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