Atul Ltd's on April 26 reported a 37 percent year-on-year drop in consolidated net profit at Rs 58.41 crore in the fiscal fourth quarter, as expenses couldn’t keep pace with revenue.
Net profit fell way short of CNBC-TV18's estimates of Rs 84 crore.
Revenue rose 1.4 percent to Rs 1,212.15 crore, which was better than CNBC-TV18's estimates of Rs 1,139 crore.
The company’s total expenses rose over 4 percent on year to Rs 1,145.41 crore.
Also Read | Atul net profit tanks 32.5% in Q3, revenue slumps 11%
The company has three segments – life science chemicals, performance and other chemicals, and others. The performance and other segment which contributed the maximum revenue of Rs 869.59 crore in March quarter, rose almost 5 percent on year.
Revenue generated from the life science chemical segment declined by nearly 8 percent on year to Rs 376.68 crore. The segment categorised as ‘others’ saw its revenue rising by 85 percent on year to Rs 24.09 crore.
On a quarterly basis, Atul Ltd's net profit fell nearly 18 percent and revenue rose by approximately 7 percent.
The FY24 net profit fell to Rs 323.02 crore from Rs 514.09 crore in FY23. The full-year revenue also declined to Rs 4,725.68 crore from Rs 5,427.52 crore recorded in FY23.
Atul Ltd is an integrated chemical company which serves around 4,000 customers belonging to 30 industries across the world. The company has subsidiary companies in the US, the UK, China, Brazil and the UAE. The company claims to manage about 1,350 products and formulations.
At 03.00 pm, shares of Atul traded 0.8 percent higher at Rs 5,921.30. The stock has declined by 17 percent since the start of 2024.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
