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.

The secret of change is to focus all of our energy not on fighting the old, but on building the new.
- Socrates of Athens

Revisiting 2022-2023

World economy* grew by 3.40%

China

US$ 18.10 tn
3.00%

Japan

US$ 4.23 tn
1.10%

US$ 14.13 tn
3.50%

Australia

US$ 1.70 tn
3.70%

India

US$ 3.39 tn
6.80%

Africa

US$ 2.97 tn
3.80%

Latin America, Caribbean

US$ 5.76 tn
4.00%

USA

US$ 25.46 tn
2.10%

Crude oil, steel prices and forex rates remained unpredictable and varied between

US$ 71.03 and

US$ 129.20 per barrel

₹ 57 and

₹ 86 per kg

₹ 83.20 and

₹ 76.09 per US$

Source: IMF report, January 2023
*Calendar year 2022 for all except India where the year is April 2022 to March 2023

Atul sustained external challenges

Incurred the highest capital expenditure of around ₹ 900 cr (including Group entities)
Achieved the highest annual sales, crossed the ₹ 5,000 cr mark
Took 40 initiatives under six programs of national importance via Atul Foundation

Letter to the shareholders

Dear Shareholders,

In a year of historic uncertainties, our Company completed 75 years on September 5, 2022. This is therefore one more occasion for team Atul, of which I have the privilege to be a part, to look back – on what has helped our Company to survive the test of time, in particular the cherished legacy of Values: integrity, perseverance and unity and attributes: learning agility, continuous improvement and bias for action, lived by Kasturbhai Lalbhai, the Founder of our Company – and look forward, based on such a legacy, to prepare it for the times ahead. Thus, despite 2022-23 being one of the harder years, with uncertainties still continuing and some of our own operating problems, team Atul is ready to face the future.

Corporate identity

The heritage of the past is the seed that brings forth the harvest of the future.

– Wendell Philips

Business model

A business model is not a mere representation of the operations of an organisation, but is one that is endeavouring to create, deliver and capture value. Ultimately, it is tested against time and adversity. When an organisation and its approach sustain through volatile and uncertain business cycles and still create, deliver and capture value for the stakeholders, then they can well be called a model business.

Our business model puts the customer at the centre of the business and decision-making and provides a foundation for future growth. We strive for innovation and excellence in select chemistries to delight our customers with our consistently superior quality, competent prices and valuable technical services. We aim to create lasting value and deliver benefits to our customers and the economies and communities we operate in.

What we depend on

Relationships

Team members

Our ~3,000 team members apply their knowledge and skill and invest their time in an agile way.

Suppliers

Our ~3,800 suppliers help us to source materials and obtain services uninterruptedly.

Customers

Our ~2,000 distributors and ~38,000 retailers help us to reach our products and brands across India and outside.

Governments

Our operations are facilitated further by the policies of the state and central governments.

Resources

Input materials

We use, amongst others, thousands of tons of derivatives of crude oil, salt and coal.

Financial resources

We predominantly use capital from our shareholders and internal accruals which enable us to secure sustainable growth.

Intangible assets

We leverage our strengths in research, technology, sourcing,manufacturing, logistics, brands and customer service whichprovide us competitive edge.

Tangible assets

We have integrated manufacturing facilities spread over ~1,500 acres, with eight sites and 18 offices in India and outside.

What we do

1. Consumer insights

We work closely with consumers and customers to develop insights into their needs.

2. Innovation

We develop our products and brands through innovation and consistent improvements based on insights and critical thinking.

3. Sourcing and manufacturing

We source materials and services so as to manufacture ~1,300 products (including formulations) and 140 brands using several unit processes and unit operations.

4. Logistics

We deliver our products and brands through a network of warehouses and distribution channels in India and outside.

5. Marketing

We manage our portfolio of products and brands through product management, market development and marketing services.

6. Sales

We make our products available to our customers directly and through distributors and retailers.

Value we create for

Consumers

We aim to provide superior quality products and brands to our consumers to meet their expectations.

Customers

We supply our products to customers consisting of users and channel partners (distributors and retailers) to grow their businesses (and ours).

Suppliers

We partner with suppliers for our requirement of materials and services which in turn grow their business with that of ours.

Team members

We aim to create a happy work environment, reward the team members fairly and provide them with opportunities to learn and grow.

Governments

We contribute to the government exchequers, in India and outside, through our business operations.

Society

We serve in particular the communities we operate in and in general the society to make a difference in the lives of people.

Planet

We aim to make the planet better by consistently improving our operations, amongst others, to bring down gaseous emissions, liquid effluents and solid wastes.