Dolat Capital: Atul Q2  Review - Yet Another Surprise On The Margin Front  
A farm worker sprays cotton plants with pesticides on the farm of Jarnail Singh in Jajjal village, Punjab, India. (Photographer Prashanth Vishwanathan/Bloomberg)

Dolat Capital: Atul Q2  Review - Yet Another Surprise On The Margin Front  

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’s result was yet another surprise on the margin front, with sales too slowly reverting to pre-Covid-19 levels.

Sales came in above our estimate at Rs 10.02 billion (our estimate Rs 9.07) down by 4.2% YoY.

Ebitda (our estimate Rs 2.06 billion) grew by 16.4% YoY to Rs 2.61 billion, with a strong Ebitda margin of 26.1%, an increase of 460 basis points YoY.

The company has controlled its other expenses and power and fuel costs, down by 13.9% and 12.1% YoY to Rs 1.21 billion and Rs 847 million respectively.

Click on the attachment to read the full report:

Dolat Capital Atul Q2FY21 Result Update.pdf


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