buy-back on January 01, 2024.

Note 29.12 Leases

a) As a lessee
The Company has taken various residential and office premises under operating lease or leave and license agreements.
These are cancellable by the Company, having a term between 11 months and three years and have no specific
obligation for real. Payments are recognised in the Standalone Statement of Profit and Loss under ‘Rent’ in Note 28.
b) As a lessor
i) Operating lease
The Company has entered into operating leases on its office Buildings and land. These are cancellable by the
Company, having a term between 11 months and three years and have no specific obligation for real. Rents
received are recognised in the Standalone Statement of Profit and Loss as lease income in Note 22 ‘Other income’.
ii) Finance lease
The Company has given a Building on finance lease for a term of 30 years and a machine for a term of 10 years.
Future minimum lease payments receivable under finance leases, together with the present value of the net
minimum lease payments (MLP), are as under:
(` cr)
MLP Present value of MLP Present value of
receivable MLP receivable receivable MLP receivable
Not later than one year 1.82 1.73 2.02 1.93
Later than one year and not later than five years 7.69 5.91 7.69 5.88
Later than five years 5.63 3.23 7.44 4.07
Total MLP receivable 15.14 10.87 17.15 11.89
Less: unearned finance income 4.27 - 5.26 -
Present value of MLP receivable 10.87 10.87 11.89 11.89
Less: allowance for uncollectible lease payments - - - -
10.87 10.87 11.89 11.89
Note 29.13 Loans, investments and guarantees

Disclosures pursuant to the Regulation 34(3) read with para A of Schedule V to the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 read with Section 186 (4) of the Companies Act, 2013.
a) Loans (` cr)
Particulars Maturity Interest Purpose Amount outstanding Maximum balance
rate as at during the year
p.a. March 31, March 31, 2023-24 2022-23
2024 2023
i) Subsidiary companies:
Atul Bioscience Ltd June 2025 8.80% For working capital,
operational, project
expenditure requirement and
purchase of the manufacturing
facility at Ambernath 12.53 54.55 54.55 58.56
Atul Finserv Ltd August 9.05% Providing financial support to
2024 Anaven project 25.00 - 25.00 -
Atul Products Ltd - - For project expenditure
requirement - 760.45 769.95 760.45
Atul Rajasthan Date February 11.65% For working capital
Palms Ltd 2027 4.00 4.00 4.00 4.00
ii) Joint operation of
subsidiary company:
Anaven LLP March 9.75% to For working capital,
2026 10.85% operational and project
expenditure requirement 30.72 53.98 53.98 70.75
Notes:
a) Loans given to employees as per the policy of the Company are not considered.
b) The loanees did not hold any shares in the share capital of the Company.
b) Details of investments made and guarantees provided are given in Note 5.1 and Note 29.1(b), respectively.
177
Atul Ltd
Note 29.14 Disclosure requirement under MSMED Act, 2006

The Company has certain dues to suppliers (trade and capital) registered under the Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED Act). The disclosures pursuant to the said MSMED Act are as follows:
(` cr)
March 31, 2024 March 31, 2023
Principal amount due to suppliers registered under the MSMED Act and remaining
unpaid as at year end 68.36 48.76
Interest due to suppliers registered under the MSMED Act and remaining unpaid as
at year end 0.00 0.00
Principal amounts paid to suppliers registered under the MSMED Act, beyond the
appointed day during the year 0.80 -
Interest paid, other than under Section 16 of the MSMED Act, to suppliers registered
under the MSMED Act, beyond the appointed day during the year - -
Interest paid, under Section 16 of the MSMED Act, to suppliers registered under the
MSMED Act, beyond the appointed day during the year 0.01 0.00
Interest due and payable towards suppliers registered under MSMED Act, for
payments already made - -
Further interest remaining due and payable for earlier years - -
Note 29.15 Expenditure on Corporate Social Responsibility initiatives

a) Gross amount required to be spent by the Company during the year is ` 15.31 cr (2022-23: ` 15.81 cr) .
b) Amount spent during the year on:
(` cr)
Paid Payable Total Paid Payable Total
i) Construction | Acquisition of any asset - - - - - -
ii) On purposes other than (i) above 15.32 - 15.32 15.83 - 15.83
c) Details related to spent | unspent obligations:

01. Promotion of health 2.57 5.87
02. Promotion of health care and sanitation 0.68 0.49
03. Enhancement of vocational skills 0.39 0.40
04. Support to livelihood projects 1.36 1.35
05. Promotion of education 3.01 2.51
06. Empowerment of women 0.30 0.22
07. Conservation of natural resources | Environment sustainability 1.99 2.15
08. Development of rural areas 4.27 2.04
09. Flood relief activities - 0.05
10. Administrative overheads 0.75 0.75
15.32 15.83

Note 29.15 Expenditure on Corporate Social Responsibility initiatives (continued)
d) Details of ongoing CSR projects under Section 135(6) of the Act

(` cr)
Balance as at April 01, 2023 Amount Amount spent during the year Balance as at
required to be March 31, 2024
With the Company In separate spent during From the bank From separate With the In separate
Unspent CSR the year account of the Unspent CSR Company Unspent CSR
Account Company Account Account
- - - - - - -
(` cr)
Balance as at April 01, 2022 Amount Amount spent during the year Balance as at
required to be March 31, 2023
With the Company In separate spent during From the bank From separate With the In separate
Unspent CSR the year account of the Unspent CSR Company Unspent CSR
Account Company Account Account
- 4.35 - - (4.35 ) - -

e) Excess CSR expenditure under Section 135(5) of the Act
(` cr)
Balance as at Amount required to be Amount spent during the year Balance as at
April 01, 2023 spent during the year March 31, 2024
0.08 15.31 15.32 0.09
(` cr)
Balance as at Amount required to be Amount spent during the year Balance as at
April 01, 2022 spent during the year March 31, 2023
0.06 15.81 15.83 0.08
f) Refer Note 29.4 (H) for details of contribution to a trust controlled by the Company in relation to expenditure on Corporate
Social Responsibility initiatives.
Note 29.16 Offsetting financial assets and liabilities

The Company has not offset any financial asset and financial liability. It offsets a financial asset and a financial liability when
it currently has a legal enforceable right to set off the recognised amounts and it intends either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
a) Master netting arrangements – not currently enforceable
Agreements with derivative counterparties are based on an International Swaps and Derivatives Association Inc Master
Agreement. Under the terms of these arrangements, only where certain credit events occur (such as default), the net
position owing | receivable to a single counterparty in the same currency will be taken as owing and all the relevant
arrangements are considered as terminated. As the Company does not presently have a legally enforceable right of
set-off, these amounts have not been offset in the Standalone Balance Sheet.
b) Collateral against borrowings
The Company has hypothecated | mortgaged assets as collateral against a number of its sanctioned line of credit (Refer
Note 17(c) for further information on assets hypothecated | mortgaged as security). In case of default as per borrowing
arrangement, such collateral can be adjusted against the amounts due.
179
Atul Ltd
Note 29.17 Dividend on equity shares

Dividend on equity shares declared and paid during the year:
(` cr)
March 31, 2024 March 31, 2023
Final dividend of ` 25.00 per share for the year 2022-23 (2021-22: ` 25.00) 73.78 73.78
Interim dividend of ` 7.50 per share for the year 2022-23 - 22.14
73.78 95.92
Note:
The Company declares and pays dividend in Indian rupees. Companies are required to pay | distribute dividend after
deducting applicable withholding income taxes. The remittance of dividends outside India is governed by Indian law on
foreign exchange and is also subject to withholding tax at applicable rates.
Note 29.18 Buy-back of shares

In accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018
and the Companies Act, 2013 and rules made thereunder, the Board of Directors in its meeting held on November 07, 2023 (2022-23:
March 25, 2022) has approved a proposal to buy-back fully paid-up equity shares of face value of ` 10 each of the Company, at a price
not exceeding ` 7,500 (2022-23: ` 11,000) per equity share (maximum buy-back price) and for an amount not exceeding ` 50 cr (2022-
23: ` 70 cr) (maximum buy-back size) from the open market through stock exchange mechanism.
March 31, 2024 March 31, 2023
Date of Board meeting approving the buy-back November 07, 2023 March 25, 2022
Date of public announcement November 09, 2023 March 29, 2022
Buy-back opening dates November 21, 2023 April 07, 2022
Buy-back closing dates January 01, 2024 May 09, 2022
Number of share bought back 72,000 73,296
Face value of shares bought back ` 10 ` 10
Maximum buy-back price approved by the Board of Directors ` 7,500 ` 11,000
Transferred to capital redemption reserve ` 0.07 ` 0.08
Average buy-back price ` 6,934.70 ` 9,536.31
Consideration paid towards buy-back (excluding tax on buy-back and transaction costs) ` 49.93 ` 69.90

Note 29.19 Ratios
No. Ratio UoM Formula As at As at Variance Reason for variance

(Refer below table March 31, March 31, %
for numerator and 2024 2023
denominator details)
01. Current ratio Times A÷B 2.15 2.60 (17.15%) Below threshold of 25%
02. Debt-equity ratio Times I÷H 0.00 0.00 0.00% Negligible debt, Company is
effectively operating at zero
debt.
03. Debt service Times Q ÷ (J + M) 44.72 95.11 (52.98%) Negligible interest cost,
coverage ratio Company is effectively
operating at zero debt.
04. Return on equity % P ÷ average of H 7.95% 12.40% (35.91%) Lower profitability in current
ratio year
05. Inventory turnover Times L ÷ average of D 7.10 7.41 (4.12%) Below threshold of 25%
ratio
06. Trade receivables Times L ÷ average of E 4.94 5.12 (3.57%) Below threshold of 25%
turnover ratio
07. Trade payables Times (R+S) ÷ average of G 6.35 7.27 (12.69%) Below threshold of 25%
turnover ratio
08. Net capital Times L ÷ average of C 4.29 4.57 (6.04%) Below threshold of 25%
turnover ratio
09. Net profit ratio % P÷L 8.94% 11.05% (19.09%) Below threshold of 25%
10. Return on capital % (M + O) ÷ average of K 12.52% 19.00% (34.12%) Lower profitability in current
employed year
11. Return on % (M + O) ÷ average of F 8.95% 13.58% (34.12%) Lower profitability in current
investment year
No. Base values UoM Reference As at As at

March 31, March 31,
2024 2023
A Current assets ` cr Balance Sheet (current assets) - current investments 1,605.30 1,861.23
B Current liabilities ` cr Balance Sheet (current liabilities) 746.25 716.83
C Working capital ` cr A-B 859.05 1,144.40
D Inventories ` cr Balance Sheet (refer Note 9) 563.20 647.64
E Trade receivables ` cr Balance Sheet (refer Note 10) 848.60 893.86
F Total assets ` cr Balance Sheet (total assets) 6,004.80 5,430.90
G Trade payables ` cr Balance Sheet (refer Note 18 + 15 d) 604.24 574.39
H Equity ` cr Balance Sheet (refer Note 13+14) 5,089.40 4,589.37
I Debt ` cr Balance Sheet (refer Note 17) 10.52 5.41
J Principal repayments in ` cr Balance Sheet (refer Note 17)
coming year 10.52 5.41
K Capital employed ` cr H + I+ deferred tax liability (refer Notes 29.5) -capital
work- in- progress (refer Notes 2) - revaluation reserve
on investment (change in equity part B) 4,305.31 3,871.00
L Net sales ` cr Statement of Profit and Loss (refer Note 21, sales of
products and services only) 4,301.38 4,999.00
M Finance cost ` cr Statement of Profit and Loss (refer Note 26) 2.25 2.12
N Depreciation ` cr Statement of Profit and Loss (refer Note 2, 4) 184.22 162.85
O Profit before tax ` cr Statement of Profit and Loss 509.51 730.21
P Profit after tax ` cr Statement of Profit and Loss 384.57 552.15
Q Net operating income ` cr M+N+P 571.04 717.12
R Total operating purchase ` cr Purchase of raw material and stock in trade (refer Note
23) + other expenses (refer Note 28) 3,383.28 4,008.37
S Capital purchase ` cr Addition in capital work-in-progress (refer Note 2) 356.01 457.06
181
Atul Ltd
Note 29.20 Utilisation of loans, advances and equity investment in entities

a) Invested in intermediary entities
(` cr)
No. Name of Address CIN | LLPIN Relationship Nature of Date of Amount
intermediary with the fund funding
entities Company
1. Atul Finserv Ltd 310-B, Atul U51900MH1947PLC005453 Subsidiary Loan July 21,
House, Veer company 2023
Savarkar Marg,
Dadar (West),
Mumbai 400 028,
Maharashtra 25.00
2. Atul Finserv Ltd 310-B, Atul U51900MH1947PLC005453 Subsidiary Equity April 26,
House, Veer company investment 2023
Savarkar Marg,
Dadar (West),
Mumbai 400 028,
Maharashtra 10.00
b) Invested by intermediary entities in ultimate beneficiary entities

No. Name of Address CIN | LLPIN Relationship Nature of Date of Amount
ultimate with the fund funding
beneficiary Company
entities
1. Ananven LLP Survey 33 | P1, (LLPIN)AAJ-4229 Subsidiary Loan July 21,
Atul, Gujarat company 2023
396020 25.00
2. Atul Fin East site, Atul, U65990GJ2016PLC093639 Subsidiary Equity April 26,
Resources Ltd Valsad 396020, company investment 2023
Gujarat 10.00
Note 29.21 Relationship with struck off companies
(` cr)
No. Name of struck off Nature of transactions with As at March 31, 2024 As at March 31, 2023
company struck off company Balance Relationship Balance Relationship
(` cr) (` cr)
1. Swarnim Agricare Payable 0.00 Vendor 0.00 Vendor
Private Ltd*
*Figures less than ` 50,000.
Note 29.22 Other statutory information (required by Schedule III to the Companies Act, 2013)
a) The Company has not entered into any such transaction which is not recorded in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
b) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.
c) The Company is not declared a wilful defaulter by any bank or financial institution or other lender.
d) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
e) The Company has not revalued its property, plant and equipment including right-of-use assets) or intangible assets or
both during the year.
f) No proceedings have been initiated or are Pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made there under.

Note 29.22 Other statutory information (required by Schedule III to the Companies Act, 2013) (continued)
g) No loans or advances in the nature of loans are granted to promoters, Directors, Key Managerial Personnel and the
related parties (as defined under the Companies Act, 2013) either severally or jointly with any other person.
h) The Company does not have any charges or satisfaction of charges which is yet to be registered with the Registrar of
Companies beyond the statutory period.
Note 29.23 Fire incident
An incident of fire occurred on April 20, 2022, in one of the plants at Atul, Gujarat. There was no fatality or injury to any
person, and damage was restricted to the affected plant. The Company has written off the carrying value of the assets
destroyed by fire amounting to ` 35.60 cr year ended on March 31, 2023, by including it in other expenses. The Company
has filed a claim in this regard with the insurance company which is under process. Against this claim, the Company has
received an interim payment of ` 31.28 cr during the year ended on March 31, 2023, which was included in other income.
The Company expects to complete the claim process during the financial year 2024-25.
Note 29.24 Audit trail
As per the requirements of Rule 3(1) of the Companies (Accounts) Rules 2014, the Company uses only such accounting
software for maintaining its books of account that has a feature of, recording the audit trail of each and every transaction,
creating an edit log of each change made in the books of account along with the date when such changes were made and
who made those changes within such accounting software. This feature of recording audit trail has operated throughout the
year and was not tampered with during the year.
In respect of aforesaid accounting software, after thorough testing and validation, an audit trail was not enabled for direct
data changes at database level in view of the possible impact on the efficiency of the system. In respect of the audit trail at
the database level, the Company has established and maintained an adequate internal control framework over its financial
reporting and based on its assessment, has concluded that the internal controls for the year ended March 31, 2024, were
effective. The Company is in the process of system upgradation to meet the database level audit trail requirement.
Note 29.25 Rounding off
Figure less than ` 50,000 have been shown as ‘0.00’ in the relevant notes in these Standalone Financial Statement.
Note 29.26 Authorisation for issue of the Standalone Financial Statements
The Standalone Financial Statements were authorised for issue by the Board of Directors on April 26, 2024.

Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director
183
Atul Ltd
Independent Auditor’s Report

To the members of Atul Ltd of our report. We are independent of the Group, its
associate company and its joint venture company
Report on the audit of the Consolidated Financial in accordance with the Code of Ethics issued by the
Statements Institute of Chartered Accountants of India (ICAI)
Opinion together with the ethical requirements that are relevant
01.
We have audited the accompanying Consolidated to our audit of the Consolidated Financial Statements
Financial Statements of Atul Ltd (the Company or the under the provisions of the Act and the Rules made
Parent) and its subsidiary companies, (the Parent and thereunder and we have fulfilled our other ethical
its subsidiary companies together referred to as the responsibilities in accordance with these requirements
Group) which includes jointly controlled entities and and the ICAI’s Code of Ethics. We believe that the
the share of loss of the Group in its associate company audit evidence obtained by us and the audit evidence
and the share of profit of the Group in its joint venture obtained by the other Auditors in terms of their reports
company, which comprise the Consolidated Balance referred to in para 14 of under other matters section
Sheet as at March 31, 2024, the Consolidated below, is sufficient and appropriate to provide a
Statement of Profit and Loss (including other basis for our audit opinion on the Consolidated
comprehensive income), the Consolidated Statement Financial Statements.
of Cash Flows and the Consolidated Statement of Key audit matter
changes in equity for the year ended on that date,
04.
Key audit matters are those matters that, in our
and notes to the Financial Statements, including a
professional judgement, were of most significance in
summary of material accounting policies and other
our audit of the Consolidated Financial Statements
explanatory information, and which includes a joint
of the current period. We have determined that
operation of the Group (which is an entity) accounted
there are no key audit matters to communicate in
on proportionate basis.
our report.
02.
In our opinion and to the best of our information
and according to the explanations given to us and Information other than the Financial Statements
based on the consideration of reports of the other and Auditor’s Report thereon
Auditors on separate Financial Statements of the 05. The Board of Directors of the Parent is responsible for
subsidiary companies and associate companies the other information. The other information comprises
referred to in the other matters section below, the the information included in the letter to shareholders,
aforesaid Consolidated Financial Statements give the operational highlights, financial charts, Directors’
information required by the Companies Act, 2013 (the Report and its annexure, Management Discussion
Act) in the manner so required and give a true and and Analysis, Corporate Governance Report, Business
fair view in conformity with the Indian Accounting Responsibility and Sustainability Report, Dividend
Standards prescribed under Section 133 of the Act, Distribution Policy, and performance trend but does
(Ind AS) and other accounting principles generally not include the Standalone Financial Statements, the
accepted in India, of the consolidated state of affairs of Consolidated Financial Statements and our Auditor’s
the Group as at March 31, 2024, and their consolidated Reports thereon.
profit, their consolidated total comprehensive income, 06. Our opinion on the Consolidated Financial Statements
their consolidated cash flows and their consolidated does not cover the other information and we do not
changes in equity for the year ended on that date. express any form of assurance conclusion thereon.
Basis for opinion 07.
In connection with our audit of the Consolidated
03. We conducted our audit of the Consolidated Financial Financial Statements, our responsibility is to read
Statements in accordance with the Standards on the other information, compare with the Financial
Auditing specified under Section 143(10) of the Act Statements of the subsidiary companies and associate
(SAs). Our responsibilities under those Standards are companies audited by the other Auditors, to the extent
further described in the Auditor’s responsibility for the it relates to these entities and, in doing so, place reliance
audit of the Consolidated Financial Statements section on the work of the other Auditors and consider whether

the other information is materially inconsistent with the matters related to going concern and using the going
Consolidated Financial Statements or our knowledge concern basis of accounting unless the respective
obtained during the course of our audit or otherwise Board of Directors either intends to liquidate their
appears to be materially misstated. Other information respective entities or to cease operations, or has no
so far as it relates to the subsidiary companies and realistic alternative but to do so.
associate companies, is traced from their Financial
11. The respective Board of Directors of the companies
Statements audited by other Auditors.
included in the Group and of its associate company
08. If, based on the work we have performed, we conclude and its joint venture company are also responsible
that there is a material misstatement of this other for overseeing the financial reporting process of the
information, we are required to report that fact. We Group and of its associate and its joint venture.
have nothing to report in this regard.
Auditor’s responsibility for the audit of the
Responsibilities of Management and those charged Consolidated Financial Statements
with governance for the Consolidated Financial 12.
Our objectives are to obtain reasonable assurance
Statements
about whether the Consolidated Financial Statements
09. The Board of Directors of the Parent is responsible as a whole are free from material misstatement,
for the matters stated in Section 134(5) of the Act whether due to fraud or error and to issue an Auditor’s
with respect to the preparation of these Consolidated Report that includes our opinion. Reasonable
Financial Statements that give a true and fair view assurance is a high level of assurance, but is not a
of the consolidated financial position, consolidated guarantee that an audit conducted in accordance
financial performance including other comprehensive with SAs will always detect a material misstatement
income, consolidated cash flows and consolidated when it exists. Misstatements can arise from fraud or
changes in equity of the Group, including its associate error and are considered material if, individually or in
company and its joint venture company in accordance the aggregate, they could reasonably be expected to
with the accounting principles generally accepted influence the economic decisions of users taken on the
in India, including Ind AS specified under Section basis of these Consolidated Financial Statements.
133 of the Act. The respective Board of Directors
of the companies included in the Group and of its 13. As part of an audit in accordance with SAs, we exercise
associate company and of its joint venture company professional judgement and maintain professional
are responsible for maintenance of adequate scepticism throughout the audit. We also:
accounting records in accordance with the provisions a)
Identify and assess the risks of material
of the Act for safeguarding the assets of the Group misstatement of the Consolidated Financial
and of its associate company and its joint venture
Statements, whether due to fraud or error,
and for preventing and detecting frauds and other
design and perform audit procedures responsive
irregularities, selection and application of appropriate
to those risks, and obtain audit evidence that
accounting policies, making judgements and estimates
is sufficient and appropriate to provide a basis
that are reasonable and prudent, and the design,
for our opinion. The risk of not detecting a
implementation and maintenance of adequate internal
material misstatement resulting from fraud is
financial controls, that were operating effectively
higher than for one resulting from error, as fraud
for ensuring the accuracy and completeness of the
may involve collusion, forgery, intentional omissions,
accounting records, relevant to the preparation
misrepresentations, or the override of internal control.
and presentation of the Financial Statements that
give a true and fair view and are free from material b) Obtain an understanding of internal financial
misstatement, whether due to fraud or error, which control relevant to the audit in order to design
have been used for the purpose of preparation of the audit procedures that are appropriate in the
Consolidated Financial Statements by the Directors of circumstances. Under Section 143(3)(i) of the Act,
the Parent, as aforesaid. we are also responsible for expressing our opinion
on whether the Parent has adequate internal
10. In preparing the Consolidated Financial Statements,
financial controls with reference to Consolidated
the respective Management and Board of Directors of
Financial Statements in place and the operating
the companies included in the Group and its associate
company and its joint venture company are responsible effectiveness of such controls.
for assessing the ability of the respective entities to c)
Evaluate the appropriateness of accounting
continue as a going concern, disclosing, as applicable, policies used and the reasonableness of
185
Atul Ltd
accounting estimates and related disclosures in the Consolidated Financial Statements.

