ATUL LIMITED									ATUL LIMITED
Regd. Office : Ashoka Chambers, Rasala Marg,									Regd. Office : Ashoka Chambers, Rasala Marg,
Ahmedabad - 380 006, Gujarat.									Ahmedabad - 380 006, Gujarat.
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED DECEMBER 31, 2003									SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs Lacs)																(Rs Lacs)
Particulars							(Audited)		Particulars							(Audited)
			3rd Quarter ended		9 Months ended		Year ended					3rd Quarter ended		9 Months ended		Year ended
			December 31		December 31		March 31					December 31		December 31		March 31
			2003	2002	2003	2002	2003					2003	2002	2003	2002	2003
1.	Net	Sales / Income from Operations							1.	Segment Revenue
	Gross Sales		15,722	15,453	44,780	46,049	61,644			Colors		6,796	6,943	19,321	21,118	27,956
	Less : Excise Duty		1,142	1,234	3,214	3,338	4,101			Speciality and other Chemicals		9,646	8,927	26,686	25,889	35,271
	Net Sales		14,580	14,219	41,566	42,711	57,543			Total		16,442	15,870	46,007	47,007	63,227
	Income from Operations		583	493	1,964	1,553	2,793			Less : Inter Segment Revenue		720	417	1,227	958	1,583
	Total Net Sales / Income from Operations		15,163	14,712	43,530	44,264	60,336
2.	Other Income		58	91	340	488	1,301			Net Sales / Income from operations		15,722	15,453	44,780	46,049	61,644
3.	Total Sales / Income		15,221	14,803	43,870	44,752	61,637
4.	Total Expenses								2.	Segment Results
	a)	(Increase) / Decrease in stock in trade	194	(1,448)	1,716	(1,551)	(1,836)			Profit before Interest and Tax
	b)	Consumption of raw materials	6,978	6,859	19,121	18,929	25,665			Colors		308	471	731	2,007	2,792
	c)	Staff Cost	1,844	1,821	5,539	5,377	7,332			Speciality and other Chemicals		(78)	1,115	1,198	3,204	5,356
	d)	Power, Fuel & Water	1,721	1,971	5,496	6,206	8,168
	e)	Manufacturing expenses	1,473	1,751	3,762	4,679	6,327			Total		230	1,586	1,929	5,211	8,148
	f)	Others	1,456	1,518	3,369	4,238	6,092			Less :
	Total Expenditure (a+b+c+d+e+f)		13,666	12,472	39,003	37,878	51,748			1.	Interest (Net)	558	944	1,639	2,657	3,293
5.	Interest (Net)		558	944	1,639	2,657	3,293			2.	Other unallocable expenditure	(501)	(59)	47	332	961
6.	Profit before Depreciation and Tax		997	1,387	3,228	4,217	6,596				(net of unallocable income)
7.	Depreciation		686	686	1,958	1,995	2,702
8.	Profit before exceptional item and tax		311	701	1,270	2,222	3,894				Total Profit Before Tax	173	701	243	2,222	3,894
9.	Exceptional item - Payment under VRS		138	-	1,027	-	-
10.	Profit after exceptional item and before tax		173	701	243	2,222	3,894		3.	Capital Employed
11.	Provision for Taxation									(Segment Assets - Segment Liabilities)
	a)	Current Tax	(12)	68	-	155	305			Colors		22,358	28,325	22,358	28,325	28,634
	b)	Deferred Tax	360	-	54	71	184			Speciality and other Chemicals		28,894	21,563	28,894	21,563	22,549
	Total Tax (a+b)		348	68	54	226	489			Unallocable		6,032	2,878	6,032	2,878	5,808
12.	Net Profit		(175)	633	189	1,996	3,405
13.	Tax adjustments relating to earlier years		23	304	80	304	1,001			Total		57,284	52,766	57,284	52,766	56,991
14.	Net Profit after Tax adjustments relating to earlier years		(152)	937	269	2,300	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.)		(0.51)	3.08	0.91	7.64	14.66								For Atul Limited
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 January 27, 2004.														Sunil S Lalbhai
															Managing Director & CEO
3.	The Statutory Auditors have carried out a limited review of the financial results for the quarter ended December 31, 2003.
4.	The exceptional item for the quarter and half year ended September 30, 2003 is the amount paid on account of VRS.
4.	The number of investor complaints for the quarter ended December 31, 2003 were : Opening - Nil, Received - 8, Disposed off - 8 and Balance - Nil.
						For Atul Limited
Mumbai,
January 27, 2004						Sunil S Lalbhai
Web Site: www.atul.co.in						Managing Director & CEO
2	The company has arrived at a settlement with the workers union at Atul Complex for the period from 01.04.2001 to 31.03.2005. The consequent effect on the deferred taxes has resulted in deferred taxes liability of Rs106 lacs for the 9 months ended 31.12.2003. Consequently for the quarter ended 31.12.2003 the effect is deferred taxes liability of Rs412 lacs.
3	The company has arrived at a settlement with the workers union at Atul Complex for the period from 01.04.2001 to 31.03.2005. The consequent effect on the deferred taxes will be given at the year end.
4	The company has arrived at a settlement with the workers union at Atul Complex for the period from 01.04.2001 to 31.03.2005. The consequent effect on the deferred taxes has resulted in deferred taxes liability of Rs88 lacs for the 9 months ended 31.12.2003 and Rs394 lacs for the quarter ended 31.12.2003.