Intergrated Annual Report 2023-24
The tree featured on the cover page, coastal she-oak or saru (scientific name: Casuarina equisetifolia), is native to India (amongst other countries). It produces high-quality fuelwood and charcoal, is termite-resistant and highly durable and is used as a supporting material in buildings. It also has a high carbon sequestration capacity. We draw inspiration from such wonders of nature. The unseen roots of the tree represent the firm foundation and enriching legacy of our Company while the trunk signifies our perseverance to endure and withstand the test of time. The leaves and branches symbolise our aspiration to enhance the processes. The tree reaching towards the sky represents our endeavour to excel and grow our Company; thus, become a much better version of ourselves.
- Albert Einstein
Endure
Enhance
Excel
Our Company was founded by Kasturbhai Lalbhai, a legendary Indian, on September 05, 1947, to create wealth in rural India, generate employment on a large scale and make India self-reliant. It is the first private sector company of independent India to be inaugurated by the first Prime Minister of the country, Jawaharlal Nehru, on March 17, 1952. It is a diversified Indian company (a part of Lalbhai Group, one of the oldest business houses in India with a legacy of conducting business with a larger purpose) meeting the needs of varied industries. It is one of the largest integrated chemical companies that has manufactured many products for the first time in India.
bird’s eye view of Atul site
Manufactures 900 products and 400 formulations
Owns 140 brands
Serves 4,000 customers in 88 countries
Revenue
EBITDA
PBT
Capital expenditure
Dividend per share
Savings through improvements in process efficiency
*Consolidated financials
Fresh water consumption decreased
Waste recycled
Emissions decreased
Beneficiaries of CSR projects
CSR projects implemented
Beneficiaries of health and well-being initiatives
Cases of corruption and anti-competitive practices
Instances of data breach
Adherence to Code of Conduct
Ankleshwar site
Financial Capital
Human capital
Intellectual capital
Manufactured capital
Natural capital
Social and Relationship capital
* Consolidated basis
Aromatics
Floras
Bulk Chemicals and Intermediates
Pharmaceuticals
Colors
Polymers - Performance Materials
Crop Protection - Bulk Actives
Polymers - Retail
Crop Protection - Retail
* Consolidated basis
We aim to provide superior quality products and services to our consumers to meet their expectations.
We supply our products to customers consisting of users and channel partners (distributors and retailers) to grow their businesses (and ours).
We aim to create a safe and happy environment, reward team members fairly and provide them with opportunities to learn and grow.
We partner with suppliers and business partners for our requirement of materials and services which in turn grow their businesses (and ours).
We aim to make the planet better by consistently improving our operations, amongst others, to bring down gaseous emissions, liquid effluents and solid wastes.
We contribute to the exchequers, in India and outside, through our business operations.
We serve in particular the communities we operate in and in general the society to make a difference in the lives of people.
We strive to deliver responsible, profitable and consistent growth for our shareholders.
Financial Capital
Human capital
Intellectual capital
Manufactured capital
Natural capital
Social and Relationship capital
* What we depend on
Aromatics
Floras
Bulk Chemicals and Intermediates
Pharmaceuticals
Colors
Polymers - Performance Materials
Crop Protection - Bulk Actives
Polymers - Retail
Crop Protection - Retail
* What we depend on
We aim to provide superior quality products and services to our consumers to meet their expectations.
We supply our products to customers consisting of users and channel partners (distributors and retailers) to grow their businesses (and ours).
We aim to create a safe and happy environment, reward team members fairly and provide them with opportunities to learn and grow.
We partner with suppliers and business partners for our requirement of materials and services which in turn grow their businesses (and ours).
We aim to make the planet better by consistently improving our operations, amongst others, to bring down gaseous emissions, liquid effluents and solid wastes.
We contribute to the exchequers, in India and outside, through our business operations.
We serve in particular the communities we operate in and in general the society to make a difference in the lives of people.
We strive to deliver responsible, profitable and consistent growth for our shareholders.
Materiality assessment is the foundation of the environmental, social and governance (ESG) initiatives for our Company. It allows us to gather critical insights on the importance of specific ESG topics. We have introduced a formal process to identify material topics to help us understand those that matter the most to our Company business and stakeholders. By engaging with the stakeholders, we get diverse perspectives – this makes our ESG initiatives more impactful and relevant.
Operations of our Company directly or indirectly impact various sections of society.
Business model of our Company places stakeholders – consumers, customers, team members, suppliers and business partners, planet, government, society and shareholders – at the core, and we endeavour to understand their evolving needs and expectations. This understanding empowers us to make informed decisions that builds trust and safeguards their interests and ensures sustained value creation across short, medium and long-term.
We have identified eight stakeholder groups critical to our Company.
Zero liquid discharge plant
Women empowerment at Urmi
of water harvested
of fresh water consumption decrease
increase in consumption of energy from renewable sources
of emissions decreased
of waste recycled
beneficiaries supported through initiatives of Atul Foundation
tribal youth empowered through vocational training institutes
children nurtured with quality education in 240 villages
villages covered via three projects under infrastructure program
trees planted and conducted conservation activities in 83 villages
The name ‘Atul’ is a unique asset, which represents a rich heritage of Values. In an environment where change is a way of life, continuity of Values provides stability and is fundamental to us. We have therefore formalised key Values and are committed to institutionalising them. We will seek to create an environment wherein these Values are consistently practised and nurtured and ensure that they are not compromised.