made by the Management.
We communicate with those charged with governance
d)
Conclude on the appropriateness of use of of the Parent and such other entities included in the
the going concern basis of accounting by the Consolidated Financial Statements of which we are
Management and, based on the audit evidence the Independent Auditors regarding, among other
obtained, whether a material uncertainty exists matters, the planned scope and timing of the audit
related to events or conditions that may cast and significant audit findings, including any significant
significant doubt on the ability of the Group and its deficiencies in internal control that we identify during
associate company and its joint venture company our audit.
to continue as a going concern. If we conclude
We also provide those charged with governance with
that a material uncertainty exists, we are required
a statement that we have complied with relevant
to draw attention in our Auditor’s Report to the
ethical requirements regarding independence and to
related disclosures in the Consolidated Financial
communicate with them all relationships and other
Statements or, if such disclosures are inadequate,
matters that may reasonably be thought to bear on
to modify our opinion. Our conclusions are based
our independence and where applicable, related
on the audit evidence obtained up to the date of
safeguards.
our Auditor’s Report. However, future events or
conditions may cause the Group and its associate From the matters communicated with those charged
company and its joint venture company to cease with governance, we determine those matters
to continue as a going concern. that were of most significance in the audit of the
Consolidated Financial Statements of the current
e) Evaluate the overall presentation, structure and
period and are therefore the key audit matters. We
content of the Consolidated Financial Statements,
describe these matters in our Auditor’s Report unless
including the disclosures, and whether the
law or regulation precludes public disclosure about the
Consolidated Financial Statements represent the
matter or when, in extremely rare circumstances, we
underlying transactions and events in a manner
determine that a matter should not be communicated
that achieves fair presentation.
in our report because the adverse consequences of
f) Obtain sufficient appropriate audit evidence doing so would reasonably be expected to outweigh
regarding the financial information of the business the public interest benefits of such communication.
activities within the Group and its associate
company and its joint venture company to Other matters
express an opinion on the Consolidated Financial 14. We did not audit the Financial Statements | financial
Statements. We are responsible for the direction, information of 35 subsidiary companies, whose
supervision and performance of the audit of the Financial Statements | financial information reflect
Financial Statements of such entities or business total assets of ` 1,488.78 cr as at March 31, 2024, total
activities included in the Consolidated Financial revenues of ` 827.30 cr, total net profit|(loss) after tax
Statements of which we are the Independent of ` (0.90) cr, total other comprehensive income|(loss)
Auditors. For the other entities or business of ` 0.31 cr and net cash inflows amounting to ` 8.06
activities included in the Consolidated Financial cr for the year ended on that date, as considered in the
Statements, which have been audited by other Consolidated Financial Statements. The Consolidated
Auditors, such other Auditors remain responsible Financial Statements also include the Group’s
for the direction, supervision and performance of share of net profit of ` 0.09 cr for the year ended on
the audits carried out by them. We remain solely March 31, 2024, as considered in the Consolidated
responsible for our audit opinion. Financial Statements, in respect of an associate
company. These Financial Statements | financial
Materiality is the magnitude of misstatements in the
information have been audited by other Auditors
Consolidated Financial Statements that, individually
whose reports have been furnished to us by the
or in aggregate, makes it probable that the economic
Management and our opinion on the Consolidated
decisions of a reasonably knowledgeable user of
Financial Statements, in so far as it relates to the
the Consolidated Financial Statements may be
amounts and disclosures included in respect of these
influenced. We consider quantitative materiality and
subsidiary companies and associate company and our
qualitative factors in (i) planning the scope of our audit
report in terms of Sub-section (3) of Section 143 of the
work and in evaluating the results of our work and
Act, in so far as it relates to the aforesaid subsidiary
(ii) to evaluate the effect of any identified misstatements

companies and associate company is based solely on our audit and on the consideration of the reports of
the reports of such other Auditors. other Auditors on separate Financial Statements |
financial information of the subsidiary companies and
Some of these subsidiary companies are located
associate company incorporated in India, referred
outside India whose Financial Statements and other
in the other matters section above we report, to the
financial information have been prepared in accordance
extent applicable, that:
with accounting principles generally accepted in their
respective countries and which have been audited a) We have sought and obtained all the information
by other Auditors under generally accepted auditing and explanations which to the best of our
standards applicable in their respective countries. knowledge and belief were necessary for
The Management of the Company has converted the the purposes of our audit of the aforesaid
Financial Statements of such subsidiary companies Consolidated Financial Statements.
located outside India from accounting principles
b) In our opinion, proper books of account as required
generally accepted in their respective countries to
by law relating to preparation of the aforesaid
accounting principles generally accepted in India. We
Consolidated Financial Statements have been
have audited these conversion adjustments made by
kept so far as it appears from our examination of
the Management of the Company. Our opinion in so
those books and the reports of the other Auditors,
far as it relates to the balances and affairs of such
except for matters stated in paragraph (i)(vi)
subsidiary companies located outside India is based
below.
on the report of other Auditors and the conversion
adjustments prepared by the Management of the c)
The Consolidated Balance Sheet, the
Company and audited by us. Consolidated Statement of Profit and Loss
(including other comprehensive income), the
15. We did not audit the Financial Statements | financial
Consolidated Statement of Cash Flows and the
information of 4 subsidiary companies, whose
Consolidated Statement of changes in equity
financial information reflects total assets of ` 26.08
dealt with by this Report are in agreement with
cr as at March 31, 2024, total revenue of ` 4.14 cr,
the relevant books of account maintained for
total net profit | (loss) after tax of ` (1.13) cr, total other
the purpose of preparation of the Consolidated
comprehensive income | (loss) of ` (1.13) cr and net
cash outflows amounting to ` 0.97 cr for the year
ended on that date, as considered in the Consolidated d)
In our opinion, the aforesaid Consolidated
Financial Statements. These Financial Statements Financial Statements comply with the Ind AS
| financial information are unaudited and have been specified under Section 133 of the Act.
furnished to us by the Management and our opinion
e)
On the basis of the written representations
on the Consolidated Financial Statements, in so far
received from the Directors of the Parent as on
as it relates to the amounts and disclosures included
March 31, 2024, taken on record by the Board
in respect of these subsidiary companies, is based
of Directors of the Parent and the reports of the
solely on such unaudited Financial Statements |
Statutory Auditors of its subsidiary companies,
financial information. In our opinion and according to
associate company and a joint venture company
the information and explanations given to us by the
incorporated in India, none of the Directors of the
Management, these Financial Statements | financial
Group companies, its associate company and a
information are not material to the Group.
joint venture company incorporated in India is
16. Our opinion on the Consolidated Financial Statements disqualified as on March 31, 2024, from being
above and our report on other legal and regulatory appointed as a Director in terms of Section 164(2)
requirements below, is not modified in respect of the of the Act.
above matters with respect to our reliance on the
f) The modification relating to the maintenance of
work done and the reports of other Auditors and the
accounts and other matters connected therewith,
Financial Statements | financial information certified
is as stated in paragraph (b) above.
by the Management.
g)
With respect to the adequacy of the internal
Report on other legal and regulatory requirements financial controls with reference to Consolidated
17. As required by Section 143(3) of the Act, based on Financial Statements and the operating
effectiveness of such controls, refer to our
separate report in Annexure A, which is based
187
Atul Ltd
on the Auditors’ Reports of the Parent company, Parent and its subsidiary companies
subsidiary companies, associate company and a and associate company which are
joint venture company incorporated in India. Our companies incorporated in India,
report expresses an unmodified opinion on the whose Financial Statements have
adequacy and operating effectiveness internal been audited under the Act, have
financial controls with reference to Consolidated represented to us and to the other
Financial Statements of those Companies, for the Auditors of such subsidiary companies
reasons stated therein. and associate company respectively
that, to the best of their knowledge and
Reporting on the adequacy of internal financial
belief, other than as disclosed in Note
controls with reference to Consolidated Financial
30.19 to the Consolidated Financial
Statements and the operating effectiveness of
Statements, no funds have been
such controls under Section 143(3)(i) of the Act is
advanced or loaned or invested (either
not applicable to the joint operation of the Group
from borrowed funds or share premium
as it is a limited liability partnership.
or any other sources or kind of funds)
h) With respect to the other matters to be included by the Parent or any of such subsidiary
in the Auditor’s Report in accordance with the companies or associate company to or
requirements of Section 197(16) of the Act, as in any other person or entity, including
amended: In our opinion and to the best of our foreign entities (Intermediaries), with
information and according to the explanations the understanding, whether recorded
given to us, and based on the Auditor’s Reports in writing or otherwise, that the
of subsidiary companies, associate companies Intermediary shall, directly or indirectly
and joint venture companies incorporated in India lend or invest in other persons or entities
the remuneration paid by the Parent and such identified in any manner whatsoever by
subsidiary companies, associate companies and or on behalf of the Company or any of
joint venture companies to its Directors during such subsidiary companies or associate
the year is in accordance with the provisions of company (Ultimate Beneficiaries)
Section 197 of the Act. or provide any guarantee, security
or the like on behalf of the ultimate
i) With respect to the other matters to be included
beneficiaries.
in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditor’s) b)
The respective Managements of the
Rules, 2014, as amended, in our opinion and to Parent and its subsidiary companies
the best of our information and according to the and associate company which are
explanations given to us: companies incorporated in India,
whose Financial Statements have been
i.
The Consolidated Financial Statements
audited under the Act, have represented
disclose the impact of pending litigations
to us and to the other Auditors of such
on the consolidated financial position of the
subsidiary companies and associate
Group, its associate company and its joint
company respectively that, to the best
venture company – Refer Note 30.1 to the
of their knowledge and belief, other
Consolidated Financial Statements;
than as disclosed in the Note 30.19 to
i. The Group, its associate company and its the Consolidated Financial Statements,
joint venture company did not have any no funds have been received by the
material foreseeable losses on long-term Parent or any of such subsidiary
contracts including derivative contracts. companies or associate company from
ii.
There has been no delay in transferring any person or entity, including foreign
amounts, required to be transferred, to the entities (funding parties), with the
Investor Education and Protection Fund understanding, whether recorded in
by the Parent, its subsidiary companies, writing or otherwise, that the Parent
associate company and a joint venture or any of such subsidiary companies
company incorporated in India. or associate company shall, directly or
indirectly, lend or invest in other persons
iii. a)
The respective Managements of the or entities identified in any manner

whatsoever by or on behalf of the (a)

In respect of Parent, 31 subsidiary
Funding Party (Ultimate Beneficiaries) companies and one associate company:
or provide any guarantee, security for one accounting software, audit trail
or the like on behalf of the ultimate feature was not enabled at the database
beneficiaries. level to log any direct changes, and
c)
Based on the audit procedures that (b) In respect of three subsidiary companies
has been considered reasonable and and one joint venture company: for two
appropriate in the circumstances accounting software, audit trail feature
performed by us and those performed was not enabled at the database level
by the Auditors of the subsidiary to log any direct changes.
companies which are companies
Further, during the course of our audit, we did
incorporated in India whose Financial
not come across any instance of audit trail
Statements have been audited under
feature being tampered with, in respect of
the Act, nothing has come to our or
accounting software for which the audit trail
other Auditor’s notice that has caused
feature was operating. (Refer Note 30.21 to
us or the other Auditors to believe that
the Consolidated Financial Statements).
the representations under Sub-clause
(i) and (ii) of Rule 11(e), as provided As proviso to Rule 3(1) of the Companies
under (a) and (b) above, contain any (Accounts) Rules, 2014 is applicable from
material misstatement. April 1, 2023, reporting under Rule 11 (g) of
the Companies (Audit and Auditors) Rules,
iv.
As stated in Note no. 30.15 to the
2014 on the preservation of audit trail as
Consolidated Financial Statements
per the statutory requirements for record
a) The final dividend proposed in the retention is not applicable for the financial
previous year, declared and paid by the year ended March 31, 2024.
Parent during the year is in accordance
18. With respect to the matters specified in paragraphs
with Section 123 of the Act, as
3(xxi) and 4 of the Companies (Auditor’s Report) Order,
applicable.
2020 (the Order) issued by the Central Government
b)
The Board of Directors of the Parent in terms of Section 143(11) of the Act, to be included
have proposed final the final dividend in the Auditor’s Report, according to the information
for the year which is subject to the and explanations given to us, and based on the
approval of the members at the ensuing CARO reports issued by the Auditors of the subsidiary
Annual General Meeting. The amount companies and a joint venture company included in
of dividend proposed declared is in the Consolidated Financial Statements of the Parent,
accordance with Section 123 of the Act, to which reporting under CARO is applicable, provided
as applicable. to us by the Management of the Parent and based on
the identification of matters of qualifications or adverse
v. Based on our examination which included
remarks in their CARO reports by the respective
test checks, and based on the other auditor’s
component Auditors and provided to us, we report
reports of its subsidiary companies,
that there are no qualifications or adverse remarks
associate company and joint venture
by the respective Auditors in the CARO reports of the
company incorporated in India whose
said companies included in the Consolidated Financial
Financial Statements have been audited
Statements.
under the Act, except for the instances
mentioned below, the Parent, its subsidiary
companies, associate company and joint
venture company have used accounting
software for maintaining their respective
books of account for the year ended March
31, 2024, which has a feature of recording
Ketan Vora
audit trail (edit log) facility and the same has Partner
operated throughout the year for all relevant
Mumbai Membership Number: 100459
transactions recorded in the software:
April 26, 2024 UDIN: 24100459BKFASJ6210
189
Atul Ltd
Annexure A to the Independent Auditor’s Report

Referred to in paragraph (g) under ‘Report on other legal companies and its associate company and its joint
and regulatory requirements’ section of our report of even venture company, which are companies incorporated
date. in India, based on our audit. We conducted our audit
in accordance with the Guidance Note issued by the
Report on the internal financial controls with Institute of Chartered Accountants of India and the
reference to Consolidated Financial Statements Standards on Auditing, prescribed under Section
under Clause (i) of Sub-section 3 of Section 143 of 143(10) of the Companies Act, 2013, to the extent
the Companies Act, 2013 (the Act) applicable to an audit of internal financial controls
01.
In conjunction with our audit of the Consolidated with reference to Consolidated Financial Statements.
Financial Statements of the Company as at and for Those Standards and the Guidance Note require that
the year ended March 31, 2024, we have audited we comply with ethical requirements and plan and
the internal financial controls with reference to perform the audit to obtain reasonable assurance
Consolidated Financial Statements of Atul Ltd (the about whether adequate internal financial controls
Parent), its subsidiary companies and its associate with reference to Consolidated Financial Statements
company and a joint venture company which are was established and maintained and if such controls
companies incorporated in India, as of that date. operated effectively in all material respects.
Management’s responsibility for internal financial 04. Our audit involves performing procedures to obtain
controls audit evidence about the adequacy of the internal
financial controls with reference to Consolidated
02. The respective Board of Directors of the Parent, its Financial Statements and their operating effectiveness.
subsidiary companies and its associate company Our audit of internal financial controls with reference to
and a joint venture company, which are companies Consolidated Financial Statements included obtaining
incorporated in India, are responsible for establishing an understanding of internal financial controls with
and maintaining internal financial controls with reference to Consolidated Financial Statements,
reference to the Consolidated Financial Statements assessing the risk that a material weakness exists,
based on the internal control with reference to and testing and evaluating the design and operating
the Consolidated Financial Statements criteria effectiveness of internal control based on the assessed
established by the respective companies considering risk. The procedures selected depend on the Auditor’s
the essential components of internal control stated judgement including the assessment of the risks of
in the Guidance Note on Audit of Internal Financial material misstatement of the Financial Statements,
Controls Over Financial Reporting (the Guidance Note) whether due to fraud or error.
issued by the Institute of Chartered Accountants of
India (the ICAI). These responsibilities include the 05. We believe that the audit evidence we have obtained
design, implementation and maintenance of adequate and the audit evidence obtained by the other Auditors
internal financial controls that were operating of the subsidiary companies and associate company
effectively for ensuring the orderly and efficient and joint venture company, which are companies
conduct of its business, including adherence to the incorporated in India, in terms of their reports referred
respective policies of the Company, the safeguarding to in the other matters paragraph below, is sufficient
of its assets, the prevention and detection of frauds and appropriate to provide a basis for our audit opinion
and errors, the accuracy and completeness of the on the internal financial controls with reference to
accounting records, and the timely preparation of Consolidated Financial Statements of the Parent, its
reliable financial information, as required under the subsidiary companies and its associate company
Companies Act, 2013. and its joint venture company, which are companies
incorporated in India.
Auditor’s responsibility
Meaning of internal financial controls with reference
03. Our responsibility is to express an opinion on the internal to Consolidated Financial Statements
financial controls with reference to the Consolidated
06. The internal financial control with reference to
Financial Statements of the Parent, its subsidiary
Consolidated Financial Statements of the Company is

a process designed to provide reasonable assurance the respective companies considering the essential
regarding the reliability of financial reporting and components of internal control stated in the Guidance
the preparation of Financial Statements for external Note on Audit of Internal Financial Controls Over
purposes in accordance with Generally Accepted Financial Reporting issued by the Institute of Chartered
Accounting Principles. The internal financial Accountants of India.
control with reference to Consolidated Financial
Statements of the Company includes those policies Other matters
and procedures that i) pertain to the maintenance of 09.
Our aforesaid report under Section 143(3)(i) of the
records that, in reasonable detail, accurately and fairly Act on the adequacy and operating effectiveness
reflect the transactions and dispositions of the assets of the internal financial controls with reference to
of the company; ii) provide reasonable assurance that Consolidated Financial Statements insofar as it
transactions are recorded as necessary to permit relates to, 30 subsidiary companies and an associate
preparation of Financial Statements in accordance company, which are companies incorporated in India,
with Generally Accepted Accounting Principles and is based solely on the corresponding reports of the
that receipts and expenditures of the Company are Auditors of such companies incorporated in India.
being made only in accordance with authorisations
Our opinion is not modified in respect of the above
of Management and Directors of the Company and iii)
matters.
provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or
disposition of assets of the Company that could have
a material effect on the Financial Statements.
Inherent limitations of internal financial controls Firm registration number: 117366W|W-100018
with reference to Consolidated Financial Statements
Ketan Vora
07. Because of the inherent limitations of internal financial Partner
controls with reference to Consolidated Financial Mumbai Membership Number: 100459
Statements, including the possibility of collusion or April 26, 2024 UDIN: 24100459BKFASJ6210
improper management override of controls, material
misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation
of the internal financial controls with reference to
Consolidated Financial Statements to future periods
are subject to the risk that the internal financial control
may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
08.
In our opinion and to the best of our information
and according to the explanations given to us and
based on the consideration of the reports of the other
Auditors referred to in the other matters paragraph
below, Parent, its subsidiary companies, its associate
company and a joint venture company, which are
companies incorporated in India, have, in all material
respects, an adequate internal financial controls
and such internal financial controls with reference to
Consolidated Financial Statements were operating
effectively as at March 31, 2024, based on the internal
control over financial reporting criteria established by
191
Atul Ltd
Consolidated Balance Sheet as at March 31, 2024

(` cr)
As at As at
Particulars Note March 31, 2024 March 31, 2023
A ASSETS
1. Non-current assets
a) Property, plant and equipment 2 2,737.09 1,713.77
b) Capital work-in-progress 2 280.75 1,032.85
c) Investment properties 3 3.22 3.22
d) Goodwill 4 29.14 29.14
e) Other intangible assets 4 1.73 3.61
f) Biological assets other than bearer plants 5 21.00 19.92
g) Investments accounted for using the equity method 6.1 49.58 42.76
h) Financial assets
i) Investments 6.2 916.09 648.61
ii) Loans 7 0.26 0.13
iii) Other financial assets 8 10.29 8.95
i) Income tax assets (net) 30.5 5.04 13.98
j) Deferred tax assets (net) 30.5 21.25 16.41
k) Other non-current assets 9 125.23 143.66
Total non-current assets 4,200.67 3,677.01
2. Current assets
a) Inventories 10 618.26 789.36
b) Biological assets other than bearer plants 5 32.12 31.36
c) Financial assets
i) Investments 6.3 426.40 189.57
ii) Trade receivables 11 927.04 844.61
iii) Cash and cash equivalents 12 60.26 38.05
iv) Bank balances other than cash and cash equivalents mentioned above 13 12.04 13.98
v) Other financial assets 8 22.22 23.99
d) Other current assets 9 177.27 160.03
e) Assets held for sales - 0.02
Total current assets 2,275.61 2,090.97
Total assets 6,476.28 5,767.98
B EQUITY AND LIABILITIES
Equity
a) Equity share capital 14 29.46 29.53
b) Other equity 15 5,084.88 4,641.85
Equity attributable to owners of the Company 5,114.34 4,671.38
Non-controlling interests 49.05 48.04
Total equity 5,163.39 4,719.42
Liabilities
1. Non-current liabilities
i) Borrowings 16 209.30 28.71
ii) Lease liabilities 30.12 4.70 5.26
b) Provisions 18 31.12 32.47
c) Deferred tax liabilities (net) 30.5 174.15 133.82
d) Other non-current liabilities 19 0.99 3.48
2. Current liabilities
i) Borrowings 16 22.55 18.27
ii) Trade payables 20
Total outstanding dues of
a) Micro-enterprises and small enterprises 58.37 46.13
b) Creditors other than micro-enterprises and small enterprises 520.94 492.38
b) Contract liabilities 21 37.84 36.95
c) Other current liabilities 19 12.09 12.63
d) Provisions 18 21.04 20.83
e) Current tax liabilities (net) 30.5 0.23 2.91
Total liabilities 1,312.89 1,048.56
Total equity and liabilities 6,476.28 5,767.98
The accompanying Notes 1-30 form an integral part of the Consolidated Financial Statements.
Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director

Consolidated Statement of Profit and Loss

(` cr)
Particulars Note 2023-24 2022-23
INCOME
Revenue from operations 22 4,725.68 5,427.52
Other income 23 58.19 114.87
Total income 4,783.87 5,542.39
EXPENSES
Cost of materials consumed 24 2,202.59 2,604.17
Purchases of stock-in-trade 158.69 224.46
Changes in inventories of finished goods, work-in-progress and stock-in-trade 25 149.26 35.35
Employee benefit expenses 26 398.03 370.19
Finance costs 27 11.08 7.90
Depreciation and amortisation expenses 28 242.88 197.81
Other expenses 29 1,180.42 1,418.50
Total expenses 4,342.95 4,858.38
Profit before share of net profit of investments accounted for using equity method and tax 440.92 684.01
Share of net profit in associate and joint venture companies 9.70 3.83
Tax expense
Current tax 30.5 113.64 179.16
Deferred tax 30.5 12.86 2.05
Total tax expense 126.50 181.21
Other comprehensive income
a) Items that will not be reclassified to profit | loss
i) Change in fair value of equity instruments through other comprehensive income
(FVTOCI) 273.85 (109.98)
ii) Remeasurement gain | (loss) on defined benefit plans 0.10 4.26
iii) Income tax related to items above (21.32) 10.79
iv) Share of other comprehensive income in associate and joint venture companies 0.03 -
b) Items that will be reclassified to profit | loss
i) Effective portion of gain | (loss) on cash flow hedges (0.11) (0.54)
ii) Exchange differences on translation of foreign operations 3.71 6.94
iii) Income tax related to items above (1.25) (0.04)
Other comprehensive income, net of tax 255.01 (88.57)
Total comprehensive income for the year 579.13 418.06
Profit is attributable to:
Owners of the Company 323.02 514.09
Non-controlling interests 1.10 (7.46)
324.12 506.63
Other comprehensive income is attributable to:
Owners of the Company 255.01 (88.58)
Non-controlling interests - 0.01
255.01 (88.57)
Total comprehensive income is attributable to:
Owners of the Company 578.03 425.51
Non-controlling interests 1.10 (7.45)
579.13 418.06
Earnings per equity share of ` 10 each attributable to owners of the Company
Basic earnings (`) 30.11 109.54 174.15
Diluted earnings (`) 30.11 109.54 174.15

Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director
193
Atul Ltd
Consolidated Statement of changes in equity

A Equity share capital
(` cr)
Particulars Note Amount
As at March 31, 2022 29.61
As at March 31, 2023 29.53
As at March 31, 2024 14 29.46
B Other equity
(` cr)
Particulars Attributable to owners of the Company Non- Total
Reserves and surplus Items of other comprehensive income Total controlling
other interest
General Retained Statutory Capital FVTOCI Effective Foreign
reserve earnings reserve redemption equity portion of currency equity
reserve instruments cash flow translation
hedges reserve
As at March 31, 2022 71.24 3,747.18 0.18 0.07 554.95 0.20 25.53 4,399.35 30.88 4,430.23
Profit for the year - 514.09 - - - - - 514.09 (7.46) 506.63
Other comprehensive income, net of tax - 3.19 - - (98.13) (0.40) 6.76 (88.58) 0.01 (88.57)
Total comprehensive income for the year - 517.28 - - (98.13) (0.40) 6.76 425.51 (7.45) 418.06
Transfer to retained earnings on disposal of FVTOCI equity
instruments - 2.46 - - (2.46) - - - - -
Transfer to general reserves - - - - - - - - - -
Transfer to reserve fund under the Reserve Bank of India
Act, 1934 - (0.36) 0.36 - - - - - - -
Hedging (gain) | loss reclassified to the Statement of Profit
and Loss - - - - - (0.48) - (0.48) - (0.48)
Buy-back of equity shares (refer Note 30.14) (68.72) (17.89) - - - - - (86.61) - (86.61)
(refer Note 30.14) - (0.08) - 0.08 - - - - - -
Dividend on equity shares (refer Note 30.15) - (95.92) - - - - - (95.92) - (95.92)
Transactions with non-controlling interests - - - - - - - - 24.61 24.61
As at March 31, 2023 2.52 4,152.67 0.54 0.15 454.36 (0.68) 32.29 4,641.85 48.04 4,689.89
Profit for the year - 323.02 - - - - - 323.02 1.10 324.12
Other comprehensive income, net of tax - 0.10 - - 252.56 (0.08) 2.43 255.01 - 255.01
Total comprehensive income for the year - 323.12 - - 252.56 (0.08) 2.43 578.03 1.10 579.13
Transfer to retained earnings on disposal of FVTOCI equity
instruments - 1.09 - - (1.09) - - - - -
Transfer to general reserves 0.31 (0.31) - - - - - - - -
Transfer to reserve fund under the Reserve Bank of India
Act, 1934 - (0.96) 0.96 - - - - - - -
Hedging (gain) | loss reclassified to the Statement of Profit
and Loss - - - - - 0.54 - 0.54 - 0.54
Buy-back of equity shares (refer Note 30.14) - (61.76) - - - - - (61.76) - (61.76)
(refer Note 30.14) - (0.07) - 0.07 - - - - - -
Dividend on equity shares (refer Note 30.15) - (73.78) - - - - - (73.78) - (73.78)
Transactions with non-controlling interests - - - - - - - - (0.09) (0.09)
As at March 31, 2024 2.83 4,340.00 1.50 0.22 705.83 (0.22) 34.72 5,084.88 49.05 5,133.93
Refer Note 15 for nature and purpose of reserves
Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director

Consolidated Statement of Cash Flows

(` cr)
A CASH FLOW FROM OPERATING ACTIVITIES
Adjustments for:
Depreciation and amortisation expenses 242.88 197.81
Loss | (gain) on disposal of property, plant and equipment (net) 2.69 (0.44)
Loss due to fire of property, plant and equipment - 32.46
Insurance claim - (31.28)
Unrealised exchange rate difference (net) (0.27) 7.79
Effect of exchange rates on translation of operating cash-flows 3.31 6.42
Allowance for doubtful debts made | (written back) (0.17) 3.83
Dividend income (8.97) (7.06)
Interest income (9.86) (10.55)
Changes in fair value of biological assets 2.33 (3.75)
Liability no longer required written back (1.55) (3.99)
Gain on disposal of current investments measured at FVTPL (net) (19.97) (10.74)
Income on account of government grants (2.49) (0.98)
Share of profit in associate and joint venture companies (9.70) (3.83)
Operating profit before change in operating assets and liabilities 663.79 873.02
Adjustments for:
(Increase) | Decrease in inventories | biological assets 166.92 64.80
(Increase) | Decrease in non-current and current assets (108.94) 79.66
Increase | (Decrease) in non-current and current liabilities 53.00 (117.41)
Cash generated from operations 774.77 900.07
Income tax paid (net of refund) (107.31) (193.38)
Net cash flow from operating activities A 667.46 706.69
B CASH FLOW FROM INVESTING ACTIVITIES
Payments towards property, plant and equipment (including capital advance) (503.88) (874.68)
Proceeds from disposal of property, plant and equipment 0.40 0.79
Proceeds from insurance claim 7.00 22.29
Proceeds from sale of equity investment measured at FVTOCI 3.08 23.99
Purchase of equity investment measured at FVTOCI (1.78) (22.44)
Purchase of equity investment measured at cost - (22.50)
Redemption of bonds | alternate investment fund measured at FVTPL 14.97 9.16
Repayments of loans given 1.48 12.70
Disbursements of loans (0.70) (7.19)
Redemption of | (Investment in) bank deposits (net) 1.80 (2.67)
Redemption of | (Investment in) of current investments measured at FVTPL (net) (218.05) 371.64
Interest received 0.60 0.81
Dividend received 11.89 18.74
Net cash used in investing activities B (683.19) (469.36)
195
Atul Ltd
Consolidated Statement of Cash Flows

