ATUL LIMITED
Regd. Office : Ashoka Chambers, Rasala Marg,
Ahmedabad - 380 006, Gujarat.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2003									SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs Lacs)																(Rs Lacs)
Particulars							(Audited)		Particulars							(Audited)
			2nd Quarter ended		6 Months ended		Year ended					2nd Quarter ended		6 Months ended		Year ended
			September 30		September 30		March 31					September 30		September 30		March 31
			2003	2002	2003	2002	2003					2003	2002	2003	2002	2003
1.	Net Sales / Income from Operations								1.	Segment Revenue
	Gross Sales		15,398	15,779	29,058	30,596	61,644			Colors		6,835	7,537	12,525	14,175	27,956
	Less : Excise Duty		1,179	1,069	2,072	2,104	4,101			Speciality and other Chemicals		8,880	8,421	17,040	16,962	35,271
	Net Sales		14,219	14,710	26,986	28,492	57,543			Total		15,715	15,958	29,565	31,137	63,227
	Income from Operations		609	539	1,381	1,060	2,793			Less : Inter Segment Revenue		317	179	507	541	1,583
	Total Net Sales / Income from Operations		14,828	15,249	28,367	29,552	60,336
2.	Other Income		240	351	282	397	1,301			Net Sales / Income from operations		15,398	15,779	29,058	30,596	61,644
3.	Total Sales / Income		15,068	15,600	28,649	29,949	61,637
4.	Total Expenses								2.	Segment Results
	a)	(Increase) / Decrease in stock in trade	664	(733)	1,522	(103)	(1,836)			Profit before Interest and Tax
	b)	Consumption of raw materials	6,686	7,131	12,143	12,070	25,665			Colors		341	1,040	423	1,536	2,792
	c)	Staff Cost	1,883	1,703	3,695	3,556	7,332			Speciality and other Chemicals		498	770	1,276	2,089	5,356
	d)	Power, Fuel & Water	1,975	2,321	3,775	4,235	8,168
	e)	Manufacturing expenses	1,228	1,602	2,289	2,928	6,327			Total		839	1,810	1,699	3,625	8,148
	f)	Others	1,021	1,346	1,913	2,720	6,092			Less :
	Total Expenditure (a+b+c+d+e+f)		13,457	13,370	25,337	25,406	51,748			1.	Interest (Net)	511	704	1,081	1,713	3,293
5.	Interest (Net)		511	704	1,081	1,713	3,293			2.	Other unallocable expenditure	696	233	548	391	961
6.	Profit before Depreciation and Tax		1,100	1,526	2,231	2,830	6,596				(net of unallocable income)
7.	Depreciation		638	653	1,272	1,309	2,702
8.	Profit before exceptional item and tax		462	873	959	1,521	3,894				Total Profit Before Tax	(368)	873	70	1,521	3,894
9.	Exceptional item - Payment under VRS		830	-	889	-	-
10.	Profit after exceptional item and before tax		(368)	873	70	1,521	3,894		3.	Capital Employed
11.	Provision for Taxation									(Segment Assets - Segment Liabilities)
	a)	Current Tax	(23)	44	12	87	305			Colors		25,805	26,321	25,805	26,321	28,634
	b)	Deferred Tax	(308)	29	(306)	71	184			Speciality and other Chemicals		27,601	20,887	27,601	20,887	22,549
	Total Tax (a+b)		(331)	73	(294)	158	489			Unallocable		5,101	7,393	5,101	7,393	5,808
12.	Net Profit		(37)	800	364	1,363	3,405
13.	Tax adjustments and other Credits (Debits) relating to earlier years		57	-	57	-	1,001			Total		58,507	54,601	58,507	54,601	56,991
14.	Net Profit after Tax adjustments and other Credits (Debits) relating to earlier years
			20	800	421	1,363	4,406
15.	Paid-up Equity Share Capital (Face value Rs.10/- per share)		2,967	2,967	2,967	2,967	2,967
16.	Reserves excluding Revaluation Reserves						24,948
17.	Basic / Diluted Earnings per Share (Rs.)		0.07	2.66	1.42	4.55	14.66
18.	Aggregate of Non Promoters' Shareholding :
	Number of Equity Shares (Face value Rs.10/- per Share)				19,100,323	19,283,475	18,992,959
	Percentage of holding				64.39%	65.01%	64.03%
NOTES:
1.	Previous year's figures have been regrouped wherever necessary.
2.	The above results were reviewed by the audit committee and taken on record by the Board of Directors at the meeting held on October 29, 2003.
3.	The Statutory Auditors have carried out a limited review of the financial results for the half year ended September 30, 2003.
4.	The exceptional item for the quarter and half year ended September 30, 2003 is the amount paid on account of VRS.
4.	As per the AS - 26, accounting for "Intangible Assets" issued by the Institute of Chartered Accountants of India (ICAI) which became applicable w.e.f. April 1, 2003, the company was to adjust the unamortised balance of expenditure on Voluntary Retirement Scheme (VRS) and Equipment Lease Rent as on April 1, 2003 amounting to Rs235 lacs and Rs3103 lacs respectively to the Revenue Reserves at the year end.
	In view of the clarification issued by the Accounting Standards Board of the ICAI on the above the unamortised balance of expenditure on VRS and Equipment Lease Rent as on April 1, 2003 for the first quarter ended June 30, 2003 and second quarter ended on September 30, 2003 amounting to Rs116 lacs and Rs116 lacs respectively have been amortised as per the past accounting policy of the company.
5.	The number of investor complaints for the quarter ended September 30, 2003 were : Opening - Nil, Received - Nil, Disposed off - Nil and Balance - Nil.
														For Atul Limited
Mumbai,
October 29, 2003
Web Site: www.atul.co.in														Sunil S Lalbhai
														Managing Director & CEO