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01
Recalling | 2016-17
02
Corporate identity
04
Serving diverse industries
05
Footprint
06
Purpose and Values
08
Letter to the Shareholders
10
Operational highlights
12
Financial charts
16
Serving the society
18
Board of Directors
19
Directors’ Report
23
Annexure to the Directors’ Report
46
Management Discussion and Analysis
53
Corporate Governance Report
68
Business Responsibility Report
74
Dividend Distribution Policy
75
Notice
84
Performance trend
Standalone Financial Statements
86
– Independent Auditors’ Report
92
– Financial Statements
Consolidated Financial Statements
152
– Independent Auditors’ Report
156
– Financial Statements
Every seed has the potential
to become a tree.
~ Gautama Buddha
Contents
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 whenever 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.
A coconut palm is considered a
kalpavruksha
(a tree that provides all the necessities of life)
that stands tall through various seasons, with the support of its straight, columnar trunk and strong,
fibrous roots. With each passing year, the palm rises towards the sky and sprouts leaves for shelter
and bears fruit for nourishment. While this dynamic growth is noticeable, the fact remains that it firmly
withstands the strongest winds with the help of its deep, well entrenched roots. It is the endeavour
of team Atul to think deeply, grow sustainably and create value for its Stakeholders, all this by
institutionalising processes and empowering teams to deliver innovative solutions.