(` cr)
C CASH FLOW FROM FINANCING ACTIVITIES
Disbursements | (Repayments) of term loans | non-current borrowings 188.25 5.08
Repayments of term loans | non-current borrowings (6.80) (34.32)
Disbursements | (Repayments) of working capital loans | current borrowings (net) 3.42 (62.16)
Transaction with non-controlling interests (0.09) 24.63
Dividend on equity shares (73.78) (96.13)
Buy-back of equity shares (including transaction cost) (61.83) (86.69)
Net cash flow from | (used) in financing activities C 37.54 (257.49)
Net increase | (decrease) in cash and cash equivalents A+B+C 21.81 (20.16)
Cash and cash equivalents at the beginning of the year 38.05 57.69
Net effect of exchange gain | (loss) on cash and cash equivalents held in
foreign currencies 0.40 0.52
Cash and cash equivalents at the end of the year (refer Note 12) 60.26 38.05
Notes:
i) The above Consolidated Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in the Ind AS 7 on the
Statement of Cash Flows as notified under Companies (Indian Accounting Standards) Rules, 2015 as amended.
ii) Reconciliation of changes in liabilities arising from financing activities
(` cr)
Particulars Liabilities from financing activities

Non-current Current Total
borrowings borrowings
Net debt as at March 31, 2022 61.05 77.33 138.38
(Repayments) | Disbursements (29.13) (62.27) (91.40)
Interest expense 4.14 0.29 4.42
Interest paid (4.14) (0.29) (4.42)
31.92 15.06 46.98
Amount of current maturities of long-term debt disclosed under the
head current borrowing (3.21) 3.21 -
Net debt As at March 31, 2023 28.71 18.27 46.98
(Repayments) | Disbursements 184.66 0.21 184.87
Interest expense 6.55 0.47 7.02
Interest paid (6.55) (0.47) (7.02)
213.37 18.48 231.85
Amount of current maturities of long-term debt disclosed under the
head current borrowing (4.07) 4.07 -
Net debt as at March 31, 2024 209.30 22.55 231.85
Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director

Notes to the Consolidated Financial Statements

Background
Atul Ltd (the Company) is a public company limited by shares, incorporated and domiciled in India. Its shares are listed on two
stock exchanges in India; the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The registered office
is located at Atul House, G I Patel Marg, Ahmedabad 380 014, Gujarat, India, and the principal places of manufacturing are
located at Atul, Ankleshwar and Kharod, Gujarat, and Tarapur, Maharastra, India.
The Company and its subsidiary companies are referred to as the Group hereunder. The Group is in the business of Life
Science Chemicals and Performance and Other Chemicals and caters to the needs of varied industries such as Adhesives,
Agriculture, Animal Feed, Automobile, Composites, Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics,
Flavour, Food, Footwear, Fragrance, Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal
Care, Pharmaceutical, Plastic, Polymer, Rubber, Soap and Detergent, Sport and Leisure, Textile, Tyre and Wind Energy
across the world.
Note 1 Material accounting policies

This Note provides a list of the material accounting policies adopted by the Group in preparation of these Consolidated
Financial Statements. These policies have been consistently applied to all the years presented unless otherwise stated. The
Consolidated Financial Statements are for the Group consisting of the Company and its subsidiary companies.
a) Statement of compliance
The Consolidated Financial Statements comply in all material respects with Indian Accounting Standards (Ind AS)
notified under Section 133 of the Companies Act, 2013 (the Act), read with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015, and other relevant provisions of the Act, as amended.
b) Basis of preparation
i) Historical cost convention:
The Consolidated Financial Statements have been prepared on a historical cost basis except for the following:
• Certain financial assets and liabilities (including derivative instruments): measured at fair value
• Defined benefit plans: plan assets measured at fair value
• Biological assets: measured at fair value less cost to sell
ii) The Consolidated Financial Statements have been prepared on accrual and going concern basis.
iii) Accounting policies are applied consistently to all the periods presented in the Consolidated Financial Statements.
All assets and liabilities have been classified as current or non-current as per the normal operating cycle of the
Group and other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. Based on the
nature of products and the time between acquisition of assets for processing and their realisation in cash and cash
equivalents, the Group has ascertained its operating cycle as 12 months for the purpose of current or non-current
classification of assets and liabilities.
iv) Recent accounting pronouncements:
The Ministry of Corporate Affairs (MCA) notifies new standards or amendments to the existing standards. There is
no such notification which would have been applicable from April 01, 2024.
c) Basis of consolidation
i) Subsidiary companies
Subsidiary companies are all the entities over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
to affect those returns through its power to direct the relevant activities of the entity. Subsidiary companies are
consolidated from the date control commences untill the date control ceases. The Group reassesses whether or not
it controls an investee, if facts and circumstances indicate that there are one or more changes to elements of control
described above.
The acquisition method of accounting is used to account for business combinations by the Group.
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Atul Ltd
The Group combines the Financial Statements of the Parent and its subsidiary companies line by line, adding
together like items of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and
unrealised gains on transactions between the Group companies are eliminated. Unrealised losses are also
eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting Policies
of subsidiary companies have been changed where necessary, to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiary companies are shown separately in the
Consolidated Statement of Profit and Loss, Consolidated Statement of changes in equity and Consolidated Balance
Sheet respectively.
ii) Associate companies
Associate companies are all entities over which the Group has significant influence, but not control or joint control.
Investments in associate companies are accounted for using the equity method of accounting {see iv) below}.
iii) Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures. The classification
depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint
arrangement. The Group has interest in a joint venture company and a joint operation.
Interest in joint venture company is accounted for using the equity method {see iv) below}.
Joint operation
The Group recognises its direct right to the assets, liabilities, revenues and expenses of joint operation and its
share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the
Consolidated Financial Statements under the appropriate headings.
iv) Equity method
Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter
to recognise share of the Group in post-acquisition profit | loss and other comprehensive income of the entity.
Dividends received or receivable from the associate companies and joint venture company are recognised as a
reduction in the carrying amount of the investment.
When the Group share of losses in an equity-accounted investment equals or exceeds its interest in the entity,
including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has
incurred legal or constructive obligations or made payments on behalf of the other entity.
Unrealised gains on transactions between the Group and its associate company and joint venture company are
eliminated to the extent of the Group interest in these entities. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset transferred.
The carrying amount of equity accounted investments are tested for impairment in accordance with the policy
described in (m) below.
v) Changes in ownership interest
The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions
with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying
amounts of the controlling and non-controlling interests to reflect their relative interest in the subsidiary companies.
Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or
received is recognised within equity.
When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint
control or significant influence, any retained interest in the entity is remeasured to its fair value with the change
in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purpose
of subsequently accounting for the retained interest as an associate company, joint venture company or financial
asset. In addition, any amount previously recognised in other comprehensive income in respect of that entity
are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that
amounts previously recognised in other comprehensive income are reclassified to the Consolidated Statement of
Profit and Loss.

If the ownership interest in a joint venture company or an associate company is reduced but joint control or significant
influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive
income are reclassified to the Consolidated Statement of Profit and Loss where appropriate.
d) Foreign currency transactions
i) Functional and presentation currency
Items included in the Financial Statements of each entity of the Group are measured using the currency of the
primary economic environment in which the entity operates (functional currency). The Consolidated Financial
Statements are presented in Indian Rupee (`), which is also the functional currency of the Company.
ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains | (losses) resulting from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are
generally recognised in the Consolidtaed Statement of Profit and Loss except that they are deferred in equity if they
relate to qualifying cash flow hedges.
Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the Consolidated
Statement of Profit and Loss, within finance costs. All other foreign exchange gains | (losses) are presented in the
Consolidated Statement of Profit and Loss on a net basis within other income.
Non-monetary items that are measured at fair value that are denominated in a foreign currency are translated
using the exchange rates at the date when the fair value was determined. Translation differences on assets and
liabilities carried at fair value are reported as part of the fair value gain | (loss). Non-monetary items that are
measured in terms of historical cost in a foreign currency are not revalued.
iii) Group companies
The results and financial position of foreign operations of the Group (none of which has the currency of a
hyperinflationary economy) that have a functional currency different from the presentation currency are translated
into the presentation currency as follows:
• assets and liabilities are translated at the closing rate at the date of that Balance Sheet
• income and expenses are translated at average exchange rates
• all resulting exchange differences are recognised in other comprehensive income
When a foreign operation is disposed, the associated exchange differences are reclassified to the Consolidated
Statement of Profit and Loss, as part of the gain | (loss) on sale. Goodwill and fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition of a foreign operation are treated as assets and liabilities
of the foreign operation and translated at the closing rate.
e) Revenue recognition
i) Revenue from operations
Revenue is recognised when control of goods is transferred to a customer in accordance with the terms of the
contract. The control of the goods is transferred upon delivery to the customers either at the factory gate of the
Group or specific location of the customer or when the goods are handed over to the freight carrier, as per the
terms of the contract. A receivable is recognised by the Group when the goods are delivered to the customer as this
represents the point in time at which the right to consideration becomes unconditional, as only the passage of time
is required before payment is due.
Revenue from services including those embedded in contract for sale of goods, namely, freight and insurance
services mainly in case of export sales, is recognised upon completion of services.
Revenue is measured based on the consideration to which the Group expects to be entitled as per contract
with a customer. The consideration is determined based on the transaction price specified in the contract, net of
the estimated variable consideration. Accumulated experience is used to estimate and provide for the variable
consideration, using the expected value method and revenue is only recognised to the extent that it is highly
probable that a significant reversal will not occur. Contracts with customers are for short-term, at an agreed price
basis having contracted credit period ranging up to 180 days. The contracts do not grant any rights of return to the
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Atul Ltd
customer. Returns of Goods are accepted by the Group only on an exception basis. Revenue excludes any taxes or
duties collected on behalf of government that are levied on sales such as goods and services tax.
Eligible export incentives are recognised in the year in which the conditions precedent are met and there is no
significant uncertainty about the collectability.
ii) Other income
Interest income from financial assets is recognised using the effective interest rate method. The effective interest
rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to the gross carrying amount of a financial asset. When calculating the effective interest rate, the Group
estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example,
prepayment, extension, call and similar options), but does not consider the expected credit losses.
Dividends are recognised in the Consolidated Statement of Profit and Loss only when the right to receive payment
is established; it is probable that the economic benefits associated with the dividend will flow to the Group and the
amount of the dividend can be measured reliably.
Insurance claims are accounted for on the basis of claims admitted and to the extent that there is no uncertainty in
receiving the claims
Lease rental income is recognised on accrual basis.
f) Income tax
Income tax expense comprises current tax and deferred tax. Current tax is the tax payable on the taxable income of the
current period based on the applicable income tax rates. Deferred income tax is recognised using the Balance Sheet
approach. Deferred income tax assets and liabilities are recognised for deductible and taxable temporary differences
arising between the tax base of assets and liabilities and their carrying amount.
Deferred income tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognised
if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting profit nor taxable profit | (tax loss). Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled.
The Group considers reversals of deferred income tax liabilities, projected future taxable income and tax planning
strategies in making the assessment of deferred tax liabilities and realisability of deferred tax assets. Based on the level
of historical taxable income and projections for future taxable income over the periods in which the deferred income tax
assets are deductible, the Management believes that the Group will realise the benefits of those deductible differences.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity respectively.
The Group considered as per Appendix C to Ind AS 12 whether it has any uncertain tax positions based on past
experience pertaining to income taxes including those related to transfer pricing. The Group has determined its tax
position based on tax compliance and present judicial pronouncements and accordingly expects that its tax treatments
will be accepted by the taxation authorities.
The Group determines whether to consider each uncertain tax treatment separately or together with one or more other
uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty. The Group applies
significant judgement in identifying uncertainties over income tax treatments.
g) Government grants
i) Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant
will be received and the Group will comply with all the attached conditions.

ii)
Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities
as deferred income and are credited to the Consolidated Statement of Profit and Loss in proportion to depreciation
over the expected lives of the related assets and presented within other income.
iii) Government grants relating to income are deferred and recognised in the Consolidated Statement of Profit and
Loss over the period necessary to match them with the costs that they are intended to compensate and presented
within other income.
iv) Government grants relating to export incentives - refer Note 1 (e).
h) Leases
As a lessee
The Group assesses whether a contract is, or contains a lease, at inception of the contract. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group
assesses whether: (i) the contract involves the use of an identified asset, (ii) the Group has substantially all of the
economic benefits from use of the asset through the period of the lease or (iii) the Group has the right to direct the use
of the asset.
At the commencement date of the lease, the Group recognises a right-of-use asset and a corresponding lease liability
for all lease arrangements in which it is a lessee, except for short-term leases (leases with a term of twelve months or
less), leases of low value assets and, for contract where the lessee and lessor has the right to terminate a lease without
permission from the other party with no more than an insignificant penalty. The lease expense of such short-term
leases, low value assets leases and cancellable leases, are recognised as an operating expense on a straight-line basis
over the term of the lease.
At the commencement date, lease liability is measured at the present value of the lease payments to be paid during
non-cancellable period of the contract, discounted using the incremental borrowing rate. The right-of-use asset is
initially recognised at the amount of the initial measurement of the corresponding lease liability, lease payments made
at or before commencement date less any lease incentives received and any initial direct costs.
Subsequently, the right-of-use asset is measured at cost less accumulated depreciation and any impairment losses.
Lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using effective interest rate method) and reducing the carrying amount to reflect the lease payments made. The
right-of-use asset and lease liability are also adjusted to reflect any lease modifications or revised in-substance fixed
lease payments.
As a lessor
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease
substantially transfer all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease.
All other leases are classified as operating leases.
Income from operating leases where the Group is a lessor is recognised as income on a straight-line basis over the lease
term unless the receipts are structured to increase in line with the expected general inflation to compensate for the
expected inflationary cost increases. The respective leased assets are included in the Consolidated Balance Sheet based
on their nature. Leases of property, plant and equipment where the Group as a lessor has substantially transferred all
the risks and rewards are classified as finance lease. Finance leases are capitalised at the inception of the lease at the
fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rent
receivables, net of interest income, are included in other financial assets. Each lease receipt is allocated between the
asset and interest income. The interest income is recognised in the Consolidated Statement of Profit and Loss over the
lease period so as to produce a constant periodic rate of interest on the remaining balance of the asset for each period.
Under combined lease agreements, land and building are assessed individually.
i) Business combination
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity
instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:
i) fair values of the assets transferred,
ii) liabilities incurred to the former owners of the acquired business,
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iii) equity interest issued by the Group and

iv) fair value of any asset or liability resulting from a contingent consideration arrangement.
Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are, with limited
exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling
interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s
proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred.
The excess of the:
• sum of consideration transferred
• amount of any non-controlling interest in the acquired entity
• acquisition-date fair value of any previous equity interest in the acquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair
value of the net identifiable assets of the business acquired, the difference is recognised in other comprehensive income and
accumulated in equity as capital reserve provided there is clear evidence of the underlying reasons for classifying the business
combination as a bargain purchase. In other cases, the bargain purchase gain is recognised directly in equity as capital reserve.
Where settlement of any part of cash consideration is deferred, the amounts payable in future are discounted to their
present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate
at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently remeasured to fair value with changes in fair value recognised in profit or loss. If the business combination
is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree
is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised
in profit or loss or other comprehensive income, as appropriate.
j) Property, plant and equipment
Freehold land is carried at historical cost. All other items of property, plant and equipment (PPE) are stated at acquisition
cost net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes expenditure
that is directly attributable to the acquisition of the items. Acquisition cost may also include transfers from equity of any
gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
Subsequent costs are included in the carrying amount of asset or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item
can be measured reliably.
An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of an item of PPE is determined
as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in the
Consolidated Statment of Profit and Loss.
Fruits bearing plants qualify as Bearer plant under Ind AS 16. Expenditure incurred on cultivation of plantations up to
the date they become capable of bearing fruit are accumulated under Bearer plant under development (Immature) and
then capitalised as a Bearer plant (Mature) to be depreciated over their estimated useful life.
The plantations destroyed due to calamity, disease or any other reasons whether capitalised as Bearer plant
(Mature) or being carried under Bearer plant under development (Immature) are charged off to Consolidated Statement
of Profit and Loss.
Spare parts, stand-by equipment and servicing equipment are recognised as property, plant and equipment if they are
held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and are
expected to be used during more than one period.
Depreciation methods, estimated useful lives and residual value:
The charge in respect of periodic depreciation is derived after determining an estimate of expected useful life and the
expected residual value at the end of its life of the assets. The lives are based on historical experience with similar assets
as well as anticipation of future events, which may impact their lives.
Depreciation is computed on a pro-rata basis using the straight-line method from the month of acquisition | installation
until the last completed month before the assets are sold or disposed of.

Estimated useful lives of the assets are as follows:

Buildings (residential, factory, etc) 30 to 60 years
Roads 5 years
Plant and equipment1 6 to 20 years
Office equipment and furniture 5 to 10 years
Vehicles1 6 to 10 years
Bearer plants1 40 years
The useful lives have been determined based on technical evaluation done by the Management | experts, which are different from
1
the useful life prescribed in Part C of Schedule II to the Act, in order to reflect the actual usage of the assets. The residual values are
not more than 5% of the original cost of the asset. The residual value, useful life and method of depreciation of property, plant and
equipment are reviewed annually and adjusted prospectively, if appropriate.
The property, plant and equipment, including land acquired under finance leases are depreciated over the useful life of
the asset or over the shorter of the useful life of the asset and the lease term if there is no reasonable certainty that the
Group will obtain ownership at the end of the lease term.
The carrying amount of an asset is written down immediately to its recoverable amount if the carrying amount of the
asset is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the
Consolidated Statement of Profit and Loss within other income.
k) Capital work-in-progress
The cost of PPE under construction at the reporting date is disclosed as ‘Capital work-in-progress.’ The cost comprises
purchase price, borrowing cost if capitalisation criteria are met and directly attributable cost of bringing the asset to its
working condition for the intended use. Any trade discount and rebates are deducted in arriving at the purchase price.
Advances paid for the acquisition | construction of PPE which are outstanding at the Balance Sheet date are classified
under the ‘Capital Advances.’
l) Investment properties
Property that is held for long-term rental yields or for capital appreciation or both, and that is not in use by the Group, is
classified as investment property. Land held for a currently undetermined future use is also classified as an investment
property. Investment property is measured at its acquisition cost, including related transaction costs and where
applicable, borrowing costs.
m) Goodwill
Goodwill represents the cost of the acquired businesses | subsidiary in excess of the fair value of identifiable net
assets acquired. Goodwill is not amortised, but it is tested for impairment annually or more frequently if events or
changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment
losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill of the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in
which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored
for internal management purposes.
n) Other intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses, if any.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure
is reflected in profit or loss in the period in which the expenditure is incurred.
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal.
Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal
proceeds and the carrying amount of the asset, are recognised in the Consolidated Statement of Profit and Loss when
the asset is derecognised.
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Amortisation methods, estimated useful lives and residual value

Intangible assets with finite lives are amortised over the useful economic life on straight-line basis and assessed for
impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the
amortisation method for an intangible asset with a finite useful life is reviewed annually and adjusted prospectively,
if appropriate.
The amortisation expense on intangible assets with finite lives is recognised in the Consolidated Statement of Profit and
Loss unless such expenditure forms part of carrying value of another asset. The estimated useful lives of the intangible
assets are as follows:

Computer software 3 years
Non-compete fees 5 years
o) Impairment
The carrying amount of assets other than land are reviewed at each Consolidated Balance Sheet date to assess if
there is any indication of impairment based on internal | external factors. An impairment loss on such assessment will
be recognised wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of
the assets is net selling price or value in use, whichever is higher. While assessing value in use, the estimated future
cash flows are discounted to the present value by using weighted average cost of capital. A previously recognised
impairment loss is further provided or reversed depending on changes in the circumstances and to the extent that the
carrying amount of the asset does not exceed the carrying amount that would have been determined if no impairment
loss had previously been recognised.
p) Cash and cash equivalents
Cash and cash equivalents include cash in hand, demand deposits with bank and other short-term (three months or less
from the date of acquisition), highly liquid investments that are readily convertible into cash and which are subject to an
insignificant risk of changes in value.
q) Statement of cash flows
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income
or expenses associated with investing or financing cash flows. The cash generated from | (used) in operating, investing
and financing activities of the Group are segregated.
r) Trade receivables
Trade receivables are recognised at the amount of transaction price (net of variable consideration) when the right to
consideration becomes unconditional. These assets are held at amortised cost, using the effective interest rate (EIR)
method where applicable, less provision for impairment based on expected credit loss. Trade receivable overdue for
more than 180 days are considered as receivable with significant increase in credit risk.
s) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which
are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months
from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost
using the effective interest method.
t) Inventories
Inventories (other than harvested product of biological assets) are stated at cost and net realisable value, whichever is
lower. Cost is determined on periodic moving weighted average basis.
Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventory to the
present location and condition. Cost includes the reclassification from equity of any gains or losses on qualifying cash
flow hedges relating to purchases of raw material but excludes borrowing costs.

Due allowances are made for slow | non-moving, defective and obsolete inventories based on estimates made by the Group.
Items such as spare parts, stand-by equipment and servicing equipment that are not plant and machinery get classified
as inventory.
The harvested product of biological assets of the Group is initially measured at fair value less costs to sell on the point
of harvest and subsequently measured at the lower of such value or net realisable value.
u) Investments and other financial assets
Classification and measurement
The Group classifies its financial assets in the following measurement categories:
i) those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss)
ii) those measured at amortised cost
The classification depends on business model of the Group for managing the financial assets and the contractual terms
of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive
income. For investments in debt instruments, this will depend on the business model in which the investment is held. For
investments in equity instruments, this will depend on whether the Group has made an irrevocable election at the time
of initial recognition to account for the equity investments at fair value through other comprehensive income.
Debt instruments
Initial recognition and measurement
Financial asset is recognised when the Group becomes a party to the contractual provisions of the instrument. Financial
asset is recognised initially at fair value plus, in case the financial asset is not recorded at fair value through profit or
loss, transaction costs that are attributable to the acquisition of the financial asset. Transaction costs of financial asset
carried at fair value through profit or loss are expensed in the Consolidated Statement of Profit and Loss.
Subsequent measurement
Subsequent measurement of debt instruments depends on the business model of the Group for managing the asset and
the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its
debt instruments:
Measured at amortised cost
Financial assets that are held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised
cost using the EIR method less impairment, if any, the amortisation of EIR and loss arising from impairment, if any is
recognised in the Consolidated Statement of Profit and Loss.
Measured at fair value through other comprehensive income (FVTOCI)
Financial assets that are held within a business model whose objective is achieved by both, selling financial assets
and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured
at fair value through other comprehensive income. Fair value movements are recognised in the OCI. Interest income
measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and Loss. On
derecognition, cumulative gain or loss previously recognised in OCI is reclassified from the equity to other income in the
Consolidated Statement of Profit and Loss.
Measured at fair value through profit or loss (FVTPL)
A financial asset not classified as either amortised cost or FVTOCI, is classified as FVTPL. Such financial assets are
measured at fair value with all changes in fair value, including interest income and dividend income if any, recognised
as other income in the Consolidated Statement of Profit and Loss.
Equity instruments
The Group subsequently measures all investments in equity instruments at fair value. The Management of the Group
has elected to present fair value gains and losses on its investment equity instruments in other comprehensive income
and there is no subsequent reclassification of these fair value gains and losses to the Consolidated Statement of Profit
and Loss. Dividends from such investments continue to be recognised in the Consolidated Statement of Profit and Loss
as other income when the right to receive payment is established.
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Impairment losses (and reversal of impairment losses) on equity investments measured at FVTOCI are not reported
separately from other changes in fair value.
Impairment of financial assets
The Group assesses on a forward looking basis the expected credit losses associated with its financial assets carried
at amortised cost and FVTOCI debt instruments. The impairment methodology applied depends on whether there has
been a significant increase in credit risk.
For trade receivables only, the Group applies the simplified approach permitted by Ind AS 109 Financial Instruments,
which requires expected lifetime losses to be recognised from the initial recognition of such receivables. The Group
computes expected lifetime losses based on a provision matrix, which takes into account historical credit loss experience
and adjusted for forward-looking information.
Derecognition
A financial asset is derecognised only when the Group has transferred the rights to receive cash flows from the financial
asset, the asset expires or the Group retains the contractual rights to receive the cash flows of the financial asset, but
assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the entity has transferred an asset, the Group evaluates whether it has transferred substantially all risks and
rewards of ownership of the financial asset. In such cases, the financial asset is derecognised through Consolidated
Statement of Profit and Loss or other comprehensive income as applicable. Where the entity has not transferred
substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.
Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership
of the financial asset, the financial asset is derecognised if the Group has not retained control of the financial asset.
Where the Group retains control of the financial asset, the asset continues to be recognised to the extent of continuing
involvement in the financial asset.
v) Financial liabilities
i) Classification as debt or equity
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
ii) Initial recognition and measurement
Financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.
Financial liabilities are initially measured at fair value.
iii) Subsequent measurement
Financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Financial
liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value
recognised in the Consolidated Statement of Profit and Loss.
iv) Derecognition
A financial liability is derecognised when the obligation specified in the contract is discharged or cancelled or it expires.
w) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the Consolidated Balance Sheet where there
is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise
the assets and settle the liabilities simultaneously.
x) Derivatives and hedging activities
The Group holds derivative financial instruments such as foreign exchange forward, interest rate swaps, currency
swaps and currency options to mitigate the risk of changes in exchange rates on foreign currency exposures or interest
rate. The counterparty for these contracts is generally a bank.
i) Financial assets or financial liabilities, at fair value through profit or loss
This category has derivative financial assets or liabilities which are not designated as hedges. Although the Group
believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge
accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as a hedge, or is
so designated, but is ineffective as per Ind AS 109, is categorised as a financial asset or financial liability, at fair
value through profit or loss.

