Forward looking statements In this annual report, we have shared information and made forward looking statements to enable investors to know our product portfolio, business logic and direction and thereby comprehend our prospects. Such statements that we make are based on our assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘intend’, ‘plan’, ‘project’ or words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realised although we believe we have been prudent in our assumptions. The actual results may be affected because of uncertainties, risks and even inaccurate assumptions. If uncertainties or known or unknown risks materialise or if underlying assumptions prove inaccurate, actual results may vary materially from those anticipated, believed, estimated, intended, planned or projected. We undertake no obligation to publicly update any forward looking statements, whether as a result of new information, future events or otherwise. The members may send in their comments or suggestions for improvement of the annual report by e-mail to shareholders@atul.co.in The secret of change is to focus all of our energy not on fighting the old, but on building the new. - Socrates of Athens Atul Ltd (Atul) was founded by Kasturbhai Lalbhai, an institution builder par excellence, on September 05, 1947, within a month of the independence of India. Atul celebrated its 75 years of incorporation this year, coinciding with the 75 years of independence of the country. The cover page depicts products belonging to diverse industries served by Atul and chemicals used to manufacture them in an arrow formation symbolizing its renewed endeavour to move forward - by connecting externally and internally, growing the businesses and imagining the future in an ever-evolving environment. Contents Revisiting 2022-23 1 Corporate identity 2 Purpose 4 Values 5 Business model 6 Serving diverse industries 8 Footprint 9 Operational highlights 10 Financial charts 12 Serving the society 16 Letter to the shareholders 18 Board of Directors 20 Directors’ Report 22 Annexure to the Directors’ Report 28 Management Discussion and Analysis 39 Corporate Governance Report 46 Business Responsibility and Sustainability Report 66 Notice 100 Performance trend 114 Standalone Financial Statements Independent Auditor’s Report 116 Financial Statements 126 Consolidated Financial Statements Independent Auditor’s Report 190 Financial Statements 198 To download or read this report online, please visit www.atul.co.in 46th Annual General Meeting Friday, July 28, 2023 10:30 am The meeting will be held through video conferencing
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