Atul share price falls 4% on dismal Q3 earnings

The chemicals company’s consolidated profit after tax fell 32 percent year on year to Rs 105.1 crore in the December quarte on a lower topline and weak operating performance

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The share price of Atul fell 4 percent on January 20 after the chemicals company reported a weak set of numbers for the December quarter of the financial year 2022-23. The stock closed at Rs 7,431 on the NSE.

The company reported consolidated profit after tax at Rs 105.1 crore for the quarter ended December FY23, falling 32 percent from the year-ago period, impacted by lower topline and weak operating performance, Atul said in a BSE filing in the afternoon. The profit after tax for the December FY22 quarter was at Rs 155 crore.

Consolidated revenue from operations at Rs 1,268.2 crore was down 8.1 percent on lower business in performance and other chemicals segment.

The performance and other chemicals segment, which contributed 65 percent to topline, registered a 19.3 percent year-on-year decline in revenue, but the life science chemicals segment reported nearly 24 percent growth YoY at Rs 492 crore, the company said.

The operating performance also disappointed, as EBITDA (earnings before interest, tax, depreciation and amortisation) dropped 31.5 percent to Rs 172.2 crore from the year-ago period.

The operating profit margin fell 460 basis point YoY to 13.6 percent for the quarter. One basis point is one-hundredth of a percentage point.