Derivatives not designated as hedges are recognised initially at fair value and attributable transaction costs are
recognised in net profit in the Consolidated Statement of Profit and Loss when incurred. Subsequent to initial
recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains
or losses are included in other income. Assets | Liabilities in this category are presented as current assets | current
liabilities if they are either held for trading or are expected to be realised within 12 months after the Consolidated
Balance Sheet date.
ii) Cash flow hedge
The Group designates certain foreign exchange forward and options contracts as cash flows hedges to
mitigate the risk of foreign exchange exposure on firm commitment and highly probable forecast transactions.
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair
value of the derivative is recognised in other comprehensive income and accumulated in the cash flows hedging
reserve. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in the net
profit in the Consolidated Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for
hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold,
terminated or exercised, the cumulative gain or loss on the hedging instrument recognised in cash flows hedging
reserve till the period the hedge was effective remains in cash flows hedging reserve until the forecasted transaction
occurs. The cumulative gain or loss previously recognised in the cash flows hedging reserve is transferred to the
Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction.
If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flows hedging
reserve is reclassified to net profit in the Consolidated Statement of Profit and Loss.
y) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in the Consolidated Statement of Profit and Loss over the period of the borrowings using the
effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the
loan to the extent that it is probable that some or all of the facility will be drawdown. If not, the fee is deferred until the
draw down occurs.
Borrowings are removed from the Consolidated Balance Sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognised in the Consolidated Statement of Profit and Loss as other income | (expense).
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting period.
z) Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalisation. Other borrowing costs are expensed in the period
in which they are incurred.
aa) Biological assets
The biological assets of the Group comprise oil palms, date palms and tissue culture.
The Group classifies the tissue culture as Mature and Immature plants. Mature biological assets are those which are
available for sale in the next 12 months or that have attained harvestable specifications (for consumable biological
assets) or are able to sustain regular harvests (for bearer biological assets). The plants that are not mature are considered
as Immature plants.
Mature and Immature tissue culture plants, which are ready for sale in less than 12 months from the reporting date
are classified as current assets under the separate head of biological assets other than bearer plants and others under
non-current assets.
The Bearer plants are recognised and measured as per Ind AS 16 (refer Note 5). The oil palm Fresh Fruit Bunches (FFB)
growing on the trees are accounted for as biological assets other than bearer plants until the point of harvest. Harvested
oil palm FFBs are transferred to inventory at fair value less costs to sell when harvested. Changes in the fair value of oil
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palm FFB on trees are recognised in the Consolidated Statement of Profit and Loss. Farming cost like labour and other
costs are recognised in the Consolidated Statement of Profit and Loss.
Biological assets are measured at fair value less cost to sell. Costs to sell include the incremental selling costs, including
auctioneers’ fees, commission paid to brokers and dealers and estimated costs of transport to the market but excludes
finance costs and income taxes.
Tissue culture raised (matured plants) are measured on initial recognition and at the end of each reporting period at its
fair value less costs to sell. The gain or loss arising on such biological assets are included in the Consolidated Statement
of Profit and Loss. Immature tissue culture plants are measured at cost less accumulated impairment loss, if the
quoted market price are not available for the Immature plants at different stages and the fair value measurements are
clearly unreliable.
ab) Provisions and contingent liabilities
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
These are reviewed at each year end and reflect the best current estimate. Provisions are not recognised for future
operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined
by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of best estimate of the expenditure required to settle the present obligation
at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The increase in the provision
due to the passage of time is recognised as interest expense.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Group or a present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
ac) Employee benefits
i) Defined benefit plan
Gratuity
Gratuity liability is a defined benefit obligation and is computed on the basis of an actuarial valuation by an actuary
appointed for the purpose as per projected unit credit method at the end of each financial year. The liability or asset
recognised in the Consolidated Balance Sheet in respect of defined benefit gratuity plans is the present value of
the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The liability so
provided is paid to a trust administered by the Group, which in turn invests in eligible securities to meet the liability
as and when it accrues for payment in future. Any shortfall in the value of assets over the defined benefit obligation
is recognised as a liability with a corresponding charge to the Consolidated Statement of Profit and Loss.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows with reference to market yields at the end of the reporting period on government bonds that have terms
approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate at the beginning of the period to the net balance of
the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in
the Consolidated Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the period in which they occur directly in other comprehensive income. They are included in retained
earnings in the Consolidated Statement of changes in equity and in the Consolidated Balance Sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are
recognised immediately in profit or loss as past service cost.
Provident fund
Provident fund for certain eligible employees is managed by the Group through the Atul Products Ltd - Ankleshwar
Division Employees Provident Fund Trust in line with the Employees’ Provident Funds and Miscellaneous Provisions
Act, 1952. The plan guarantees interest at the rate notified by the Provident Fund authorities. The contributions by

the employer and employees together with the interest accumulated thereon are payable to employees at the time
of their retirement or separation from the Group, whichever is earlier. The benefits vest immediately on rendering
of the services by the employee. Any shortfall in the fair value of assets over the defined benefit obligation is
recognised as a liability, with a corresponding charge to the Consolidated Statement of Profit and Loss.
ii) Defined contribution plan
Contributions to defined contribution schemes such as contribution to provident fund, superannuation fund,
employees state insurance scheme, national pension scheme and labour welfare fund are charged as an expense
to the Consolidated Statement of Profit and Loss based on the amount of contribution required to be made as and
when services are rendered by the employees. The above benefits are classified as Defined Contribution Schemes
as the Group has no further defined obligations beyond the monthly contributions.
iii) Short-term employee benefits
All employee benefits payable within 12 months of service such as salaries, wages, bonus, ex-gratia, medical
benefits, etc are recognised in the year in which the employees render the related service and are presented as
current employee benefit obligations. Termination benefits are recognised as an expense as and when incurred.
Short-term employee benefits are provided at an undiscounted amount during the reporting period based on
service rendered by employees.
iv) Other long-term employee benefits
The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service. They are therefore measured as the present
value of expected future payments to be made in respect of services provided by employees up to the end of the
reporting period using the projected unit credit method. The benefits are discounted using the market yields at the
end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements
as a result of experience adjustments and changes in actuarial assumptions are recognised in the Consolidated
Statement of Profit or Loss.
ad) Research and development expenditure
Expenditure on research is recognised as an expense when it is incurred. Expenditure on development which does
not meet the criteria for recognition as an intangible asset is recognised as an expense when it is incurred. Items of
property, plant and equipment and acquired intangible assets utilised for research and development are capitalised and
depreciated in accordance with the policies stated for property, plant and equipment and intangible assets.
ae) Earnings per share
Earnings per share (EPS) is calculated by dividing the net profit or loss for the period attributable to the owners of Atul
Ltd by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted EPS, the net profit for the period attributable to the owners of Atul Ltd and the
weighted average number of equity shares outstanding during the period are adjusted for the effects of all dilutive
potential equity shares.
af) Ordinary shares
Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of new
ordinary shares, share options and buy-back are recognised as a deduction from equity, net of any tax effects.
ag) Segment reporting
An operating segment is a component of the Group that engages in business activities from which it may earn revenues
and incur expenses, whose operating results are regularly reviewed by the Chief Operating Decision Maker (CODM)
of the Group, to make decisions for which discrete financial information is available. The Group prepares its segment
information in conformity with the accounting policies adopted for preparing and presenting the Financial Statements
of the Group as a whole. The CODM assesses the financial performance and position of the Group and makes strategic
decisions. Operating segments are reported in a manner consistent with the internal reporting provided to the CODM.
Allocation of common costs
Common allocable costs are allocated to each segment according to the relative contribution of each segment to the
total common costs.
209
Atul Ltd
Inter-segment transfers
Inter-segment revenue has been accounted for based on the transaction price agreed to between segments which is
based on current market prices.
Unallocated items
Revenue, expenses, assets and liabilities which relate to the Group as a whole and not allocable to segments on a
reasonable basis have been included under ‘unallocated revenue | expenses | assets | liabilities’. See Note 30.17 -
Segment Information for further details.
Critical estimates and judgements
Preparation of the Consolidated Financial Statements require the use of accounting estimates, judgements and assumptions,
which by definition, will seldom equal the actual results. Appropriate changes in estimates are made as the Management
becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the Consolidated
Financial Statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the
Consolidated Financial Statements. This Note provides an overview of the areas that involve a higher degree of judgement
or complexity and of items that are more likely to be materially adjusted due to estimates and assumptions turning out to
be different than those originally assessed. Detailed information about each of these estimates and judgements is included
in relevant notes together with information about the basis of calculation for each affected line item in the Consolidated
The areas involving critical estimates or judgements are:
i) Estimation for income tax: Note 1 (f)
ii) Estimation of useful life of tangible assets: Note 1 (j)
iii) Estimated goodwill impairment: Note 1 (m)
iv) Estimation of provision for inventories: Note 1 (t)
v) Allowance for credit losses on trade receivable: Note 1 (r)
vi) Estimation of claims | liabilities: Note 1 (ab)
vii) Estimation of defined benefit obligation: Note 1 (ac)
viii) Consolidation decisions and classification of joint arrangements: Note 1 (b) and Note 30.16
ix) Impairment: Note 1 (o)

Note 2 Property, plant and equipment and capital work-in-progress
(` cr)
2
Particulars Land - Right- Buildings Plant and Vehicles Office Roads Bearer Total Capital
freehold of-use equipment equipment plants work-in-
leasehold and progress3
land1 furniture
Corporate Overview

As at March 31, 2022 84.07 41.79 334.88 1,779.46 11.10 16.58 15.99 6.41 2,290.28 420.47
Additions 1.55 - 82.02 273.09 3.95 2.20 0.96 - 363.77 973.20
Disposal, transfer and
adjustments - (0.05) (15.62) (49.48) (1.48) 0.70 (0.07) - (66.00) (360.82)
As at March 31, 2023 85.62 41.74 401.28 2,003.07 13.57 19.48 16.88 6.41 2,588.05 1,032.85
Additions 9.39 1.42 53.45 1,178.43 4.29 10.09 8.23 - 1,265.30 615.34
Statutory Reports
adjustments - - (1.33) (22.67) (1.86) (0.17) - (0.02) (26.05) (1,367.44)

As at March 31, 2024 95.01 43.16 453.40 3,158.83 16.00 29.40 25.11 6.39 3,827.30 280.75
Depreciation | Amortisation
Up to March 31, 2022 - 1.73 60.80 630.65 2.80 4.63 12.84 0.88 714.33 -
For the year - 0.41 12.31 174.30 2.47 2.68 0.90 0.16 193.23 -
adjustments - - (3.81) (28.29) (0.85) (0.25) (0.08) - (33.28) -
Up to March 31, 2023 - 2.14 69.30 776.66 4.42 7.06 13.66 1.04 874.28 -
For the year - 0.42 14.93 215.60 2.83 2.81 1.48 0.16 238.23 -

adjustments - 1.44 (3.23) (18.94) (1.54) (0.13) 0.10 - (22.30) -
Up to March 31, 2024 - 4.00 81.00 973.32 5.71 9.74 15.24 1.20 1,090.21 -
Net carrying amount
As at March 31, 2023 85.62 39.60 331.98 1,226.41 9.15 12.42 3.22 5.37 1,713.77 1,032.85
As at March 31, 2024 95.01 39.16 372.40 2,185.51 10.29 19.66 9.87 5.19 2,737.09 280.75
Notes:
1
he Group has taken on lease a parcel of land from Gujarat Industrial Development Corporation for a period of 99 years with an option to extend the lease by another 99 years on
T
expiry of lease at a rental that is 100% higher than the prevailing rent. The Group has considered that such a lease of land transfers substantially all of the risks and rewards incidental
to ownership of land.
2
Includes premises on ownership basis ` 1.10 cr (March 31, 2023: ` 1.10 cr) and cost of fully paid share in co-operative society ` 2,000 (March 31, 2023: ` 2,000).
3
Capital work-in-progress mainly comprises addition | expansion projects in progress.
Refer Note 16 (e) for information on property, plant and equipment hypothecated | mortgaged as security by the Group.
Refer Note 30.2 for disclosure of contractual commitment for acquisition of property, plant and equipment.
Refer Note 30.12 for disclosure of right-of-use assets under lease.
ccording to assessment of the Management, there are no events or changes in circumstances that suggest impairment of property, plant, and equipment as per Ind AS 36 ‘Impairment
A
211
of Assets’. Consequently, no provision for impairment has been recorded.
Capital work-in-progress ageing
212
(` cr)
Atul Ltd

Less than 1-2 years 2-3 years More than Total Less than 1-2 years 2-3 years More than Total
Projects in progress 184.50 83.24 9.87 3.14 280.75 793.22 232.54 4.93 2.16 1,032.85
Projects temporarily suspended - - - - - - - - - -

Capital work-in-progress (projects in progress) whose completion is overdue
(` cr)
Less than 1-2 years 2-3 years More than Less than 1-2 years 2-3 years More than
Project 1 16.00 - - - - 102.00 - -
Project 2 1.00 - - - - 11.00 - -
Project 3 - - - - 53.00 - - -
Project 4 45.00 - - - - 16.00 - -
Project 5 4.00 - - - 12.00 - - -
Project 6 - - - - 1.00 - - -
Project 7 - - - - - 8.00 - -
Project 8 72.00 - - - - - - -
Project 9 9.00 - - - - - - -
Project 10 2.82 0.74 0.25 - 0.93 0.25 - -
149.82 0.74 0.25 - 66.93 137.25 - -
(` cr)
Note 3 Investment properties As at As at
March 31, 2024 March 31, 2023
Land - freehold
Gross carrying amount 3.22 3.22
Net carrying amount 3.22 3.22
a) Amount recognised in the Consolidated Statement of Profit and Loss for investment properties
The Group has classified parcels of freehold land held for currently undeterminable future use as investment properties.
There are no amounts pertaining to these investment properties recognised in the Consolidated Statement of Profit and
Loss, since the Group does not receive any rental income, incur any depreciation or other operating expenses.
b) The Group does not have any contractual obligations to purchase, construct or develop for maintenance or enhancements
of investment properties.
c) Fair value
(` cr)
March 31, 2024 March 31, 2023
Investment properties 101.90 89.32
101.90 89.32
Estimation of fair value

The Group obtains valuations from independent registered valuer for its investment properties at least annually. The best
evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the
valuer considers information from a variety of sources including current prices in an active market for investment properties of
different nature or recent prices of similar investment properties in less active markets, adjusted to reflect those differences.
All resulting fair value estimates for investment properties are included in level 3.
(` cr)
Note 4 Intangible assets and goodwill Computer Non-compete Total Goodwill
software fees
As at March 31, 2022 2.36 20.00 22.36 29.14
Additions - - - -
As at March 31, 2023 2.36 20.00 22.36 29.14
Additions 2.77 - 2.77 -
As at March 31, 2024 5.13 20.00 25.13 29.14
Amortisation
Up to March 31, 2022 1.50 12.67 14.17 -
Amortisation charged for the year 0.58 4.00 4.58 -
Up to March 31, 2023 2.08 16.67 18.75 -
Amortisation charged for the year 1.32 3.33 4.65 -
Adjustment - - - -
As at March 31, 2024 3.40 20.00 23.40 -
Net carrying amount
As at March 31, 2023 0.28 3.33 3.61 29.14
As at March 31, 2024 1.73 - 1.73 29.14
213
Atul Ltd
Significant estimate - Impairment of goodwill

For the purpose of impairment testing, goodwill is allocated to a cash-generating unit (CGU), representing the lowest level
within the Group at which goodwill is monitored for internal management purposes and which is not higher than the operating
segment of the Group. The impairment loss of the CGU is allocated first to reduce the carrying amount of goodwill allocated
to the CGU and then to the CGU pro-rata on the basis of the carrying amount of such asset in the CGU. An impairment loss
on goodwill is recognised in the Consolidated Statement of Profit and Loss. It is not reversed in the subsequent period.
The goodwill of ` 20.58 cr pertains to the control acquisition of Amal Ltd. The recoverable amount of the cash-generating unit
has been determined based on the higher of fair value less costs of disposal and its value in use. The fair value less costs of
disposal has been determined based on closing quoted share price of Amal Ltd in an active market as on March 31, 2024.
The goodwill of ` 8.56 cr pertains to the Ambernath manufacturing facility, the active pharmaceutical ingredient business
of Polydrug Laboratories Pvt Ltd, which was acquired by a subsidiary company during the financial year 2018-19. The
recoverable amount of this Ambernath manufacturing facility is determined based on the value in use, which is derived by
using five years cash flow projections with the following key assumptions:
Particulars Assumptions
Annual growth rate Based on the estimated market share
Terminal growth rate 1%
Weighted average cost of capital % (WACC) before tax 10.90%
Expected gross margins Based on prior experience
Cash flow projections are based on the expected market share, gross margins and prior experience.
The Management believes that any reasonably possible change in the key assumptions may not cause the carrying amount to
exceed the recoverable amount of the cash-generating units. Accordingly, there was no impairment recorded during the year.
Note 5 Biological assets

a) Biological assets of the Group comprise
i) Immature tissue culture raised date palms that are classified as non-current biological assets. The Group has a
production cycle of about four to five years.
ii) Mature tissue culture raised date palms that are classified as current biological assets.
b) Reconciliation of changes to the carrying value of biological assets between the beginning and the end of the current
year are as follows
(` cr)
Particulars Tissue culture raised date palms
March 31, 2024 March 31, 2023
Mature Immature Mature Immature
Opening balance 31.36 19.92 19.90 17.69
Increase due to production 0.06 22.74 0.06 20.84
Change due to biological transformation 17.27 (19.86) 17.39 (16.55)
Decrease due to sale (14.39) - (10.22) -
Decrease due to write-off - (1.80) - (2.06)
Change in fair value due to price changes (2.18) - 4.23 -
Closing balance 32.12 21.00 31.36 19.92
Current assets 32.12 - 31.36 -
Non-current assets* - 21.00 - 19.92
Biological assets other than bearer plants shown in Balance Sheet 32.12 21.00 31.36 19.92
*Non-current biological asset is expected to take more than 12 months from reporting date to become ready for dispatch.
As at March 31, 2024, the Group had 3,61,671 mature plants (March 31, 2023: 4,13,553) and 2,59,024 immature plants
(March 31, 2023: 2,79,684).
During the current year, the Group has sold 1,79,268 plants (March 31, 2023: 1,60,454).

(` cr)
Note 6.1 Investments accounted for using Place of % of ownership As at As at
the equity method business interest March 31, 2024 March 31, 2023
Investment in equity instruments (fully paid-up)
Unquoted investment in associate company
Valsad Institute of Medical Sciences Ltd 22.39 22.50
Group share of loss for the year India 50% 0.09 (0.11)
22.48 22.39
Unquoted investment in joint venture company
Rudolf Atul Chemicals Ltd 20.37 28.11
Group share of profit for the year India 50% 9.65 3.94
Dividend received (2.92) (11.68)
27.10 20.37
Total equity accounted investments 49.58 42.76
(` cr)
of shares of shares
a) Investment in equity instruments (fully paid up)
Equity instruments measured at FVTOCI
Quoted
Aarti Industries Ltd 5 1,000 0.07 1,000 0.05
Aarti Pharmalabs Ltd 5 250 0.01 250 0.01
Antony West Handling Cell Ltd 5 - - 3,000 0.07
Apollo Sindoori Hotels Ltd 5 - - 500 0.05
Archean Chemical Industries Ltd 2 1,500 0.10 - -
Arvind Fashions Ltd 4 15,96,105 72.33 15,96,105 44.64
Arvind Ltd 10 41,27,471 111.63 41,27,471 35.08
Arvind SmartSpaces Ltd 10 4,12,747 28.80 4,12,747 11.66
Aurobindo Pharma Ltd 1 500 0.05 500 0.03
Avenue Supermarket Ltd 10 50 0.02 50 0.02
Axis Bank Ltd 10 1,558 0.16 2,729 0.17
Bajaj Finance Ltd 10 233 0.17 233 0.13
BAYER Cropscience Ltd 10 12 0.01 12 0.01
BASF India Ltd 10 2,61,396 87.23 2,61,396 59.48
Best Agrolife Ltd 10 3,000 0.14 - -
Camlin Fine Sciences Ltd 10 - - 1,500 0.02
Central Depository Services India Ltd 10 2,700 0.46 3,273 0.30
Cummins India Ltd 2 - - 191 0.03
Deepak Fertilisers & Petrochemicals Corp Ltd 10 2,000 0.10 - -
FDC Ltd 1 341 0.01 - -
Glenmark Life Sciences Ltd 1 - - 10,000 0.39
HDFC Bank Ltd 1 7,636 1.11 2,384 0.38
Housing Development Finance Corporation Ltd 10 - - 2,809 0.74
ICICI Bank Ltd 2 1,09,026 11.92 1,09,026 9.56
ICICI Lombard General Insurance co. Ltd 10 - - 1,319 0.14
ICICI Securities Ltd 5 - - 5,000 0.21
215
Atul Ltd
(` cr)
of shares of shares
ICRA Ltd 10 421 0.23 421 0.19
IDFC First Bank Ltd 10 - - 15,829 0.09
IDFC Ltd 10 36,000 0.40 25,000 0.22
India Nippon Electricals Ltd 5 1,500 0.10 3,000 0.10
Indian Oil Corporation Ltd 10 20,000 0.34 36,000 0.28
JK Paper Ltd 10 4,500 0.15 - -
Kotak Mahindra Bank Ltd 5 1,701 0.30 1,269 0.22
Manappuram Finance Ltd 2 - - 7,500 0.09
Mold-Tek Technologies Ltd 2 7,000 0.13 - -
Nesco Ltd 0 - - 2,000 0.10
NOCIL Ltd 10 2,001 0.05 2,001 0.04
Novartis India Ltd 5 3,84,660 39.57 3,84,660 21.70
NTPC Ltd 10 - - 5,000 0.09
Oracle Financial Services Software Ltd 5 28 0.02 - -
Pfizer Ltd 10 9,58,927 402.27 9,58,927 332.47
Piramal Enterprises Ltd 2 2,000 0.17 - -
Praj Industries Ltd 10 - - 1,000 0.03
Procter & Gamble Health Ltd 10 181 0.09 317 0.15
RPSG Ventures Ltd 10 1,500 0.09 - -
State Bank of India 1 1,000 0.08 1,000 0.05
Swan Energy Ltd 1 1,500 0.10 - -
Tata Motors Ltd 2 3,500 0.35 3,500 0.15
Technocraft Industries India Ltd 10 - - 1,233 0.15
The Anup Engineering Ltd 10 1,52,869 48.28 1,52,869 15.31
TTK Healthcare Ltd 10 310 0.05 - -
VA Tech Wabag Ltd 2 1,500 0.11 1,500 0.05
Unquoted
Bhadreshwar Vidyut Pvt Ltd2 0.19 7,95,000 - 7,95,000 -
BEIL Infrastructure ltd 10 91,000 0.09 91,000 0.09
Narmada Clean Tech 10 11,21,958 1.12 11,21,958 1.12
b) Investments in government or trust securities
measured at amortised cost
6 Years National Savings Certificates
(deposited with government departments) 0.01 0.01
c) Investment in bonds measured at FVTPL
(quoted) 94.35 112.74
d) Investment in alternate investment fund
measured at FVTPL (unquoted) 13.32 -
916.09 648.61
(` cr)
Note 6.3 Current investment As at As at
March 31, 2024 March 31, 2023
Unquoted
a) Investment in mutual funds measured at FVTPL 426.40 189.57
426.40 189.57

Note 6.3 Current investment (continued)
Aggregate amount of investments and market value thereof

(` cr)
March 31, 2024 March 31, 2023
Aggregate amount of quoted investments 901.55 647.39
Aggregate market value of quoted investments 901.55 647.39
Aggregate amount of unquoted investments 490.52 233.55
Aggregate amount of impairment in value of investments - -
In ` and fully paid unless otherwise stated | Under liquidation
1 2
(` cr)
Note 7 Loans As at As at
March 31, 2024 March 31, 2023
Loan to others
a) Considered good - unsecured 0.26 - 0.13 -
0.26 - 0.13 -
(` cr)
Note 8 Other financial assets As at As at
March 31, 2024 March 31, 2023
a) Security deposits for utilities and premises 5.21 0.85 3.50 0.80
b) Finance lease receivables (refer Note 30.12) 5.07 0.91 5.44 1.11
c) Balance with banks in fixed deposits, with maturity
beyond 12 months 0.01 - 0.01 -
d) Interest receivable - - - 0.04
e) Other receivables (including discount and insurance claim
receivable) - 20.46 - 22.04
10.29 22.22 8.95 23.99
(` cr)
Note 9 Other assets As at As at
March 31, 2024 March 31, 2023
a) Capital advances 6.48 - 24.49 -
b) Advance other than capital advances
i) Security deposit 0.08 - 0.08 -
ii) Advance to others - 31.84 - 30.59
c) Balances with government authorities 118.26 136.04 118.52 121.19
d) Other receivables 0.35 9.39 0.50 8.25
e) Defined benefit plan assets 0.06 - 0.07 -
125.23 177.27 143.66 160.03
217
Atul Ltd
(` cr)
Note 10 Inventories As at As at
March 31, 2024 March 31, 2023
a) Raw materials and packing materials 155.22 152.85
183.48 170.74
b) Work-in-progress 127.08 169.28
c) Finished goods 226.44 362.11
d) Stock-in-trade 17.28 25.76
e) Stores, spares and fuel 61.89 60.05
63.98 61.47
618.26 789.36
Measured at the lower of cost and net realisable value
Refer Note 16 (e) for information on inventories have been offered as security against the working capital facilities provided by the bank.
Amounts provided in the Consolidated Statement of Profit and Loss of ` 8.76 cr (March 31, 2023: ` 11.60 cr)
(` cr)
Note 11 Trade receivables 1 As at As at
March 31, 2024 March 31, 2023
a) Considered good - unsecured 927.48 846.58
b) Which have significant increase in credit risk 15.21 14.46
942.69 861.04
Less: Allowance for doubtful debts (refer Note 30.8)2 (15.65) (16.43)
927.04 844.61
Refer Note 16 (e) for information on trade receievables have been offered as security against the working capital facilities provided by the bank
1
2
Allowance for doubtful debts recognised | written back (including expected credit loss) in the Consolidated Statement of Profit and Loss of
` (0.17) cr (March 31, 2023: ` 3.83 cr)
Trade receivables ageing

(` cr)
Not due Less than 6 months- 1-2 2-3 years More than Total
considered good 784.09 143.39 - - - - 927.48
increase in credit risk - - 3.10 5.93 2.21 2.98 14.22
increase in credit risk - - - - - 0.99 0.99
Allowance for doubtful debts* - (0.58) (2.97) (5.92) (2.21) (3.97) (15.65)
784.09 142.81 0.13 0.01 - - 927.04
*Allowance for doubtful debts include expected credit loss provision.