Our Company governance structure is multi-tiered, comprising the Board of Directors, Board Committees, CEO and the Management Committee.
The Board is responsible for and committed to the principles of corporate governance in our Company. It discharges some of its responsibilities directly and others through the Board Committees. In addition to the Board Committees, the Board is supported by the CEO and Executive Directors.
Mr Sunil Lalbhai is a Managing Director since June 1984 and the Chairman of the Company since August 2007. Mr Lalbhai holds a postgraduate degree in Chemistry from the University of Massachusetts and a postgraduate degree in Economic Policy and Planning from Northeastern University.
Mr Samveg Lalbhai is a Director of the Company since January 2000 and a Managing Director of the Company since December 2000.
Mr Lalbhai holds a graduate degree in Commerce from Gujarat University.
Mr Bharathy Mohanan joined the Company in August 1992 and is a Whole-time Director since January 2009. He is currently the President, Utilities and Services and the Occupier of the Company.
Mr Mohanan holds a graduate degree in Engineering (Honours) from the University of Calicut.
Mr Gopi Kannan Thirukonda joined the Company in October 1993 and is a Whole-time Director since October 2014. He is currently the Chief Financial Officer of the Company.
Mr Thirukonda holds a graduate degree in Science from the University of Madras and a postgraduate diploma in management from the Indian Institute of Management, Ahmedabad. He is a Member of the Institute of Chartered Accountants of India, the Institute of Cost and Management Accountants of India and the Institute of Company Secretaries of India.
Mr Susim Datta was a Director of the Company from October 2002 to March 2024. He was the Chairman of Hindustan Unilever Ltd as well as all Unilever Group companies in India and Nepal from 1990 to 1996.
Mr Datta holds a postgraduate degree in Science and Technology from the University of Calcutta and is a Chartered Engineer.
Mr Mukund Chitale is a Director of the Company since October 2014. He is a founder of the Chartered Accountancy firm, Mukund M Chitale & Co.
Mr Chitale holds a graduate degree in Commerce from the University of Mumbai and is a Member of the Institute of Chartered Accountants of India.
Ms Shubhalakshmi Panse is a Director of the Company since March 2015. She was the Chairperson and Managing Director of Allahabad Bank Ltd.
Ms Panse holds a postgraduate degree in Science from Savitribai Phule Pune University and a postgraduate degree in Business Administration from Drexel University and is a certified Associate of the Indian Institute of Bankers.
Mr Baldev Arora is a Director of the Company since April 2015. He was the Chairman of Cyanamid Agro Ltd and the Chairman and Managing Director of Wyeth Lederle Ltd.
Mr Arora holds a graduate degree in Mechanical Engineering from Panjab University.
Mr Pradeep Banerjee is a Director of the Company since May 2022. He was an Executive Director on the Board of Hindustan Unilever Ltd (HUL), the Managing Director of a joint venture entity of HUL in the Netherlands and the Chairman of a joint venture entity in Nepal. He is a senior advisor to Boston Consulting Group and a Designated Partner in Pradeep Banerjee Associates LLP.
Mr Banerjee holds a graduate degree in Chemical Engineering from Indian Institute of Technology, Delhi.
Mr Rangaswamy Iyer is a Director of the Company since May 2023. He was the Finance Director and Managing Director of Cyanamid and Wyeth India Ltd. Currently, he advises Lincoln International, USA, and consults multiple firms on business strategy and development.
Mr Iyer holds a postgraduate degree in Commerce and a postgraduate degree in Financial Management from the University of Mumbai.
Mr Sharadchandra Abhyankar is a Director of the Company since October 2023. He is a Senior Partner at Khaitan & Co and is engaged with the NSE Center of Excellence, UPES School of Law, Government Law College, Mumbai, and the Department of Law at Mumbai University.
Mr Abhyankar holds a graduate degree in Arts (Economics and Commerce) and a postgraduate degree in Law from the University of Mumbai and is a member of The Bombay Incorporated Law Society.
Mr Sujal Shah is a Director of the Company since October 2023. He is a Founding Partner at SSPA & Co. He contributed to drafting valuation standards for the Institute of Chartered Accountants of India and has authored numerous valuation-related papers.
Mr Shah holds a graduate degree in Commerce from the University of Mumbai and is a Member of the Institute of Chartered Accountants of India.
Mr Praveen Kadle is a Director of the Company since May 2024. He is the Managing Director of Prachetas Capital Pvt Ltd and a Non-executive Director of Tata International Ltd. He has held various senior positions in Tata Group.
Mr Kadle holds a graduate degree in Commerce from the University of Mumbai. He is a Member of the Institute of Chartered Accountants of India, the Institute of Cost and Management Accountants of India and the Institute of Company Secretaries of India.
We have integrated environment, social and governance (ESG) framework into the business strategy of our Company based on our belief that ESG and financial performance make a business sustainable.
Enterprise risk management (ERM) at Atul involves identifying, evaluating, prioritising, categorising, mitigating, monitoring and reporting principal risks through bottom-up and top-down approaches.
