Atul - Strong Cost Control Drives Q4 Operating Performance: Dolat Capital
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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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