Note 11 Trade receivables (continued)

(` cr)
Not Due Less than 6 months- 1-2 2-3 years More than Total
considered good 715.98 128.47 0.29 1.84 - - 846.58
in credit risk - - 7.28 1.62 0.79 4.77 14.46
Allowance for doubtful debts* - (7.94) - (2.82) (0.80) (4.87) (16.43)
715.98 120.53 7.57 0.64 (0.01) (0.10) 844.61
‘*Allowance for doubtful debts include expected credit loss provision.
(` cr)
Note 12 Cash and cash equivalents As at As at

March 31, 2024 March 31, 2023
a) Balances with banks
In current accounts 60.00 37.87
b) Cash on hand 0.26 0.18
60.26 38.05
There are no repatriation restrictions with regard to cash and cash equivalents.
(` cr)
As at As at
Note 13 Bank balances other than cash and cash equivalents above
March 31, 2024 March 31, 2023
a) Earmarked unclaimed dividend 2.67 2.81
b) Unclaimed interest on public deposit 0.00 0.00
c) Short-term bank deposit with maturity between 3 to 12 months 9.37 11.17
12.04 13.98
Note 14 Equity share capital As at As at

March 31, 2024 March 31, 2023
shares shares
a) Authorised
80.00 80.00
b) Issued
29.47 29.54
c) Subscribed
Equity shares of ` 10 each, fully paid 2,94,41,755 29.44 2,95,13,755 29.51
d) Forfeited shares
Amount originally paid-up on forfeited shares 29,991 0.02 29,991 0.02
29.46 29.53
219
Atul Ltd
Note 14 Equity share capital (continued)

a) Rights, preferences and restrictions
The Group has one class of shares referred to as equity shares having a par value of ` 10.
i) Equity shares
In the event of liquidation of the Group, the holders of equity shares will be entitled to receive any of the remaining
assets of the Group, after distribution of all preferential amounts and preference shares, if any. The distribution
will be in proportion to the number of equity shares held by the shareholders.
Each holder of equity shares is entitled to one vote per share.
ii) Dividend
The Group declares and pays dividend in Indian rupees. The dividend proposed by the Board is subject to the
approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
b) Shares reserved for allotment at a later date:
56 equity shares are held in abeyance due to disputes at the time of earlier rights issues.
c) Details of shareholders holding more than 5% of equity shares
No. Name of the shareholder As at As at

March 31, 2024 March 31, 2023
Holding % Number of Holding % Number of
shares shares
1. Aagam Holdings Pvt Ltd 22.60% 66,54,100 22.55% 66,54,000
2. Arvind Farms Pvt Ltd 9.50% 27,96,208 9.47% 27,96,208
3. Life Insurance Corporation of India 5.49% 16,17,151 * *
*Shareholding is below 5% as at March 31, 2023.
d) Reconciliation of the number of shares outstanding and the amount of equity share capital
March 31, 2024 March 31, 2023
shares shares
Balance as at the beginning of the year1 2,95,43,746 29.53 2,96,17,042 29.61
Buy-back of equity shares (refer Note 30.14) 72,000 0.07 73,296 0.08
Balance as at the end of the year1 2,94,71,746 29.46 2,95,43,746 29.53
1
Includes 29,991 forfeited shares and amount of ` 0.02 cr
e) Shareholding of promoters

March 31, 2024 March 31, 2023
Number of % of total% change Number of % of total % change
shares shares during the shares shares during the
year year
01. Aagam Holdings Pvt Ltd 66,54,100 22.60% - 66,54,100 22.55% 0.00%
02. Arvind Farms Pvt Ltd 27,96,208 9.50% - 27,96,208 9.47% -
03. Aagam Agencies Pvt Ltd (formerly
known as Adhigam Investments Pvt
Ltd) 11,95,000 4.06% - 11,95,000 4.05% -
04. Aayojan Resources Pvt Ltd 6,15,460 2.09% - 6,15,460 2.09% 0.16%
05. Akshita Holdings Pvt Ltd 4,64,800 1.58% 0.09% 4,64,400 1.57% -
06. Adhinami Investments Pvt Ltd 4,55,700 1.55% 0.08% 4,55,350 1.54% -
07. Anusandhan Investments Ltd 2,35,100 0.80% 0.04% 2,35,000 0.80% -
08. Samvegbhai Arvindbhai Lalbhai* 2,07,814 0.71% 2.69% 2,02,377 0.69% -

Note 14 Equity share capital (continued)

March 31, 2024 March 31, 2023
shares shares during the shares shares during the
year year
09. Samvegbhai Arvindbhai (On behalf
of Samvegbhai Arvindbhai Lalbhai
HUF) 1,14,943 0.39% - 1,14,943 0.39% -
10. Sunil Siddharth Lalbhai 93,326 0.32% - 93,326 0.32% 1.69%
11. Saumya Samvegbhai Lalbhai 74,070 0.25% - 74,070 0.25% (57.45%)
12. Swati S Lalbhai 63,450 0.22% - 63,450 0.21% (0.08%)
13. Vimla S Lalbhai** 25,750 0.09% (58.04%) 61,370 0.21% (6.99%)
14. Taral S Lalbhai 51,591 0.18% - 51,591 0.17% 3.13%
behalf of Ankush Trust) 50,000 0.17% - 50,000 0.17% 100%
behalf of Adwait Trust) 50,000 0.17% - 50,000 0.17% 100%
17. Anamikaben Samveghbhai Lalbhai 47,199 0.16% - 47,199 0.16% -
18. Swati Siddharth Lalbhai (On behalf
of Siddharth Family Trust)** 35,620 0.12% 100% - 0.00% -
19. Sunil Siddharth Lalbhai (on behalf of 31,544 0.11% - 31,544 0.11% -
Sunil Siddharth HUF)
20. Astha Lalbhai 20,500 0.07% - 20,500 0.07% -
21. Hansa Niranjanbhai* 562 0.00% (90.63%) 5,999 0.02% -
22. Nishtha Sunilbhai Lalbhai 5,500 0.02% - 5,500 0.02% -
23. Sanjaybhai Shrenikbhai Lalbhai (on
behalf of Arvindbhai Lalbhai Family
Trust) 3,653 0.01% - 3,653 0.01% -
24. Sunil Siddharth Lalbhai (on behalf of
Vimla Siddharth Family Trust) 2,724 0.01% - 2,724 0.01% 154.58%
25. Swati Siddharth Lalbhai (on behalf of
Sunil Lalbhai Employees Trust 1) 2,000 0.01% - 2,000 0.01% -
26. Lalbhai Dalpatbhai HUF 1,169 0.00% - 1,169 0.01% -
27. Sheth Narottambhai Lalbhai 495 0.00% - 495 0.00% -
* Includes 5,437 shares held on behalf of Manini Niranjan Trust in capacity of a Trustee as at March 31, 2024 (March 31, 2023: Hansa
Niranjanbhai was a Trustee).
**Includes 35,620 shares held on behalf of Siddharth Family Trust in capacity of a Trustee as at March 31, 2023.
(` cr)
Note 15 Other equity As at As at
March 31, 2024 March 31, 2023
Summary of other equity balance
a) General reserve 2.83 2.52
b) Retained earnings 4,340.00 4,152.67
c) Statutory reserve 1.50 0.54
d) Capital redemption reserve 0.22 0.15
e) Other reserves
i) FVTOCI equity instruments 705.83 454.36
ii) Effective portion of cash flows hedges (0.22) (0.68)
iii) Foreign currency translation reserve 34.72 32.29
5,084.88 4,641.85
Refer Consolidated Statement of changes in equity for detailed movement in other equity balance.
221
Atul Ltd
Note 15 Other equity (continued)
Nature and purpose of reserves

a) General reserve
General reserve represents amount appropriated out of retained earnings pursuant to the earlier provisions of
Companies Act, 1956 and local laws of respective foreign subsidiary companies.
b) Retained earnings
Retained earnings are the profits that the Group has earned till date, less, any transfers to general reserve, any
transfers from or to other comprehensive income, dividends or other distributions paid to shareholders.
c) Statutory reserve
Statutory reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the RBI Act). In
terms of Section 45-IC of the RBI Act, a Non-Banking Finance Company is required to transfer an amount not less
than 20 per cent of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund
is permitted only for the purposes specified by RBI.
d) Capital redemption reserve
In accordance with Section 69 of the Companies Act, 2013, the Company creates capital redemption reserve equal to
the nominal value of the shares bought back as an appropriation from general reserve.
e) FVTOCI equity instruments
The Group has elected to recognise changes in the fair value of certain investments in equity securities in other
comprehensive income. These changes are accumulated within the FVTOCI equity instruments reserve within equity.
The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.
f) Cash flow hedge reserve
The Group uses hedging instruments as part of its management of foreign currency risk associated with its highly
probable forecast sale and inventory purchases and interest rate risk associated with variable interest rate borrowings.
For hedging foreign currency risk, the Group uses foreign currency forward contracts, foreign currency option contracts
and interest rate swaps. They are designated as cash flow hedges to the extent these hedges are effective, the
change in fair value of the hedging instrument is recognised in the cash flow hedging reserve. Amounts recognised in
the cash flow hedging reserve is reclassified to profit or loss when the hedged item affects profit or loss (for example,
sales and interest payments). When the forecast transaction results in the recognition of a non-financial asset (for
example, inventory), the amount recognised in the cash flow hedging reserve is adjusted against the carrying amount
of the non-financial asset.
g) Foreign currency translation reserve
Exchange differences arising on translation of the Financial Statements of a foreign operation are recognised in
other comprehensive income as described in accounting policy and accumulated in a separate reserve within equity.
The cumulative amount is reclassified to the Consolidated Statement of Profit and Loss when the net investment is
disposed of.
(` cr)
Note 16 Borrowings Maturity Terms of repayment Interest rate As at As at
p.a. March 31, 2024 March 31, 2023
current current
a) Secured
i) Rupee term September, 20 equal quarterly 9.45%
loan from banks 2027 installments (March 31,
(refer Note a) 2023: 7.90%) 15.00 - 21.30 -
September, 28 equal quarterly 7.70% and
2031 and Structured repayment 7.75%
March, and ballooning
2030 Repayment 151.78 - - -
March, 16 equal quarterly 8.25%
2029 installments 35.00 - - -

Note 16 Borrowings (continued)

(` cr)
Note 16 Borrowings Maturity Terms of repayment Interest rate As at As at
p.a. March 31, 2024 March 31, 2023
current current
ii) Foreign September, 36 equal monthly 7.25%
currency term 2026 installments starting (March 31,
loan from banks from December 2023 2023: 5.50%)
(refer Note b) 7.09 - 5.44 -
iii) Working capital September, 48 equal quarterly (March 31,
loans from 2024 installments 2023: 9.40%) - - 0.18 0.36
banks (refer 1 - 12 Repayable on demand 8.30% to
Note c) months 9.75%
(March 31,
2023: 8.75%
to 9.40%) - 7.96 - 9.29
Short-term Repayable on demand 8.60% to
9.45%
(March 31,
2023:
9.00% to
9.25%) - 10.52 - 5.41
b) Unsecured
i) Loan from March, 4 equal annual 9.50%
related parties 2028 installments (March 31,
(refer Note 30.4) 2023: 9.40%) 4.50 - 5.00 -
213.37 18.48 31.92 15.06
Amount of current maturities of long-term debt disclosed under the head
‘current borrowing’ (4.07) 4.07 (3.21) 3.21
209.30 22.55 28.71 18.27
Notes:
a) Rupee term loans from banks are secured by exclusive charge on the property, plant and equipment of respective
subsidiary companies, both present and future.
b) Foreign currency term loans from banks are secured by exclusive charge on the building of respective subsidiary
companies, both present and future.
c) Working capital loans repayable on demand from banks (March 31, 2024: ` 18.48 cr, March 31, 2023: ` 14.70 cr) are
secured by hypothecation of tangible current assets, namely, inventories and book debts and secured by second and
subservient charge on immovable and movable assets of the Company and certain subsidiary companies to the extent
of individual bank limit as mentioned in joint consortium documents. This also extends to guarantees and letters of credit
given by the bankers aggregating to ` 242.04 cr (March 31, 2023: ` 221.73 cr).
d) The quarterly returns or statements comprising (stock statements, book debt statements and other stipulated financial
information) filed by the Company with such banks or financial institutions are in agreement with the books of account
of the Company of the respective quarters.
223
Atul Ltd
Note 16 Borrowings (continued)
e) The carrying amount of assets hypothecated | mortgaged as security for current and non-current borrowing limits are:
(` cr)
March 31, 2024 March 31, 2023
i) Property, plant and equipment excluding leasehold land, certain lands
and buildings 2,589.38 1,477.50
ii) Inventories 598.49 649.46
iii) Trade receivables 877.98 894.88
iv) Current assets other than inventories and trade receivables 153.71 132.83
Total assets as security 4,219.56 3,154.67
(` cr)
Note 17 Other financial liabilities As at As at
March 31, 2024 March 31, 2023
a) Employee benefits payable - 57.47 0.60 47.08
b) Security deposits - 39.13 - 37.06
c) Unclaimed dividends* - 2.67 - 2.81
d) Derivative financial liabilities designated as hedges (net) - 0.11 - 0.54
e) Creditor for capital goods - 111.99 - 118.59
f) Other liabilities 4.22 3.98 3.99 4.05
4.22 215.35 4.59 210.13
*There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at March 31, 2024.
(` cr)
Note 18 Provisions As at As at
March 31, 2024 March 31, 2023
a) Provision for compensated absences 31.12 10.46 32.47 8.60
b) Others {refer i (b) and (ii) below} - 10.58 - 12.23
31.12 21.04 32.47 20.83
i) Information about individual provisions and significant estimates
a) Compensated absences
The Compensated absences cover the liability for sick and earned absences. Out of the total amount disclosed above, the amount
of ` 10.46 cr (March 31, 2023: ` 8.60 cr) is presented as current since the Group does not have an unconditional right to defer
settlement for any of these obligations. However, based on past experience, the Group does not expect all employees to take the
full amount of accrued leave or require payment within the next 12 months.
b) Others
Regulatory and other claims
The Group has provided for certain regulatory and other charges for which claims have been received by the Group. The provision
represents the unpaid amount that the entity expect to incur | pay for which the obligating event has already arisen as on the
reporting date.
Effluent disposal
The Group has provided for expenses it estimates to incur for safe disposal of effluent in line with the regulatory framework it
operates in. The provision represents the unpaid amount the entity expects to incur for which the obligating event has already
arisen as on the reporting date.

Note 18 Provisions (continued)

ii) Movements in provisions:
(` cr)
March 31, 2024 March 31, 2023
Regulatory Effluent Regulatory Effluent
and other disposal and other disposal
claims and others charges and others
Balance as at the beginning of the year 8.64 3.59 29.93 6.51
Utilised (0.01) (3.59) (25.16) (6.51)
Provision made during the year 0.61 1.33 3.87 3.59
Balance as at the end of the year 9.24 1.33 8.64 3.59
(` cr)
Note 19 Other liabilities As at As at
March 31, 2024 March 31, 2023
a) Deferred income on account of government grant received 0.99 - 3.48 -
b) Statutory dues - 12.08 - 12.57
c) Others - 0.01 - 0.06
0.99 12.09 3.48 12.63
(` cr)
Note 20 Trade payables As at As at
March 31, 2024 March 31, 2023
a) Total outstanding dues of micro-enterprises and small enterprises 58.37 46.13
b) Total outstanding dues of creditors other than micro-enterprises and small
enterprises 520.94 492.38
579.31 538.51
Trade payables ageing

(` cr)

Unbillied Not due Less than 1-2 2-3 More than Total
1 year years years 3 years
1. MSME - 50.05 8.13 - 0.06 0.12 58.36
2. Others 101.62 378.02 41.07 0.10 0.04 0.10 520.95
101.62 428.07 49.20 0.10 0.10 0.22 579.31
(` cr)
Unbillied Not due Less than 1-2 2-3 More than Total
1 year years years 3 years
1. MSME - 43.08 2.81 0.05 0.19 - 46.13
2. Others 96.28 325.99 69.74 0.20 0.17 - 492.38
96.28 369.07 72.55 0.25 0.36 - 538.51
225
Atul Ltd
(` cr)
Note 21 Contract liabilities As at As at
March 31, 2024 March 31, 2023
Advances received from customers 37.84 36.95
37.84 36.95
(` cr)
Note 22 Revenue from operations 2023-24 2022-23
Sale of products 4,601.96 5,180.68
Sale of services1 66.06 185.64
Scrap sales 14.94 14.13
Commission received - 0.05
Export incentives 42.72 47.02
4,725.68 5,427.52
1
Includes ` 61.01 cr (2022-23: ` 183.37 cr) on account of freight and insurance in sale of goods on CIF, which are identified as separate
performance obligation under Ind AS 115.
Disaggregation of revenue from contracts with customers
(` cr)
Sale of goods | services
Life Science Chemicals 1,478.77 1,937.50
Domestic 776.48 791.53
Export 702.29 1,145.97
Performance and Other Chemicals 3,358.35 3,680.80
Domestic 1,982.88 2,089.81
Export 1,375.47 1,590.99
Others 62.90 49.64
4,900.02 5,667.95
Inter-segment revenue 217.06 287.45
4,682.96 5,380.50
Reconciliation of revenue from contracts with customers recognised at contract price

(` cr)
Contract price 4,773.06 5,460.50
Adjustments for:
Consideration payable to customers - discounts1 (84.23) (88.83)
Contract price allocated to unsatisfied performance obligation for sale of services (net)2 (5.87) 8.83
1
Consideration payable to customers like discounts and price reductions offered to customers are estimated on specific identified basis and
reduced from the contract price when the Group recognises revenue from the transfer of the related goods or services to the customer and
the entity pays or promises to pay the consideration.
2
Unsatisfied performance obligation for sale of services comprises revenue from insurance and freight services for exports in progress as at
March 31, 2024, of ` 13.41 cr, net of revenue recognised for such services for similar contracts in progress as at March 31, 2023, for ` 7.54
cr. The revenue for exports in progress as at March 31, 2024, will be recognised in 2024-25 upon completion of the exports.

(` cr)
Note 23 Other income 2023-24 2022-23

Interest income
Interest income from financial assets measured at amortised cost 1.97 1.91
Interest income from financial assets measured at FVTPL 8.72 9.16
Interest from others 0.22 0.13
10.91 11.20
Dividend income
Dividend from equity investments measured at FVTOCI 8.97 7.06
8.97 7.06
Other non-operating income
Insurance claims received 4.76 40.52
Lease income 2.23 1.65
Gain on investments measured at FVTPL 19.97 10.74
Fair value changes in biological assets (2.34) 3.75
Gain | (loss) on disposal of property, plant and equipment 0.07 0.30
Net exchange rate difference gain | (loss) 2.24 29.28
Others 11.38 10.37
38.31 96.61
58.19 114.87
(` cr)
Note 24 Cost of materials consumed 2023-24 2022-23

Raw materials and packing materials consumed
Stocks at commencement 152.85 200.69
Add: Purchase 2,204.96 2,556.33
2,357.81 2,757.02
Less: Stocks at close 155.22 152.85
2,202.59 2,604.17
227
Atul Ltd
(` cr)
Note 25 Changes in inventories of finished goods, work-in-progress 2023-24 2022-23
and stock-in-trade
Stocks at close
423.92 573.18
Less: Stocks at commencement
573.18 608.53
(Increase) | Decrease in stocks 149.26 35.35
(` cr)
Note 26 Employee benefit expenses 2023-24 2022-23
Salaries, wages and bonus (refer Note 30.6) 359.50 333.76
Contribution to provident and other funds (refer Note 30.6) 25.48 23.32
Staff welfare 13.05 13.11
398.03 370.19
(` cr)
Note 27 Finance costs 2023-24 2022-23
Interest on borrowings 7.02 4.42
Interest on financial liabilities at amortised cost 1.82 1.60
Interest on others 1.96 1.65
Other borrowings costs 0.28 0.23
11.08 7.90
(` cr)
Note 28 Depreciation and amortisation expenses 2023-24 2022-23
Depreciation on property, plant and equipment (refer Note 2) 238.23 193.23
Amortisation of intangible assets (refer Note 4) 4.65 4.58
242.88 197.81
(` cr)
Power, fuel and water 553.22 647.56
Freight charges 143.07 265.68
Manpower services 39.83 36.35
Consumption of stores and spares 51.28 63.87
Conversion and plant operation charges 52.98 57.25
Plant and equipment repairs 100.50 97.15
Building repairs 31.52 28.27
Sundry repairs 12.31 13.16
Rent 3.62 2.82
Rates and taxes 2.64 2.48

(` cr)
Insurance 27.93 24.89
Commission 6.21 7.52
Travelling and conveyance 21.71 19.28
Auditor's remuneration1 2.05 1.64
Directors' fees and travelling 0.64 0.56
Directors' commission (other than the Executive Directors) 0.94 1.02
Bad debts and irrecoverable balances written off | (written back) 3.86 1.59
Provision for doubtful debts (net) (0.17) 3.83
Loss on assets sold, discarded or demolished 2.76 32.32
Expenditure on Corporate Social Responsibility 15.49 16.31
Miscellaneous expenses 108.03 94.95
1,180.42 1,418.50
Details of Auditors’ remuneration are as follows:
1
(` cr)
Remuneration to the Statutory Auditors
b) Tax audit fees 0.14 0.12
c) Other matters 0.23 0.19
d) Out of pocket expenses 0.04 0.03
Remuneration to the Cost Auditors
2.05 1.64
Note 30.1 Contingent liabilities and guarantees

a) Claims against the Company not acknowledged as debts in respects of
(` cr)
March 31, 2024 March 31, 2023
i) Customs duty 2.02 1.94
ii) Excise duty 0.67 0.67
iii) GST 0.15 -
iv) Income tax 7.85 8.30
v) Sales tax | VAT 0.71 0.71
vi) Others (contracts and labour matters) 3.36 1.44
The regulatory claims are under litigation at various forums. The Group expects the outcome of the above matters to be in its
favour and has, therefore, not recognised provision in relation to these claims. The above excludes interest | penalty unless
demanded by the authorities.
b) The Group has given guarantees aggregating ` 251.79 cr (March 31, 2023: ` 58.76 cr) details of which are as below:
(` cr)
Particulars In favour Purpose As at As at
March 31, 2024 March 31, 2023
i) Atul Products Ltd HDFC Bank and Federal For project expenditure
Bank requirement 200.00 -
ii) Amal Speciality Axis Bank For project expenditure
Chemicals Ltd requirement 51.00 58.00
iii) DPD Ltd HSBC Bank For project expenditure
requirement 0.79 0.76
251.79 58.76
229
Atul Ltd
Note 30.2 Commitments

Capital commitments
Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
(` cr)
March 31, 2024 March 31, 2023
Estimated amount of contracts remaining to be executed and not provided for
(net of advances):
Property, plant and equipment 87.83 192.92
Note 30.3 Research and development

Details of expenditure incurred on approved in-house research and development facilities:
(` cr)
Capital expenditure 57.60 1.99
Recurring expenditure 33.96 31.22
91.56 33.21
Note 30.4 Related party disclosures

