BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Atul Ltd. continues to deliver a strong operating performance owing to its strong cost control.
Sales grew by 15.6% YoY to Rs 11.15 billion (our estimate: Rs 10.5 billion).
Ebitda grew by 35.2% YoY to Rs 2.54 billion, owing to strong operating leverage (opex up 12.1% YoY/power costs down 5.1% YoY).
Ebitda margins stood at 22.8% (up by 330 basis points YoY).
Profit after tax growth of 23.9% YoY to Rs 1.75 billion (lower than Ebitda growth) was primarily due to a higher tax rate of 25.4% against 24.5% in Q4 FY20.
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