Note 30.4 (A) Related party information
Name of the related party and nature of relationship
01. Aagam Holdings Pvt Ltd
02. Aayojan Resources Pvt Ltd
Entity over which control exercised by Key Management
03. Adhigam Investments Pvt Ltd Personnel
04. Crawford Bayley & Co1
05. Samveg Agencies Pvt Ltd
06. Rudolf Atul Chemicals Ltd Joint venture company
07. Rudolf GmbH Entity over which control exercised by Joint venture
08. Rudolf Hub 1922 S.r.l partner
09. Key management personnel
Sunil Lalbhai Chairman and Managing Director
Samveg Lalbhai Managing Director
Bharathy Mohanan Whole-time Director and President - U&S
Gopi Kannan Thirukonda Whole-time Director and CFO
Susim Datta Non-executive Director
Mukund Chitale Non-executive Director
Subhalakshmi Panse Non-executive Director
Baldev Arora Non-executive Director
Pradeep Banerjee Non-executive Director
Rangaswamy Iyer Non-executive Director
Sharadachandra Abhyankar Non-executive Director
Sujal Shah Non-executive Director
Amal Ltd
Rajeev Kumar Managing Director
Abhay Jadeja Director
Mahalakshmi Subramanian Director
Jyotin Mehta Director
Dipali Sheth Director
Drushti Desai Director
Venkatraman Srinivisan Director

Note 30.4 (A) Related party information (continued)

Amal Speciality Chemicals Ltd
Syamal De Whole-time director
Yogesh Vyas Director
Ankit Mankodi Director
Rajeev Kumar Director
Mahalakshmi Subramanian Additional Director
Atul Bioscience Ltd
Prabhakar Chebiyyam Managing Director
Ajit Dangi Director
Pramod Lele Director
Astha Lalbhai Director
Latika Pradhan Director
Vivek Gadre Director
Atul Europe Ltd
Edward Sharkey Director
Jacques Collonge Director
DPD Ltd
Avril Brackpool Director
Ajitsingh Batra Director
J E Bayley Director
Shailesh Pandya Director
10. Close family members of key management personnel
Vimla Lalbhai Mother of Sunil Lalbhai
Swati Lalbhai Sister of Sunil Lalbhai
Astha Lalbhai Daughter of Sunil Lalbhai
Saumya Lalbhai Son of Samveg Lalbhai
Nishtha Lalbhai Daughter of Sunil Lalbhai
11. Welfare funds
Atul Foundation Health Center
Atul Foundation Trust
Atul Kelavani Mandal Entities over which key management personnel or their
Atul Rural Development Fund close family members have significant influence
Atul Vidyalaya Trust
Urmi Stree Sanstha
12. Other related parties2
Amal Ltd Group Gratuity Scheme Trust Post-employment benefit plan of Amal Ltd
Amal Speciality Chemicals Limited Employees Group Post-employment benefit plan of Amal Speciality
Gratuity Scheme Trust Chemicals Ltd
Atul Ltd Employees Gratuity Fund Post-employment benefit plan of Atul Ltd
Anaven LLP Employee Group Gratuity Scheme Post-employment benefit plan of Anaven LLP
Atul Bioscience Staff Gratuity Trust Post-employment benefit plan of Atul Bioscience Ltd
Atul Crop Care Ltd Employees Group Gratuity Assurance Post-employment benefit plan of Atul Crop Care Ltd
Scheme
Atul Finserv Ltd Employees Group Gratuity Scheme Post-employment benefit plan of Atul Finserv Ltd
Atul Infotech Private Limited Employees Gratuity Fund Post-employment benefit plan of Atul Infotech Pvt Ltd
Atul Products Ltd Employees Group Gratuity Scheme Post-employment benefit plan of Atul Products Ltd
Trust
Atul Products Ltd - Ankleshwar Division Employees' Post-employment benefit plan of Atul Ltd
Provident Fund Trust
Atul Rajasthan Date Palms Ltd Post-employment benefit plan of Atul Rajasthan Date
Palms Ltd
Lapox Polymers Ltd Employees Group Gratuity Post-employment benefit plan of Lapox Polymers Ltd
Assurance Scheme
Rudolf Atul Chemicals Ltd Employees Group Gratuity Post-employment benefit plan of Rudolf Atul
Assurance Scheme Chemicals Ltd
The Atul Officers Retirement Benefit Fund Post-employment benefit plan of Atul Ltd
Up to July 28, 2023 | 2Refer Note 30.6 for information on transactions with post-employment benefit plans mentioned above.
1
231
Atul Ltd

(` cr)
Note 30.4 (B) Transactions with entity over which control exercised by 2023-24 2022-23
key management personnel
a) Purchases and expenses
1. Services availed 0.10 0.05
Crawford Bayley & Co 0.10 0.05
b) Other transactions
1. Issue of equity shares - 17.88
Aagam Agencies Pvt Ltd - 0.14
Aayojan Resources Pvt Ltd - 2.08
Adhinami Investments Pvt Ltd - 0.19
Akshita Holdings Pvt Ltd - 0.07
Anusandhan Investments Pvt Ltd - 0.04
Sunil Siddharth Lalbhai - 0.02
Sunil Siddharth Lalbhai (On behalf of Vimla Siddharth Family Trust) - 0.11
Swati S Lalbhai - 0.00
Taral S Lalbhai - 0.00
Vimlaben S Lalbhai - 0.07
2. Reimbursement received - 0.00
(` cr)
Note 30.4 (C) Transactions with joint venture company 2023-24 2022-23
a) Sales and income
2. Purchase of fixed assets 0.44 -
3. Interest expenses 0.46 0.43
1. Dividends received from equity investment measured at cost 2.92 11.68
2. Reimbursement received 0.69 0.73
3. Inter-corporate deposit received back 0.50 10.50
4. Inter corporate deposit given 4.50 5.00
The above transactions are with Rudolf Atul Chemicals Ltd.
(` cr)
Note 30.4 (D) Transactions with entity over which control exercised by 2023-24 2022-23
joint venturer
a) Sales and income
1. Commission received 1.00 0.63
Rudolf GmbH 1.00 0.63
2. Business promotion and development 0.26 0.24
Rudolf Hub 1922 S.r.l 0.26 0.24


(` cr)
Note 30.4 (E) Key management personnel compensation 2023-24 2022-23
Remuneration 1
19.90 21.97
1. Short-term employee benefits 17.19 19.24
2. Post-employment benefits 1
1.27 1.25
3. Commission and other benefits to Non-executive | Independent Directors 1.44 1.48
1
company basis.
(` cr)
Note 30.4 (F) Close family members of key management personnel 2023-24 2022-23
compensation
Remuneration1 1.14 1.13
1. Astha S Lalbhai 0.52 0.51
2. Saumya S Lalbhai 0.34 0.35
3. Nishtha S Lalbhai 0.28 0.27
1
company basis.
(` cr)
Note 30.4 (G) Transactions with entities over which key management 2023-24 2022-23
personnel or their close family members have significant influence
a) Sales and income
Atul Kelvani Mandal 0.02 0.02
Urmi Stree Sansthan 0.00 0.00
1. Purchase of goods - 0.00
2. Reimbursement paid 0.03 0.06
Atul Vidyalaya Trust 0.00 -
1. Expenditure on Corporate Social Responsibility initiatives 13.23 17.87
Atul Rural Development Fund (previous year including ` 4.35 cr unspent
CSR of 2021-22) 0.78 10.11
Atul Kelvani Mandal 0.00 0.00
3. Sale of CWIP - 0.90
Atul Rural Development Fund - 0.90
233
Atul Ltd

(` cr)
Note 30.4 (H) Transactions with post-employment benefit plan of Atul 2023-24 2022-23
Ltd and its group entities
a) Contributions during the year (Employer’s contribution only) 4.79 1.20
1. Amal Limited Group Gratuity Scheme Trust 0.00 0.04
2. Amal Speciality Chemicals Limited Employees Group Gratuity
Scheme Trust 0.01 -
3. Anaven LLP Employee Group Gratuity Scheme 0.03 0.04
4. Atul Crop Care Limited Employees Group Gratuity Assurance Scheme 0.48 0.01
5. Atul Finserv Ltd Employees Group Gratuity Scheme 0.02 0.01
6. Atul Infotech Private Limited Employees Gratuity Fund 0.02 0.01
7. Atul Ltd Employees Gratuity Fund 3.92 0.42
8. Atul Products Ltd - Ankleshwar Division Employees' Provident
Fund Trust 0.23 0.24
9. Lapox Polymers Limited Employees Group Gratuity Assurance Scheme 0.09 0.14
10. Rudolf Atul Chemicals Limited Employees Group Gratuity
Assurance Scheme - 0.30
(` cr)
Note 30.4 (I) Outstanding balances at the year end As at As at
March 31, 2024 March 31, 2023
a) With Directors or with organisations where Directors are interested
Aagam Holdings Pvt Ltd 0.00 0.00
2. Payables - 0.04
Crawford Bayley & Co - 0.04
(` cr)
March 31, 2024 March 31, 2023
b) With joint venture company
2. Payables 0.80 0.30
3. Refundable security deposit 1.80 2.00
4. Inter-corporate deposit 4.50 5.00
The above transactions are with Rudolf Atul Chemicals Ltd.
c) With entity over which control exercised by joint venturer

2. Payables 0.73 5.26
Rudolf Hub 1922 S.r.l - 0.21

Note 30.4 Related party disclosures (continued) (` cr)

March 31, 2024 March 31, 2023
d) With entities over which key management personnel or their close family
members have significant influence
2. Payables 0.09 0.05
Atul Education Trust 0.00 0.00
Atul Rural Development Fund 0.00 -
Atul Vidyalaya 0.09 0.05
Note 30.5 Current and deferred tax

The major components of income tax expense for the years ended March 31, 2024, and March 31, 2023, are:
a) Income tax expense recognised in the Consolidated Statement of Profit and Loss
(` cr)
i) Current tax
Current tax on profit for the year 113.77 179.38
Adjustments for current tax of prior periods (0.13) (0.22)
ii) Deferred tax
(Decrease) | Increase in deferred tax liabilities 56.51 (12.33)
Decrease | (Increase) in deferred tax assets (43.65) 14.38
Total deferred tax expense | (benefit) 12.86 2.05
b) Income tax expense recognised in the other comprehensive income

(` cr)
i) Current tax
Remeasurement gain | (loss) on defined benefit plans 0.03 1.07
ii) Deferred tax
Fair value equity investment 21.29 (11.86)
Effective portion of gain | (loss) on cash flow hedges (0.03) (0.13)
Foreign currency translation reserve 1.28 0.17
Total deferred tax expense | (benefit) 22.54 (11.82)
Income tax expense 22.57 (10.75)
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Atul Ltd
c) The reconciliation between the statutory income tax rate applicable to the Group and the effective
income tax rate of the Group is as follows:
a) Statutory income tax rate 25.17% 25.17%
b) Differences due to:
i) Non-deductible expenses 2.93% 2.16%
ii) Exempt income (0.02%) (0.33%)
iii) Income tax incentives (1.45%) (3.23%)
iv) Effect of deferred tax expense 0.00% 0.01%
v) Others 1.44% 2.57%
Effective income tax rate 28.07% 26.35%
d) Current tax assets (net)

(` cr)
March 31, 2024 March 31, 2023
Tax paid in advance, net of provisions during the year (8.94) 4.40
e) Current tax liabilities (net)

(` cr)
March 31, 2024 March 31, 2023
Current tax payable for the year 113.64 179.16
Taxes paid (116.32) (187.97)
f) Deferred tax liabilities | (assets)

The following is the analysis of deferred tax liabilities | (assets) balances presented in the Consolidated Balance Sheet:
(` cr)
March 31, 2024 March 31, 2023
Deferred tax liabilities 174.15 133.82
Deferred tax assets (21.25) (16.41)
152.90 117.41


The balance comprises temporary differences attributable to the below items and corresponding movement in deferred tax
liabilities | (assets):
(` cr)
Particulars As at Charged | As at Charged | As at
March 31, (Credited) to March 31, (Credited) to March 31,
2024 profit or OCI | 2023 profit or OCI | 2022
loss equity loss equity
Property, plant and equipment 137.54 25.52 - 112.02 4.73 - 107.29
Fair value equity investments (net) 36.99 - 21.29 15.70 - (11.86) 27.56
Undistributed profit of subsidiary
companies 43.55 6.08 - 37.47 (1.75) - 39.22
Foreign currency translation
reserves 5.35 - 1.28 4.07 - 0.17 3.90
Unrealised gain on mutual fund 2.45 2.34 - 0.11 (3.62) - 3.73
Effective portion of gains | (loss)
on cash flow hedges 0.14 - (0.03) 0.17 - (0.13) 0.30
Provision for leave encashment (11.40) (0.49) - (10.91) (1.16) - (9.75)
Provision for doubtful debts (3.63) 0.08 - (3.71) (0.50) - (3.21)
Regulatory and other charges (0.14) (0.07) - (0.07) 6.26 - (6.33)
Investment properties (8.23) (0.44) - (7.79) (0.36) - (7.43)
Elimination of profits resulting
from intragroup transactions (28.64) (12.75) - (15.89) (2.22) - (13.67)
Unused tax losses (20.33) (7.67) - (12.66) (1.32) - (11.34)
MAT credit entitlement - - - - 0.23 - (0.23)
Others (0.75) 0.35 - (1.10) 1.81 - (2.91)
Net deferred tax liabilities |
(assets) 152.90 12.95 22.54 117.41 2.10 (11.82) 127.13
237
Atul Ltd
Note 30.6 Employee benefit obligations

Funded schemes
a) Defined benefit plans
Gratuity
(` cr)
As at March 31, 2022 64.79 (63.62) 1.17
Current service cost 4.73 (0.01) 4.72
Interest expense | (income) 4.16 (4.06) 0.10
Total amount recognised in the Consolidated Statement of
Profit and Loss 8.89 (4.07) 4.82
Remeasurement
Return on plan assets, excluding amount included in interest
expense | (income) - 0.12 0.12
(Gain) from change in demographic assumptions 0.90 - 0.90
Loss from change in financial assumptions (4.20) - (4.20)
Experience (gain) (1.08) - (1.08)
Total amount recognised in other comprehensive income (4.38) 0.12 (4.26)
Liability transferred out | Divestments 0.01 - 0.01
As at March 31, 2023 64.69 (63.60) 1.09
Current service cost 4.74 (0.01) 4.73
Interest expense | (income) 4.75 (4.65) 0.10
Total amount recognised in the Consolidated Statement of
Profit and Loss 9.49 (4.66) 4.83
Remeasurement
Return on plan assets, excluding amount included in interest
expense | (income) - (0.03) (0.03)
(Gain) from change in demographic assumptions (0.45) - (0.45)
Loss from change in financial assumptions 1.50 - 1.50
Experience (gain) (1.12) - (1.12)
Total amount recognised in other comprehensive income (0.07) (0.03) (0.10)
Benefit payments (6.22) 6.20 (0.02)
Liability transferred out | Divestments (0.25) 0.25 -
As at March 31, 2024 67.64 (66.38) 1.26


The net liability disclosed above relates to following funded and unfunded plans:
(` cr)
March 31, 2024 March 31, 2023
Present value of funded obligations 67.64 64.69
Fair value of plan assets (66.38) (63.60)
Deficit of Gratuity plan 1.26 1.09
Significant estimates: Actuarial assumptions and sensitivity

The significant actuarial assumptions were as follows:
March 31, 2024 March 31, 2023
Discount rate 7.14% to 7.19% 7.29% to 7.39%
Attrition rate 14% | 32% 13.00% | 25.00%
Rate of return on plan assets 7.14% to 7.19% 7.29% to 7.39%
Salary escalation rate 10.36% 9.84%
Sensitivity analysis
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Particulars Change in assumptions Impact on defined benefit obligation

Increase in assumptions Decrease in assumptions
As at As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31, March 31,
2024 2023 2024 2023 2024 2023
Discount rate 1.00% 1.00% (3.21%) (3.27%) 3.51% 3.57%
Attrition rate 1.00% 1.00% (0.66%) (0.57%) 0.71% 0.61%
Rate of return on plan assets 1.00% 1.00% (3.21%) (3.27%) 3.51% 3.57%
Salary escalation rate 1.00% 1.00% 3.36% 3.44% (3.14%) (3.22%)
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined
benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated
with the projected unit credit method at the end of the reporting period) has been applied while calculating the defined benefit
liability recognised in the Consolidated Balance Sheet.
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Atul Ltd
The methods and types of assumptions used in preparing the sensitivity analysis did not change as compared to the previous year.
Major category of plan assets are as follows

(` cr)
Unquoted in % Unquoted in %
Government of India assets 1.18 1.78% 1.18 1.86%
Debt instruments
Corporate bonds 1.34 2.02% 1.28 2.01%
Investment funds
Insurance funds 63.57 95.77% 60.67 95.39%
Others 0.14 0.21% 0.31 0.49%
Special deposit scheme 0.15 0.23% 0.16 0.25%
66.38 100% 63.60 100%
Risk exposure
Through its defined benefit plans, the Group is exposed to a number of risks; the most significant of which are detailed below:
i) Asset volatility
The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this
yield, this will create a deficit. Most of the plan asset investments are in fixed-income securities with high grades and
in government securities. These are subject to interest rate risk. The Group has a risk management strategy where the
aggregate amount of risk exposure on a portfolio level is maintained at a fixed range. All deviations from the range are
corrected by rebalancing the portfolio. The Group intends to maintain the above investment mix in the coming years.
ii) Changes in bond yields
A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of
other bond holdings.
The Group actively monitors how the duration and the expected yield of the investments are matching the expected
cash outflows arising from the employee benefit obligations. The Group has not changed the processes used to manage
its risks from previous periods. Investments are well diversified, such that the failure of any single investment will not
have a material impact on the overall level of assets.
A large portion of assets consists insurance funds. The Group also invests in corporate bonds and special deposit
scheme. The plan asset mix is in compliance with the requirements of the respective local regulations.
Expected contributions to post-employment benefit plans for the year ending March 31, 2025 are ` 5.10 cr.
The weighted average duration of the defined benefit obligation is five years (2022-23: six years). The expected maturity
analysis of gratuity is as follows:
(` cr)
Particulars Less than Between Between Over Total
a year 1 - 2 years 2 - 5 years 5 years
Expected defined benefit obligation (gratuity)
As at March 31, 2024 16.71 9.75 27.32 37.63 91.41
As at March 31, 2023 11.96 8.87 32.03 35.60 88.46
Provident fund
In case of certain employees, the provident fund contribution is made to a trust administered by the Group. The actuary has
provided a valuation of provident fund liability based on the assumptions listed below and has determined that there is no
shortfall as at March 31, 2024.

(` cr)
March 31, 2024 March 31, 2023
i) Defined benefit obligation 11.74 12.45
ii) Fund 12.24 12.48
Net assets | (liabilities) 0.50 0.03
iii) Charge to the Consolidated Statement of Profit and Loss during the year
(included in Note 26) 0.23 0.24
The assumptions used in determining the present value of obligation of the interest rate guarantee under deterministic
approach are:
i) Mortality rate Indian assured lives Indian assured lives
mortality 2012-14 (Urban) mortality 2012-14 (Urban)
ii) Withdrawal rate 5% p.a. for all age groups 5% p.a. for all age groups
iii) Rate of discount 7.17% 7.35%
iv) Expected rate of interest 8.25% 8.15%
v) Retirement age 60 years 60 years
vi) Guaranteed rate of interest 8.25% 8.15%
b) Defined contribution plans

Provident and other funds
Amount of ` 20.65 cr (March 31, 2023: ` 18.51 cr from the Pradhan Mantri Rojgar Protsahan Yojana) is recognised as an
expense and included in Note 26 ‘Contribution to provident and other funds’.
Compensated absences
Amount of ` 4.45 cr (March 31, 2023: ` 4.50 cr) is recognised as expense and included in Note 26 ‘Salaries, wages
and bonus’.
Note 30.7 Fair value measurements

Financial instruments by category
(` cr)
March 31, 2024 March 31, 2023
cost cost
Financial assets
Investments:
Equity instruments1 - 808.41 - - 535.86 -
Mutual funds 426.40 - - 189.57 - -
Government securities - - 0.01 - - 0.01
Bonds 94.35 - - 112.74 - -
Alternate investment fund 13.32 - - - - -
Trade receivables - - 927.04 - - 844.61
Loans - - 0.26 - - 0.13
Security deposits for utilities and
premises - - 6.06 - - 4.30
Interest receivable - - - - - 0.04
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(` cr)
March 31, 2024 March 31, 2023
cost cost
Derivative financial assets designated
as hedges (net) - - - - - -
Finance lease receivables - - 5.98 - - 6.55
Cash and bank balances - - 72.30 - - 52.03
Other receivables - - 20.47 - - 22.05
Total financial assets 534.07 808.41 1,032.12 302.31 535.86 929.72
Borrowings - - 231.85 - - 46.98
Trade payables - - 579.31 - - 538.51
Security deposits - - 39.13 - - 37.06
Derivative financial liabilities
designated as hedges (net) - 0.11 - - 0.54 -
Employee benefits payable - - 57.47 - - 47.68
Creditors for capital goods - - 111.99 - - 118.59
Lease liabilities - - 4.70 - - 5.26
Other liabilities - - 10.87 - - 10.85
Total financial liabilities - 0.11 1,035.32 - 0.54 804.93
1
Excludes equity investments in associate and joint venture companies which are carried at cost and hence are not required to be disclosed
as per Ind AS 107 ‘Financial Instruments Disclosures’.
a) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are: a) recognised and measured at fair value and b) measured at amortised cost and for which fair values are disclosed
in the Consolidated Financial Statements. To provide an indication about the reliability of the inputs used in determining
fair value, the Group has classified its financial instruments into the three levels prescribed in the Indian Accounting
Standard. An explanation of each level follows underneath the table:
(` cr)
i) Financial assets and liabilities measured at Note Level 1 Level 2 Level 3 Total
Financial assets
Financial investments at FVTOCI:
Unquoted equity shares2 6.2 - - 1.21 1.21
Financial investments at FVTPL:
Bond 6.2 94.35 - - 94.35
Alternate investment fund 6.2 13.32 - - 13.32
Mutual funds 6.3 - 426.40 - 426.40
Total financial assets 914.87 426.40 1.21 1,342.48


(` cr)
ii) Financial assets and liabilities measured at Note Level 1 Level 2 Level 3 Total
fair value As at March 31, 2023
Financial assets
Financial investments at FVTOCI
Quoted equity shares 6.2 534.65 - - 534.65
Unquoted equity shares1 6.2 - - 1.21 1.21
Financial investments at FVTPL:
Bond 6.2 112.74 - - 112.74
Mutual funds 6.3 - 189.57 - 189.57
Total financial assets 647.39 189.57 1.21 838.17
Foreign exchange forward contracts 17 - 0.54 - 0.54
1
Includes investments in BEIL Infrastructure Ltd (70,000 equity shares), Narmada Clean Tech which are for operation purpose and the
Company has to hold it till the production site continues. The Company estimates that the fair value of these investments are not materially
different as compared to its cost.
(` cr)
iii) Biological assets other than As at As at
bearer plants measured at fair March 31, 2024 March 31, 2023
value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Tissue culture raised date palms
plants - - 53.12 - - 51.28
Total biological assets - - 53.12 - - 51.28
There were no transfers between any levels during the year.
Level 1: This includes financial instruments measured using quoted prices. The fair value of all equity instruments that are
traded on the stock exchanges is valued using the closing price as at the reporting period.
Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter
derivatives) is determined using valuation techniques, which maximise the use of observable market data and rely as little
as possible on entity-specific estimates. The mutual fund units are valued using the closing net assets value. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
b) Valuation techniques used to determine fair value
Specific valuation techniques used to value financial instruments include:
i) the use of quoted market prices or dealer quotes for similar instruments,
ii) the fair value of forward foreign exchange contracts are determined using forward exchange rates at the
Consolidated Balance Sheet date,
iii) the fair value of foreign currency option contracts is determined using the Black Scholes valuation model,
iv) the fair value of the remaining financial instruments is determined using discounted cash flows analysis.
All of the resulting fair value estimates are included in level 1, 2 and 3.
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Atul Ltd
c) Valuation processes
The Finance department of the Group includes a team that performs the valuations of financial assets and liabilities with
assistance from independent external experts when required, for financial reporting purposes, including level 3 fair values.
d) Fair value of financial assets and liabilities measured at amortised cost
(` cr)
March 31, 2024 March 31, 2023
Carrying amount | Carrying amount |
Fair value Fair value
Financial assets
Investments:
Government securities 0.01 0.01
Security deposits for utilities and premises 6.06 4.30
Finance lease receivables 5.98 6.55
Total financial assets 12.05 10.86
Borrowings 231.85 46.98
Lease liabilities 4.70 5.26
Total financial liabilities 244.75 60.28
The carrying amounts of trade receivables, cash and cash equivalents, loan, other bank balances, dividend receivables, other
receivables, trade payables, capital creditors, employee benefit payables, other liabilities are considered to be the same as
their fair values due to the current and short-term nature of such balances.
The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are
classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
Note 30.8 Financial risk management

Risk management is an integral part of the business practices of the Group. The framework of risk management concentrates
on formalising a system to deal with the most relevant risks, building on existing management practices, knowledge
and structures. With the help of a reputed international consultancy firm, the Group has developed and implemented a
comprehensive risk management system to ensure that risks to the continued existence of the Group as a going concern and
to its growth are identified and remedied on a timely basis. While defining and developing the formalised risk management
system, leading standards and practices have been considered. The risk management system is relevant to business reality,
pragmatic and simple and involves the following:
i) Risk identification and definition: Focused on identifying relevant risks, creating | updating clear definitions to ensure
undisputed understanding along with details of the underlying root causes | contributing factors.
ii) Risk classification: Focused on understanding the various impacts of risks and the level of influence on its root causes.
This involves identifying various processes generating the root causes and clear understanding of risk inter-relationships.
iii) Risk assessment and prioritisation: Focused on determining risk priority and risk ownership for critical risks. This involves
assessment of the various impacts taking into consideration risk appetite and existing mitigation controls.
iv) Risk mitigation: Focused on addressing critical risks to restrict their impact(s) to an acceptable level (within the defined
risk appetite). This involves a clear definition of actions, responsibilities and milestones.
v) Risk reporting and monitoring: Focused on providing to the Board and the Audit Committee periodic information on risk
profile evolution and mitigation plans.

a) Management of liquidity risk

The principal sources of liquidity of the Group are cash and cash equivalents, investment in mutual funds, borrowings
and the cash flow that is generated from operations. It believes that the current cash and cash equivalents, tied-up
borrowing lines and cash flow that are generated from operations are sufficient to meet requirements. Accordingly,
liquidity risk is perceived to be low.
The following table shows the maturity analysis of financial liabilities of the Group based on contractually agreed
undiscounted cash flows as at the Consolidated Balance Sheet date:
(` cr)
Borrowings 16 231.85 22.55 209.30 231.85
Trade payables 20 579.31 579.31 - 579.31
Lease liabilities 30.12 4.70 - 4.70 4.70
Borrowings 16 46.98 18.27 28.71 46.98
Trade payables 20 538.51 538.51 - 538.51
Employee benefits payable 17 47.68 47.08 0.60 47.68
Lease liabilities 30.12 5.26 - 5.26 5.26
b) Management of market risk

The size and operations of the Group expose it to the following market risks that arise from its use of
financial instruments:
i) price risk
ii) interest rate risk
iii) foreign exchange risk
The above risks may affect income and expenses or the value of its financial instruments. Its objective for market risk
is to maintain this risk within acceptable parameters while optimising returns. The exposure to these risks and the
management of these risks are explained as follows:

:
245
Atul Ltd

i) Price risk
The Group is mainly exposed to In order to manage its price As an estimation of the approximate impact
the price risk due to its investments risk arising from investments of price risk, with respect to investments in
in equity instruments and mutual in equity instruments, the equity instruments, the Group has calculated
funds. The price risk arises due Group maintains its portfolio the impact as follows:
to uncertainties about the future in accordance with the For equity instruments, a 4% increase in Nifty
market values of these investments. framework set by the Risk 50 prices may have led to approximately
Equity price risk is related to the Management Policy. an additional ` 25.86 cr gain in other
change in market reference price of Any new investment or comprehensive income (2022-23: ` 12.87 cr).
the investments in equity securities. divestment must be approved A 4% decrease in Nifty 50 prices may have led
In general, these securities are not by the Board, Chief Financial to an equal but opposite effect.
held for trading purposes. These Officer and Audit Committee.
investments are subject to changes For bonds, a 1% increase in prices may have
in the market price of securities. led to approximately an additional ` 0.94 cr
The fair value of quoted equity gain in the Consolidated Statement of Profit
instruments classified at fair value and Loss (2022-23: ` 1.13 cr). A 1% decrease
through other comprehensive income in prices may have led to an equal but opposite
as at March 31, 2024, is ` 807.20 effect.
cr (March 31, 2023: ` 534.65 cr). For mutual funds and alternate investment
The fair value of bonds classified fund, a 1% increase in prices may have led to
at fair value through profit and loss approximately an additional ` 4.40 cr gain in
as at March 31, 2024, is ` 94.35 the Consolidated Statement of Profit and Loss
cr (March 31, 2023: ` 112.74 cr). (2022-23: ` 1.90 cr). A 1% decrease in prices
The fair value of mutual fund and may have led to an equal but opposite effect.
alternate investment fund classified at
fair value through profit and loss as at
March 31, 2024, is ` 439.72 cr (March
31, 2023: ` 189.57 cr).
ii) Interest rate risk
The Group is mainly exposed to interest In order to manage its interest As an estimation of the approximate impact of
rate risk due to its variable interest rate risk arising from variable the interest rate risk, with respect to financial
rate borrowings. The interest rate risk interest rate borrowings, instruments, the Group has calculated the
arises due to uncertainties about the the Group uses interest rate impact of a 25 bps change in interest rates. A
future market interest rate of these swaps to hedge its exposure 25 bps increase in interest rates may have led
borrowings. to future market interest to approximately an additional ` 0.58 cr (2022-
As at March 31, 2024, the exposure rates, whenever appropriate. 23: ` 0.12) gain in Consolidated Statement of
to interest rate risk due to variable The hedging activity is Profit and Loss. A 25 bps decrease in interest
interest rate borrowings amounted undertaken in accordance rates may have led to an equal but opposite
to ` 231.85 cr (March 31, 2023: with the framework set effect.
` 46.98 cr) by the Risk Management
Committee and supported by
the Treasury department.
iii) Foreign exchange risk
The Group has international operations The Group has exposure As an estimation of the approximate impact
and is exposed to foreign exchange arising out of export, import, of the foreign exchange rate risk, with respect
risk arising from foreign currency loans and other transactions to Consolidated Financial Statements, the
transactions. Foreign exchange other than functional risk. Group has calculated the impact as follows:
risk arises from future commercial The Group hedges its foreign For derivative financial instruments, a 2%
transactions and recognised financial exchange risk using foreign increase in the spot price as on the reporting
assets and liabilities denominated in exchange forward contracts date may have led to insignificant effect in
a currency that is not the functional and currency options after consolidated other comprehensive income
currency (`) of the Group. The risk considering the natural (2022-23: loss of ` 0.23 cr). A 2% decrease
also includes highly probable foreign hedge. The same is within may have led to an additional ` 0.85 cr gain
currency cash flows. The objective of the guidelines laid down by in consolidated other comprehensive income
the cash flows hedges is to minimise Risk Management Policy of (2022-23: gain of ` 1.25 cr).
the volatility of the ` cash flows of the Group. For non-derivative financial instruments,
highly probable forecast transactions. a 2% increase in the spot price as on the
reporting date may have led to an additional
` 5.65 cr gain in Consolidated Statement of
Profit and Loss (2022-23: gain of ` 6.52 cr).
A 2% decrease may have led to an equal but
opposite effect.

Foreign currency risk exposure

The exposure to foreign currency risk of the Group at the end of the reporting period expressed are as follows:

US$ mn ` cr € mn ` cr £ mn ` cr CN¥ mn ` cr
Financial assets
Trade receivables 43.56 363.26 1.22 10.93 2.15 22.60 13.33 15.39
Less:
Currency range options 5.30 44.20 - - - - - -
risk (assets) 38.26 319.06 1.22 10.93 2.15 22.60 13.33 15.39
Trade payables 13.08 109.05 0.04 0.33 1.89 19.85 0.07 0.08
risk (liabilities) 13.08 109.05 0.04 0.33 1.89 19.85 0.07 0.08

AED mn ` cr JPY mn ` cr BRL mn ` cr
Financial assets
Trade receivables - - - - - -
Less:
Net exposure to foreign currency risk (assets) - - - - - -
Trade payables 0.11 0.24 3.24 0.18 0.07 0.12
Net exposure to foreign currency risk (liabilities) 0.11 0.24 3.24 0.18 0.07 0.12
1

US$ mn ` cr € mn ` cr £ mn ` cr CN¥ mn ` cr
Financial assets
Trade receivables 46.49 382.03 0.91 8.11 2.42 24.60 10.64 12.72
Less:
Currency range options 15.10 124.08 - - - - - -
risk (assets) 31.39 257.95 0.91 8.11 2.42 24.60 10.64 12.72
Trade payables 11.52 94.71 0.05 0.47 0.60 6.15 - -
risk (liabilities) 11.52 94.71 0.05 0.47 0.60 6.15 - -
247
Atul Ltd

AED mn ` cr JPY mn ` cr BRL mn ` cr
Financial assets
Trade receivables 0.14 0.31 - - - -
Less:
Net exposure to foreign currency risk (assets) 0.14 0.31 - - - -
Trade payables - - 3.24 0.20 0.03 0.04
Net exposure to foreign currency risk (liabilities) - - 3.24 0.20 0.03 0.04
1
c) Management of credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations.
Trade receivables
Concentrations of credit risk with respect to trade receivables are limited due to the customer base being large, diverse
and across sectors and countries. A portion of trade receivables are secured by insurance policies or Export Credit
Guarantee Corporation schemes. All trade receivables are reviewed and assessed for default on a quarterly basis.
Reconciliation of loss allowance provision – trade receivables
(` cr)
Particulars Loss allowance on trade
receivables
Changes in loss allowance 3.70
Changes in loss allowance (0.78)
Other financial assets

The Group maintains exposure in cash and cash equivalents, term deposits with banks, investments in government securities,
mutual funds, bonds and loans to subsidiary companies. It has a diversified portfolio of investment with a various number of
counterparties that have secure credit ratings, hence the risk is reduced. Individual risk limits are set for each counterparty
based on financial position, credit rating and past experience. Credit limits and concentration of exposures are actively
monitored by its Treasury department.

Impact of hedging activities

a) Disclosure of effects of hedge accounting on financial position
(` cr)
Type of hedge and Notional value Carrying amount of Maturity Weighted Changes in Change in the value
risks hedging instrument (months) average strike fair value of hedged item used
price | interest of hedging as the basis for
Assets Liabilities Assets Liabilities
rate instrument recognising hedge
effectiveness
Cash flow hedge
` : US$
Foreign exchange
risk
Currency range
options 44.20 - - 0.11 1-12 83.12-85.00 (0.11) 0.11

(` cr)
Type of hedge Notional value Carrying amount of Maturity Weighted Changes in Change in the value
and risks hedging instrument (months) average strike fair value of hedged item used
Assets Liabilities Assets Liabilities price | interest of hedging as the basis for
rate instrument recognising hedge
effectiveness
Cash flow hedge
` : US$
Foreign exchange
risk
Currency range
options 124.08 - - 0.54 1-12 79.75-84.22 (0.54) 0.54
b) Disclosure of effects of hedge accounting on financial performance

(` cr)
Type of hedge Change in the Hedge ineffectiveness Amount reclassified Financial Statements
comprehensive
income
Cash flow hedge
(0.11) - (0.54) payables

(` cr)
Type of hedge Change in the Hedge ineffectiveness Amount reclassified Financial Statements
comprehensive
income
Cash flow hedge
(0.54) - 0.50 payables
249
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Movements in cash flow hedging reserve

(` cr)
Risk category Foreign currency risk
Derivative instruments As at As at
March 31, 2024 March 31, 2023
Balance at the beginning of the year (0.68) 0.20
Gain | (loss) recognised in other comprehensive income during the year (0.11) (0.54)
Amount reclassified to revenue during the year 0.54 (0.48)
Tax impact on above 0.02 0.14
Balance at the end of the year (0.23) (0.68)
Note 30.9 Capital management

The primary objective of capital management of the Group is to maximise shareholder value. The Group monitors capital using
debt-equity ratio, which is total debt divided by total equity.
For the purpose of capital management, the Group considers the following components of its Consolidated Balance Sheet to
manage capital:
Total equity includes general reserve, retained earnings and share capital. Total debt includes current debt plus non-current debt.
(` cr)
March 31, 2024 March 31, 2023
Total debt 231.85 46.98
Total equity 5,114.34 4,671.38
Debt-equity ratio (%) 4.53% 1.01%
Note 30.10 Offsetting financial assets and liabilities

The Group has not offset any financial asset and financial liability. The Group offsets a financial asset and a financial liability
when it currently has a legal enforceable right to set-off the recognised amounts and the Group intends either to settle on a
net basis, or to realise the asset and settle the liability simultaneously.
a) Master netting arrangements – not currently enforceable
Agreements with derivative counterparties are based on an International Swaps and Derivatives Association Inc Master
Agreement. Under the terms of these arrangements, only where certain credit events occur (such as default), the net
position owing | receivable to a single counterparty in the same currency will be taken as owing and all the relevant
arrangements are considered as terminated. As the Group does not presently have a legally enforceable right of set-off,
these amounts have not been offset in the Consolidated Balance Sheet.
b) Collateral against borrowings
The Group has hypothecated | mortgaged assets as collateral against a number of its sanctioned line of credit (refer
Note 16 (e) for further information on assets hypothecated | mortgaged as security). In case of default as per borrowing
arrangement, such collateral can be adjusted against the amounts due.

Note 30.11 Earnings per share

Earnings per share (EPS) - The numerators and denominators used to calculate basic and diluted EPS:
Profit for the year attributable to the equity shareholders ` cr 323.02 514.09
Weighted average number of equity shares used in calculating basic | Number 2,94,88,308 2,95,19,595
diluted EPS1
Nominal value of equity share ` 10 10
Basic EPS ` 109.54 174.15
Diluted EPS ` 109.54 174.15
1
During the current year, the Company completed its share buy-back on January 01, 2024.
Note 30.12 Leases

a) As a lessee
i) Following are the changes in the carrying value of right-of-use assets
(` cr)
March 31, 2024 March 31, 2023
Balance at the beginning of the year 4.65 5.27
Depreciation | Amortisation (0.66) (0.62)
Balance at the end of the year 3.99 4.65
ii) Following movement in lease liabilities

(` cr)
March 31, 2024 March 31, 2023
Balance at the beginning of the year 5.26 5.79
Finance cost accrued 0.30 0.29
Payment of lease liabilities (0.88) (0.80)
Translation difference 0.02 (0.02)
Balance at the end of the year 4.70 5.26
iii) The following table provides details regarding the contractual maturities of lease liabilities on an undiscounted
basis
(` cr)
March 31, 2024 March 31, 2023
Less than one year 0.91 0.86
One to five years 4.65 4.46
More than five years 1.27 2.15
Total 6.83 7.47
The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet
the obligations related to lease liabilities as and when they fall due.
Rent paid to lessor for short-term lease period is recognised into the Consolidated Statement of Profit and Loss as Rent in
Note 29 ‘Other expenses’.
Cash payments for the principal portion and interest of the lease liabilities are classified within financing activities and
short-term lease payments within operating activities.
251
Atul Ltd
Note 30.12 Leases (continued)
b) As a lessor
i) Operating lease
The Group has entered into operating leases on its office buildings and land. These are cancellable by the Group,
having a term between 11 months and three years and have no specific obligation for renewal. Rents received are
recognised in the Consolidated Statement of Profit and Loss as lease income in Note 23 ‘Other income’.
ii) Finance lease
The Group has given a building on finance lease for a term of 30 years and a machines for a term of 10 years.
Future minimum lease payments receivable under finance leases, together with the present value of the net
minimum lease payments (MLP), are as under:
(` cr)
MLP Present MLP Present
receivable value of MLP receivable value of MLP
receivable receivable
Not later than one year 0.91 0.87 1.11 1.07
Later than one year and not later than five years 4.04 3.12 4.05 3.11
Later than five years 3.51 1.98 4.42 2.37
Total MLP receivable 8.46 5.97 9.58 6.55
Less: unearned finance income 2.49 - 3.03 -
Present value of MLP receivable 5.97 5.97 6.55 6.55
Less: allowance for uncollectible lease payments - - - -
5.97 5.97 6.55 6.55
Note 30.13 Rounding off

Figure less than ` 50,000 have been shown as ‘0.00’ in the relevant notes in these Consolidated Financial Statements.
Note 30.14 Buy-back of shares

In accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities)
Regulations, 2018 and the Companies Act, 2013 and rules made thereunder, the Board in its meeting held on November
07, 2023 (2022-23: March 25, 2022) has approved a proposal to buy-back fully paid-up equity shares of face value of
` 10 each of the Company, at a price not exceeding ` 7,500 (2022-23: ` 11,000) per equity share (maximum buy-back price)
and for an amount not exceeding ` 50 cr (2022-23: ` 70 cr) (maximum buy-back size) from the open market through stock
exchange mechanism.
March 31, 2024 March 31, 2023
Date of Board meeting approving the buy-back November 07, 2023 March 25, 2022
Date of public announcement November 09, 2023 March 29, 2022
Buy-back opening dates November 21, 2023 April 07, 2022
Buy-back closing dates January 01, 2024 May 09, 2022
Number of share bought back 72,000 73,296
Face value of shares bought back ` 10 ` 10
Maximum buy-back price approved by the Board of Directors ` 7,500 ` 11,000
Transferred to capital redemption reserve ` 0.07 ` 0.08
Average buy-back price ` 6,934.70 ` 9,536.31
Consideration paid towards buy-back (excluding tax on buy-back and transaction costs) ` 49.93 ` 69.9

Note 30.15 Dividend on equity shares

Dividend on equity shares declared and paid during the year:
(` cr)
March 31, 2024 March 31, 2023
Final dividend of ` 25.00 per share for the year 2022-23 (2021-22: ` 25.00) 73.78 73.78
Interim dividend of ` 7.50 per share for the year 2022-23 - 22.14
73.78 95.92
Note:
The Group declares and pays dividend in Indian rupees. Companies are required to pay | distribute dividend after deducting
applicable withholding income taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange
and is also subject to withholding tax at applicable rates.
Note 30.16 Interests in other entities

a) Subsidiary companies
The subsidiary companies of the Group at March 31, 2024, are set out below. Unless otherwise stated, they have share
capital consisting solely of equity shares that are held directly by the Group and the proportion of ownership interests
held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place
of business.
Name of the entity Principal Place of Ownership interest Ownership interest

activity business | held by the Group held by the non-
country of controlling interest
incorporation As at As at As at As at
March 31, March 31, March 31, March 31,
2024 2023 2024 2023
Aaranyak Urmi Ltd Food products India 100% 100% - -
Aasthan Dates Ltd Agri products India 100% 100% - -
Amal Ltd Chemicals India 49.86% 49.86% 50.14% 50.14%
Amal Speciality Chemicals Ltd Chemicals India 49.86% 49.86% 50.14% 50.14%
Atul Aarogya Ltd Healthcare products India 100% 100% - -
Atul Adhesives Pvt Ltd Chemicals India 100% 100% - -
Atul Ayurveda Ltd Ayurvedic products India 100% 100% - -
Atul Bioscience Ltd Chemicals India 100% 100% - -
Atul Biospace Ltd Agri products India 100% 100% - -
Atul Brasil Quimicos Ltda Chemicals Brasil 100% 100% - -
Atul China Ltd Chemicals China 100% 100% - -
Atul Clean Energy Ltd Renewable energy India 100% 100% - -
Atul Consumer Products Ltd Polymers India 100% 100% - -
Atul Crop Care Ltd Agri products India 100% 100% - -
Atul Deutschland GmbH Chemicals Germany 100% 100% - -
Atul Entertainment Ltd Entertainment India 100% 100% - -
Atul Europe Ltd Chemicals UK 100% 100% - -
Atul Finserv Ltd Investments India 100% 100% - -
Atul Fin Resources Ltd Finance India 100% 100% - -
Atul Healthcare Ltd Healthcare India 100% 100% - -
Atul Hospitality Ltd Hospitality India 100% 100% - -
Atul Infotech Pvt Ltd Information Technology India 100% 100% - -
Atul Ireland Ltd Chemicals Ireland 100% 100% - -
Atul Lifescience Ltd Chemicals India 100% 100% - -
253
Atul Ltd
Note 30.16 Interests in other entities (continued)

Name of the entity Principal Place of Ownership interest Ownership interest
activity business | held by the Group held by the non-
country of controlling interest
incorporation As at As at As at As at
March 31, March 31, March 31, March 31,
2024 2023 2024 2023
Atul Middle East FZ-LLC Chemicals UAE 100% 100% - -
Atul Natural Dyes Ltd Chemicals India 100% 100% - -
Atul Natural Foods Ltd Food products India 100% 100% - -
Atul Nivesh Ltd Investments India 100% 100% - -
Atul Paints Ltd Chemicals India 100% 100% - -
Atul Polymers Products Ltd Polymers India 100% 100% - -
Atul Products Ltd Chemicals India 100% 100% - -
Atul Rajasthan Date Palms Ltd Agri products India 73.98% 73.98% 26.02% 26.02%
Atul Renewable Energy Ltd Renewable energy India 100% 100% - -
Atul (Retail) Brands Ltd Retail India 100% 100% - -
Atul Seeds Ltd Agri products India 100% 100% - -
Atul USA Inc Chemicals USA 100% 100% - -
Biyaban Agri Ltd Agri products India 100% 100% - -
DPD Ltd Agri products UK 98% 98% 2% 2%
Jayati Infrastructure Ltd Infrastructure India 100% 100% - -
Osia Dairy Ltd Dairy India 100% 100% - -
Osia Infrastructure Ltd Infrastructure India 100% 100% - -
Raja Dates Ltd Agri products India 100% 100% - -
Sehat Foods Ltd Food products India 100% 100% - -
The Group holds 49.86% of equity share capital of Amal Ltd. Based on facts and circumstances including dispersion of
holdings of other shareholders, common promoters of both the companies, operational dependency on The Company, the
Group has concluded that Atul Ltd continues to control Amal Ltd as it has existing rights that give it the current ability to direct
relevant activities of Amal Ltd.
b) Non-controlling interests (NCI)

Set out below the summarised financial information for the subsidiary company, which has non-controlling interests
that are material to the Group. The amounts disclosed for subsidiary company are before inter-company eliminations.
(` cr)
Summarised Balance Sheet Amal Ltd Amal Speciality Chemicals Ltd
As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Current assets 6.37 11.28 11.83 13.43
Current liabilities 8.12 7.16 10.47 21.50
Net current assets (1.75) 4.12 1.36 (8.07)
Non-current assets 113.89 105.60 78.95 87.81
Non-current liabilities 1.21 1.19 38.88 49.98
Net non-current assets 112.68 104.41 40.07 37.83
Net assets 110.93 108.53 41.43 29.76
Accumulated NCI 55.62 54.42 20.77 14.92

(` cr)
Summarised Statement of Profit and Amal Ltd Amal Speciality Chemicals Ltd
Loss 2023-24 2022-23 2023-24 2022-23
Total income 33.37 43.19 57.86 23.06
Profit | (Loss) for the year 2.43 0.73 (1.94) (16.55)
Other comprehensive income 0.00 0.03 (0.01) -
Total comprehensive income 2.43 0.76 (1.95) (16.55)
Profit allocated to NCI 1.22 0.38 (0.98) (8.30)
(` cr)
Summarised cash flows Amal Ltd Amal Speciality Chemicals Ltd
2023-24 2022-23 2023-24 2022-23
Cash flows from operating activities 1.67 (1.17) 9.08 (2.98)
Cash flows from investing activities (2.76) (21.32) (3.32) (9.07)
Cash flows from financing activities (0.01) 23.74 (5.65) 12.18
Net increase | (decrease) in cash and
cash equivalents (1.10) 1.25 0.11 0.13
c) Interests in associate and joint venture company accounted for using the equity method
(` cr)
Name of the Place of % of Relationship Quoted fair value Carrying amount
entity business | ownership As at March As at March As at March As at March
country of interest 31, 2024 31, 2023 31, 2024 31, 2023
incorporation
Rudolf Atul
Chemicals Ltd India 50% Joint venture * * 27.10 20.37
Valsad
Institute
of Medical
Sciences Ltd India 50% Associate * * 22.48 22.39
Total 49.58 42.76
*Note: Unlisted entity - no quoted price available
Rudolf Atul Chemicals Ltd

The Group acquired 50% interest in Rudolf Atul Chemicals Ltd (RACL), a joint venture company in India between IB Industriechemie
Beteiligungs GmbH (Germany) and Atul Ltd on August 18, 2011. RACL is engaged in the business of manufacturing and
marketing textile chemicals. As per the contractual arrangement between the shareholders of RACL, both the companies have
significant participating rights such that they jointly control the operations of the joint venture company.
Valsad Institute of Medical Sciences Ltd
Atul Healthcare Ltd (wholly-owned subsidiary of Atul Ltd) acquired shares in Valsad Institute of Medical Sciences Ltd (VIMS)
for setting up a modern multi-speciality and super speciality NABH compliant 200-bed hospital in Valsad effective from
October 04, 2022. The transaction has been entered by the Group, as promoters of VIMS are looking for strategic partner, to
invest in VIMS for this project.
i) Commitments and contingent liabilities in respect of the joint venture company
(` cr)
March 31, 2024 March 31, 2023
Share in contingent liabilities in respect of disputed demands for income tax 0.32 0.32
Share in capital commitments 0.01 0.05
Total commitments and contingent liabilities 0.33 0.37
255
Atul Ltd
ii) Summarised financial information in respect of the joint venture company

The tables below provide summarised financial information in respect of the joint venture company that are material to the
Group. The information disclosed are as presented in the Financial Statements of the joint venture company. They have
been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments
made at the time of acquisition and modifications for differences in accounting policies.
(` cr)
Summarised Balance Sheet Rudolf Atul Chemicals Ltd
As at As at
March 31, 2024 March 31, 2023
Current assets
Cash and cash equivalents 21.52 10.28
Other assets 43.30 39.32
Total current assets 64.82 49.60
Total non-current assets 9.80 11.53
Current liabilities
Financial liabilities (excluding trade payables) 4.07 2.35
Non-current liabilities
Financial liabilities (excluding trade payables) 1.09 1.15
Net assets 54.15 40.73
(` cr)
Reconciliation to carrying amounts Rudolf Atul Chemicals Ltd
As at As at
March 31, 2024 March 31, 2023
Opening net assets 40.73 56.21
Other comprehensive income 0.07 0.10
Dividends paid (5.84) (23.35)
Closing net assets 54.19 40.73
Share of Group in % 50% 50%
Share of Group 27.10 20.37
Carrying amount 27.10 20.37
Summarised Statement of Profit and Loss (` cr)

Reconciliation to carrying amounts Rudolf Atul Chemicals Ltd
2023-24 2022-23
Revenue 139.26 111.18
Other income 1.09 0.98
Depreciation and amortisation 0.52 0.47
Other comprehensive income 0.07 0.10
Total comprehensive income 19.29 7.87
Dividends received 2.92 11.68


d) Interests in joint operation
Name of the entity Principal Place of business | Ownership interest held

activity country of by the Group
incorporation As at As at
March 31, March 31,
2024 2023
% %
Anaven LLP Chemicals India 50% 50%
Note 30.17 Segment information

a) Description of segments and principal activities
he Group has determined the following reporting segments, based on the information reviewed by the Chief Operating
T
Decision Maker:
Name of segment Product groups

Life Science Chemicals Active pharmaceutical ingredients and its intermediates, Crop protection
chemicals
Performance and Other Chemicals Adhesion promoters, Bulk chemicals, Epoxy resins and hardeners,
Intermediates, Textile dyes
Others Agribiotech, Food products, Services and others
b) Operating segment
(` cr)
Particulars Life Science Performance and Others Total
Chemicals Other Chemicals
2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
i) Segment revenue
Gross sales 1,426.70 1,959.16 3,453.10 3,706.17 63.26 49.64 4,943.06 5,714.97
Less: Inter-segment
revenue 0.29 0.29 217.09 287.16 - - 217.38 287.45
Net revenue from
operations 1,426.41 1,958.87 3,236.01 3,419.01 63.26 49.64 4,725.68 5,427.52
ii) Segment results
Profit before finance cost
and tax 203.05 422.65 239.79 240.25 5.69 1.15 448.53 664.05
Less: Finance costs 11.08 7.90
Less: Other unallocable
expenditure (net of
unallocable income) (3.47) (27.86)
Add: Share of net profit of
joint venture company 9.70 3.83
iii) Other information
Segment assets 1,234.87 1,310.18 3,530.60 3,280.99 199.73 195.02 4,965.20 4,786.19
Unallocated common
assets 1,509.08 981.79
Total assets 6,474.28 5,767.98
Segment liabilities 253.59 266.43 783.99 559.24 32.95 31.24 1,070.53 856.91
257
Atul Ltd
Note 30.17 Segment information (continued)
(` cr)
Particulars Life Science Performance and Others Total
Chemicals Other Chemicals
2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Unallocated common
liabilities 242.36 191.65
Total liabilities 1,312.89 1,048.56
Additions to assets and
intangible assets 138.39 311.00 336.57 602.18 0.30 0.73 475.27 913.91
Unallocated additions
to assets and intangible
assets 22.69 -
Total capital expenditure* 497.96 913.91
Depreciation 59.51 47.65 173.81 141.98 5.14 4.59 238.46 194.22
Unallocated depreciation 4.42 3.59
Total depreciation 242.88 197.81
c) Geographical segment
(` cr)
Particulars In India Outside India Total
2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Segment revenue 2,711.76 2,867.95 2,013.92 2,559.57 4,725.68 5,427.52
Carrying cost of assets by location of assets 6,160.97 5,482.68 313.31 285.30 6,474.28 5,767.98
Additions to assets and intangible assets* 489.43 905.75 8.53 8.16 497.96 913.91
*Including capital work-in-progress and capital advances
d) Revenue from major customers

The Group is not reliant on revenues from transactions with any single external customer and does not receive 10% or
more of its revenues from transactions with any single external customer.
e) Other disclosures
i) The Group has disclosed business segment as the operating segment, which has been identified in line with the Ind AS
108 ‘Operating Segments’ taking into account the organisation structure as well as the differing risks and returns.
ii) The segment revenue, results, assets and liabilities include respective amounts identifiable to each segment and
amounts allocated on a reasonable basis.
iii) The Group accounts for inter-segment sales and transfers at market price.

Note 30.18 Disclosure of additional information pertaining to the parent, subsidiary, joint venture and
associate companies | entities and joint operation as per Schedule III of the Companies Act, 2013
No. Name of entity Net assets Share in profit or loss Share in other Share in total
comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (` cr) consolidated (` cr) consolidated (` cr) consolidated (` cr)
net assets profit and other total
(loss) comprehensive comprehensive
income income
Parent company
01. Atul Ltd 81.26% 5,089.38 104.75% 331.18 97.62% 250.53 101.55% 581.71
Indian subsidiary
companies
01. Aaranyak Urmi Ltd 0.00% 0.11 (0.00%) (0.00) - - - (0.00)
02. Aasthan Dates Ltd 0.03% 1.86 0.02% 0.06 - - 0.01% 0.06
03. Amal Ltd 1.43% 89.34 0.77% 2.43 0.00% 0.00 0.42% 2.43
04. Amal Speciality
Chemicals Ltd 0.66% 41.44 (0.61%) (1.94) (0.00%) (0.01) (0.34%) (1.95)
05. Atul Aarogya Ltd 0.00% 0.13 0.00% 0.00 - - 0.00% 0.00
06. Atul Adhesives Pvt
Ltd 0.01% 0.54 0.01% 0.02 - - - 0.02
07. Atul Ayurveda Ltd 0.00% 0.08 0.00% 0.00 - - 0.00% 0.00
08. Atul Bioscience Ltd 1.09% 68.34 0.61% 1.94 (0.01%) (0.02) 0.34% 1.92
09. Atul Biospace Ltd 0.29% 18.03 0.01% 0.02 - - 0.00% 0.02
10. Atul Clean Energy Ltd 0.00% 0.10 0.00% 0.00 - - 0.00% 0.00
11. Atul Crop Care Ltd 0.03% 1.62 0.25% 0.78 (0.00%) (0.00) 0.14% 0.78
12. Atul Consumer
Products Ltd 0.02% 1.24 0.14% 0.43 (0.02%) (0.05) 0.07% 0.38
13. Atul Entertainment
Ltd 0.00% 0.11 0.00% 0.00 - - - 0.00
14. Atul Finserv Ltd 2.59% 162.05 0.12% 0.38 0.32% 0.83 0.21% 1.21
15. Atul Fin Resources
Ltd 0.59% 36.84 1.53% 4.84 0.51% 1.30 1.07% 6.14
16. Atul Healthcare Ltd 0.36% 22.52 (0.00%) (0.00) - - (0.00%) (0.00)
17. Atul Hospitality Ltd 0.00% 0.09 0.00% 0.00 - - - -
18. Atul Infotech Pvt Ltd 0.34% 21.47 0.16% 0.50 (0.01%) (0.03) 0.08% 0.47
19. Atul Lifescience Ltd 0.00% 0.09 0.00% 0.00 - - - 0.00
20. Atul Natural Dyes Ltd 0.00% 0.01 0.00% 0.00 - - - 0.00
21. Atul Natural Foods Ltd 0.00% 0.01 0.00% 0.00 - - - 0.00
22. Atul Nivesh Ltd 0.06% 3.63 0.07% 0.23 - - 0.04% 0.23
23. Atul Paints Ltd 0.00% 0.01 (0.00%) (0.00) - - - (0.00)
24. Atul Polymers
Products Ltd 0.00% 0.02 0.00% 0.00 - - 0.00% 0.00
25. Atul Products Ltd 7.32% 458.23 (10.24%) (32.36) - - (5.65%) (32.36)
26. Atul Rajasthan Date
Palms Ltd 0.11% 7.20 (0.04%) (0.12) 0.00% 0.01 (0.02%) (0.11)
27. Atul Renewable (0.00)
Energy Ltd 0.00% 0.01 (0.00%) (0.00) - - -
28. Atul (Retail) Brands
Ltd 0.00% 0.10 0.00% 0.00 - - 0.00% 0.00
29. Atul Seeds Ltd 0.00% 0.07 0.00% 0.00 - - 0.00% 0.00
30. Biyaban Agri Ltd 0.01% 0.57 0.01% 0.02 - - - 0.02
31. Jayati Infrastructure
Ltd 0.00% 0.07 0.00% 0.00 - - 0.00% 0.00
32. Osia Dairy Ltd 0.00% 0.07 0.00% 0.00 - - 0.00% 0.00
33. Osia Infrastructure
Ltd 0.14% 8.82 0.53% 1.66 - - 0.29% 1.66
34. Raja Dates Ltd 0.06% 3.52 0.01% 0.03 - - 0.01% 0.03
35. Sehat Foods Ltd 0.00% 0.10 - 0.00 - - - 0.00
259
Atul Ltd
Note 30.18 Disclosure of additional information pertaining to the parent, subsidiary, joint venture and
associate companies | entities and joint operation as per Schedule III of the Companies Act, 2013 (continued)
No. Name of entity Net assets Share in profit or loss Share in other Share in total
comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (` cr) consolidated (` cr) consolidated (` cr) consolidated (` cr)
net assets profit and other total
(loss) comprehensive comprehensive
income income
Associate company
(investment as per the
equity method)
01. Valsad Institute of
Medical Sciences Ltd - - 0.03% 0.09 - - 0.02% 0.09
Foreign subsidiary
companies
01. Atul Brasil Quimicos
Ltda 0.03% 2.10 (0.23%) (0.74) 0.03% 0.08 (0.12%) (0.66)
02. Atul China Ltd 0.23% 14.50 0.60% 1.90 (0.17%) (0.44) 0.25% 1.46
03. Atul Deutschland
GmbH 0.00% 0.25 (0.01%) (0.03) 0.00% 0.00 (0.00%) (0.03)
04. Atul Europe Ltd 0.68% 42.39 0.15% 0.47 0.58% 1.50 0.34% 1.97
05. Atul Ireland Ltd 0.01% 0.34 (0.08%) (0.24) 0.00% 0.00 (0.04%) (0.24)
06. Atul Middle East
FZ-LLC 0.12% 7.46 0.33% 1.05 0.04% 0.10 0.20% 1.15
07. Atul USA Inc 0.84% 52.43 1.70% 5.39 0.34% 0.86 1.09% 6.25
08. DPD Ltd 1.12% 69.87 4.43% 14.02 0.76% 1.95 2.79% 15.97
(investment as per the
equity method)
01. Rudolf Atul Chemicals
Ltd - - 3.04% 9.61 - 0.03 1.68% 9.64
Joint operation
01. Anaven LLP 0.58% 36.19 (8.06%) (25.48) - - (4.45%) (25.48)
Total (A) 100% 6,263.35 100% 316.16 100% 256.64 100% 572.80
a) Adjustment
arising out of
consolidation (1,149.01) 6.95 (1.63) 5.32
b) Non-controlling
interests
01. Amal Ltd 45.89 0.76 - 0.76
02. Atul Rajasthan Date
Palms Ltd 1.29 (0.03) - (0.03)
03. DPD Ltd 1.87 0.28 - 0.28
49.05 1.01 - 1.01
Total (B) (1,099.96) 7.96 (1.63) 6.33
Grand Total (A+B) 5,163.39 324.12 255.01 579.13

Note 30.19 Utilisation of loans, advances and equity investment in entities

a) Invested in intermediary entities
(` cr)
No. Name of Address CIN | LLPIN Relationship with the Nature of Date of Amount
intermediary Company fund funding
entities Relationship
with the
Company
01. Atul Finserv 310-B, Atul House, U51900MH1947PLC005453 Subsidiary company Loan July 21, 2023 25.00
Ltd Veer Savarkar Marg,
Dadar (West),
Mumbai 400 028,
Maharashtra
02. Atul Finserv 310-B, Atul House, U51900MH1947PLC005453 Subsidiary company Equity April 26, 2023 10.00
Ltd Veer Savarkar Marg, investment
Dadar (West),
Mumbai 400 028,
Maharashtra
b) Invested by intermediary entities in ultimate beneficiary entities

(` cr)
No. Name of Address CIN | LLPIN Relationship with the Nature of Date of Amount
intermediary Company fund funding
entities Relationship
with the
Company
01. Ananven LLP Survey 33 | P1, Atul, (LLPIN)AAJ-4229 Subsidiary company Equity July 21, 2023 25.00
Gujarat 396020 investment
02. Atul Fin East site, Atul, U65990GJ2016PLC093639 Subsidiary company Equity April 26, 2023 10.00
Resources Valsad 396020, investment
Ltd Gujarat
Note 30.20 Relationship with struck off companies

(` cr)
No. Name of struck off company Nature of As at March 31, 2024 As at March 31, 2023
transactions with Balance Relationship Balance Relationship
struck off company
01 Swarnim Agricare Private Ltd* Payable 0.00 Vendor 0.00 Vendor
*Figures less than ` 50,000.
Note 30.21 Other statutory information (as required by schedule III to the Companies Act, 2013)
a) The Parent and Indian subsidiaries have not entered into any such transaction which is not recorded in the books of
account that has been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961.
b) The Parent and Indian subsidiaries have complied with the number of layers prescribed under Clause (87) of Section
2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
c) The Group is not declared a wilful defaulter by any bank or financial institution or other lender.
d) The Group has not traded or invested in crypto currency or virtual currency during the financial year.
e) The Group has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or
both during the year.
f) No proceedings have been initiated or are pending against the Parent and Indian subsidiaries for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made there under.
261
Atul Ltd
g) No loans or advances in the nature of loans are granted to promoters, Directors, Key Managerial Personnel and the
related parties (as defined under the Companies Act, 2013) either severally or jointly with any other person.
h) The Parent and Indian subsidiaries do not have any charges or satisfaction of charges which are yet to be registered
with the Registrar of Companies beyond the statutory period.
Note 30.22 Audit trail
As per the requirements of Rule 3(1) of the Companies (Accounts) Rules 2014, the Group uses only such accounting software
for maintaining its books of account that has a feature of, recording audit trail of each and every transaction, creating an edit
log of each change made in the books of account along with the date when such changes were made and who made those
changes within such accounting software. This feature of recording audit trail has operated throughout the year and was not
tampered with during the year.
In respect of Parent, 31 of its subsidiary companies and one of its associate company audit trail was not enabled at the
database level to log any direct changes for one of the accounting software used by these Companies. In respect of three
of its subsidiary companies and one of its joint venture company, where accounting software was changed during the
year, audit trail was not enabled at the database level to log any direct changes in both accounting software used by these
Companies. The Group has established and maintained an adequate internal control framework over its financial reporting
and based on its assessment, has concluded that the internal controls for the year ended March 31, 2024 were effective. The
Group is in the process of system upgradation to meet the database level audit trail requirement
Note 30.23 Authorisation for issue of the Consolidated Financial Statements
The Consolidated Financial Statements were authorised for issue by the Board of Directors on April 26, 2024.

Managing Director
(DIN:00198716) (DIN:00194168) (DIN: 00108866)
Whole-time Director

Form AOC - I
{Pursunat to first proviso to Sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014}
Statement containing salient features of the Financial Statements of subsidiary companies, associate company and joint arrangements
Part A: Subsidiary companies
(` cr)
No. Name of the entity Reporting period Reporting currency Equity Reserves Total Total Investments Revenue Profit Provision Profit Dividend %
Corporate Overview
for the concerned and exchange rate share and assets liabilities before for tax after tax Shareholding
subsidiary as on date of the capital surplus tax
company, if relevant financial
different from year in case of
that of holding foreign subsidiary
company companies
Currency Exchange
rate
01. Aaranyak Urmi Ltd NA NA NA 0.21 (0.10) 0.35 0.24 - 0.34 (0.00) (0.00) (0.00) - 100%
Statutory Reports
02. Aasthan Dates Ltd NA NA NA 2.10 (0.24) 1.86 0.00 - 0.06 0.06 0.00 0.06 - 100%
03. Amal Ltd NA NA NA 12.36 76.97 98.67 9.33 77.42 30.76 3.46 1.03 2.43 - 49.86%
04. Amal Speciality Chemicals Ltd NA NA NA 7.72 33.72 90.78 49.34 - 57.64 (1.94) - (1.94) - 49.86%
05. Atul Aarogya Ltd NA NA NA 0.07 0.06 0.13 0.00 - - 0.00 0.00 0.00 - 100%
06. Atul Adhesives Pvt Ltd NA NA NA 0.59 (0.04) 0.54 0.00 - - 0.03 0.01 0.02 - 100%
07. Atul Ayurveda Ltd NA NA NA 0.08 0.00 0.09 0.00 - - 0.00 0.00 0.00 - 100%
08. Atul Bioscience Ltd NA NA NA 29.02 39.31 163.54 95.20 0.01 132.11 2.83 0.89 1.94 - 100%
09. Atul Biospace Ltd NA NA NA 11.03 7.00 18.61 0.58 10.00 2.82 0.08 0.06 0.02 - 100%
10. Atul Brasil Quimicos Ltda NA BRL 16.63 1.18 0.92 2.55 0.45 - 0.80 (0.73) - (0.73) - 100%
11. Atul China Ltd NA CNY 11.55 3.91 10.59 47.00 32.50 - 159.77 2.00 0.09 1.91 - 100%
12. Atul Clean Energy Ltd NA NA NA 0.10 - 0.10 0.00 - - 0.00 (0.00) 0.00 - 100%
13. Atul Consumer Products Ltd NA NA NA 0.05 1.19 3.57 2.33 0.03 15.73 0.60 0.17 0.43 - 100%
14. Atul Crop Care Ltd NA NA NA 0.05 1.57 4.63 3.01 - 24.00 0.90 0.12 0.78 - 100%
15. Atul Deutschland GmbH NA Euro 89.91 0.90 (0.65) 0.68 0.43 - - (0.03) - (0.03) - 100%
16. Atul Entertainment Ltd NA NA NA 0.07 0.04 0.11 0.00 - - 0.00 - 0.00 - 100%
17. Atul Europe Ltd NA GBP 105.14 34.58 7.81 69.85 27.46 10.64 115.27 0.68 0.20 0.47 4.35 100%
18. Atul Fin Resources Ltd NA NA NA 22.85 13.99 37.27 0.43 19.47 5.62 5.32 0.49 4.84 - 100%
19. Atul Finserv Ltd NA NA NA 48.70 113.34 191.61 29.57 138.61 3.33 0.53 0.15 0.38 - 100%
20. Atul Healthcare Ltd NA NA NA 22.77 (0.25) 22.52 0.00 22.50 - (0.00) - (0.00) - 100%
21. Atul Hospitality Ltd NA NA NA 0.06 0.03 0.09 0.00 - - 0.00 - 0.00 - 100%
263
Statement containing salient features of the Financial Statements of subsidiary companies, associate company and joint arrangements
264
Part A: Subsidiary companies (continued)
Atul Ltd
(` cr)
No. Name of the entity Reporting period Reporting currency Equity Reserves Total Total Investments Revenue Profit Provision Profit Dividend %
for the concerned and exchange rate share and assets liabilities before for tax after tax Shareholding
subsidiary as on date of the capital surplus tax
company, if relevant financial
different from year in case of
that of holding foreign subsidiary
company companies

Currency Exchange
rate
22. Atul Infotech Pvt Ltd NA NA NA 0.30 21.17 22.77 1.30 0.03 6.65 0.68 0.18 0.50 - 100%
23. Atul Ireland Ltd NA Euro 89.91 0.90 (0.56) 1.37 1.03 - 2.03 (0.24) - (0.24) - 100%
24. Atul Lifescience Ltd NA NA NA 0.10 (0.01) 0.09 0.00 - - 0.00 - 0.00 - 100%
25. Atul Middle East FZ-LLC NA AED 22.71 0.68 6.78 7.55 0.09 - 2.94 1.06 - 1.06 - 100%
26. Atul Natural Dyes Ltd NA NA NA 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) - 100%
27. Atul Natural Foods Ltd NA NA NA 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) - 100%
28. Atul Nivesh Ltd NA NA NA 2.50 1.13 3.63 0.00 - - 0.31 0.08 0.23 - 100%
29. Atul Paints Ltd NA NA NA 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) - 100%
30. Atul Polymers Products Ltd NA NA NA 0.05 (0.03) 0.08 0.06 - - 0.00 - 0.00 - 100%
31. Atul Products Ltd NA NA NA 5.00 453.23 1,043.86 585.63 - 64.85 (32.35) 0.01 (32.36) - 100%
32. Atul Rajasthan Date Palms Ltd NA NA NA 8.11 (0.91) 21.48 14.28 - 1.23 (0.09) 0.02 (0.12) - 73.98%
33. Atul Renewable Energy Ltd NA NA NA 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) - 100%
34. Atul (Retail) Brands Ltd NA NA NA 0.10 (0.00) 0.10 0.00 - - 0.00 0.00 0.00 - 100%
35. Atul Seeds Ltd NA NA NA 0.09 (0.02) 0.07 0.00 - - 0.00 0.00 0.00 - 100%
36. Atul USA Inc NA USD 83.40 16.68 35.75 101.56 49.13 - 370.71 7.15 1.71 5.44 8.31 100%
37. Biyaban Agri Ltd NA NA NA 1.09 (0.52) 0.58 0.01 - 0.03 0.02 0.00 0.02 - 100%
38. DPD Ltd NA GBP 105.14 2.63 67.24 86.90 17.03 - 49.19 16.25 2.08 14.17 - 98.00%
39. Jayati Infrastructure Ltd NA NA NA 0.09 (0.02) 0.07 0.00 - - 0.00 0.00 0.00 - 100%
40. Osia Dairy Ltd NA NA NA 0.09 (0.02) 0.07 0.00 - - 0.00 0.00 0.00 - 100%
41. Osia Infrastructure Ltd NA NA NA 3.85 4.97 10.26 1.44 - 16.21 2.17 0.51 1.66 - 100%
42. Raja Dates Ltd NA NA NA 4.10 (0.58) 3.59 0.07 - 0.14 0.01 (0.02) 0.03 - 100%
43. Sehat Foods Ltd NA NA NA 0.10 0.00 0.11 0.00 - - 0.00 0.00 0.00 - 100%
AED: United Arab Emirate Dirham, BRL: Brazilian Real, CNY: Chinese Yuan, GBP: Great Britain Pound, US$: United States Dollar
Part ‘B’: Associates and joint venture companies
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to joint arrangements
(` cr)
No. Name of the entity Latest audited Shares of associate | joint Description Reason why the Net worth Accumulated Profit | (Loss) for the year
Balance Sheet arrangements held by the Company of significant associate| joint attributable to profit | (loss)
date on the year end influence arrangements shareholding as
Corporate Overview
are not per the latest

No. Amount of Extent of consolidated audited Balance Considered in Not considered
investment holding % Sheet consolidation in consolidation
Associate company
1. Valsad Institute of Medical

Sciences Ltd March 31, 2024 13,50,000 22.50 50.00% NA 22.48 0.18 0.09 0.09
1. Rudolf Atul Chemicals Ltd March 31, 2024 29,18,750 6.13 50.00% Refer Note 1 NA 27.09 21.90 9.64 9.64
Statutory Reports
Joint operation
1. Anaven LLP March 31, 2024 67 50.00% Refer Note 2 NA 36.20 (30.80) (50.93) 50.93
Note 1: By representation on the Board of Directors of the joint venture company, the Company participation in the policy making process.
Note 2: This is a jointly controlled entity.
.
265
Notes
Corporate information
Directors Company Secretary

Mr Lalit Patni
Mr Sunil Lalbhai
(Chairman and Managing Director) Statutory Auditors
Mr Rajendra Shah Deloitte Haskins & Sells LLP
(up to July 28, 2023)
Cost Auditors
Mr Bansi Mehta R Nanabhoy & Co
(up to May 31, 2023)
Secretarial Auditors
Mr Samveg Lalbhai
SPANJ & Associates
(Managing Director)
Mr Susim Datta Registered office

(up to March 31, 2024) Atul House
G I Patel Marg
Mr Bharathy Mohanan
Ahmedabad 380 014, Gujarat
(Whole-time Director and President -
India
Utilities and Services)
Mr Srinivasa Rangan Head office

(up to December 13, 2023) Atul 396 020, Gujarat
India
Mr Mukund Chitale
E-mail address: sec@atul.co.in
Mr Gopi Kannan Thirukonda Website: www.atul.co.in
(Whole-time Director and CFO)
Bankers
Ms Shubhalakshmi Panse
Axis Bank
Mr Baldev Arora Bank of Baroda
Mr Pradeep Banerjee Bank of India
State Bank of India
Mr Rangaswamy Iyer
(effective May 01, 2023)
Mr Sharadchandra Abhyankar
(effective October 20, 2023)
Mr Sujal Shah
(effective October 20, 2023)
Mr Praveen Kadle
(effective May 01, 2024)
Atul Ltd
Atul House
G I Patel Marg
Ahmedabad 380 014, Gujarat
India

Atul LTD FY 2024

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July 03, 2024

The Manager The Manager

Annual Report 2023-24

Kindly acknowledge the receipt of the above.

For Atul Limited

Notice 89 -Albert Einstein

Performance trend 103

Standalone Financial Statements

Independent Auditor’s Report 105 47th Annual General Meeting

Financial Statements 116 Friday, July 26, 2024

Consolidated Financial Statements 10:30 am

Forward looking statements

To download or read this report online, please visit

Committees of the Board

Corporate Social Responsibility Committee Risk Management Committee

Sunil Lalbhai Samveg Lalbhai

Bharathy Mohanan Gopi Kannan Thirukonda

Susim Datta Mukund Chitale

2 Annual Report 2023-24

Shubhalakshmi Panse Baldev Arora

Pradeep Banerjee Rangaswamy Iyer

Sharadchandra Abhyankar Sujal Shah

Mr Kadle holds a degree in Commerce from the University of

4 Annual Report 2023-24

01. Financial results

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)

Profit attributable to owners of the Company 385 552 323 514

Transfer from comprehensive income - 5 - 6

Dividend (74) (96) (74) (96)

02. Performance by 27% whereas those of Performance and Other

6 Annual Report 2023-24

Secretarial Auditors appointed as an Independent Director effective

8 Annual Report 2023-24

17.2 Remuneration The Corporate Governance Report along with the

Evaluation of Evaluation by Criteria

ii) DIN stands for Director identification number.

10 Annual Report 2023-24

Annexure to the Directors’ Report

1.2. Technology absorption

1.2.2 Technology absorption, adaptation and innovation

12 Annual Report 2023-24

Joint venture company

Annual Report 2023-24

3. Corporate social responsibility

No. Name of Directors Designation | Nature of Number of meeting Number of meeting

3.4 Impact assessment:

16 Annual Report 2023-24

No. Short Pincode Date of Amount Details of entity | authority |

Chairperson CSR Committee Chairman and Managing Director

4. Secretarial Audit Report

18 Annual Report 2023-24

For SPANJ & ASSOCIATES

17.2 Remuneration The Corporate Governance Report along with the