Atul Limited. - Annual Report 2025

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April 25, 2025

The Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Through: BSE Listing portal SCRIP CODE: 500027

The Manager Listing Department National Stock Exchange of India Limited “Exchange Plaza” C – 1, Block G Bandra Kurla Complex, Bandra (East) Mumbai 400 051 Through: NEAPS SYMBOL: ATUL

Dear Sir,

Sub: Outcome of the Board meeting

Financial results

Pursuant to Regulation 30 and 33(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting the following for the year ended on March 31, 2025:

a) audited standalone and consolidated financial results.
b) auditor’s report on standalone financial results.
c) auditor’s report on consolidated financial results.

Integrated filling (Financials) pursuant to the SEBI circular no SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024, is being submitted separately in xbrl format in accordance with relevant circulars issued by the stock exchanges.

Further, pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Chapter III, Section III-A, clause (D), sub-clause 19 of the SEBI master circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, we declare and confirm that the auditor’s reports on standalone financial results and consolidated financial results are unmodified.

Dividend, book closure and record date

The Board of Directors of the Company proposed dividend of ₹ 25/- (Rupees twenty five only) per equity share for the year ended March 31, 2025 which is subject to approval of the members at the ensuing Annual General meeting (AGM) to be held on July 25, 2025.

The Register of Members and Share Transfer Books shall remain closed from July 12, 2025 to July 18, 2025 (both days inclusive) and accordingly the record date for the purpose of ascertaining the eligibility of the members to receive the dividend is July 11, 2025.

After the approval by the members at the AGM, date for payment of dividend will be on or after July 30, 2025.

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Appointment of Secretarial Auditors

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Regulations), we wish to inform you that based on the recommendation of the Audit Committee and subject to approval of the members of the Company in the ensuing Annual General Meeting on July 25, 2025, the Board of Directors appointed SPANJ & Associates as the Secretarial Auditors for a period of five consecutive years from 2025-26 to 2029-30.

The information required pursuant to provisions of Schedule III of the Regulations are as under.

Reason for change, date of appointment and term of appointment	Subject to the approval of the members, the Board at its meeting held on April 25, 2025, appointed SPANJ & Associates, firm unique identification number P2014GJ034800 and peer reviewed certificate number: 6467/2025 (SPANJ) as the Secretarial Auditors for conducting audit of the secretarial and related records in accordance with Section 204 of the Companies Act, 2013, Regulation 24A of the Regulations and any other applicable provisions for the time being in force. SPANJ will hold the office for aperiod of five consecutiveyears from 2025-26 to 2029-30.
Brief profile	SPANJ have four partners and other professionals and staff. It has offices in Ahmedabad and Mumbai. The size, quality of audit services and volume of operations of SPANJ is commensurate with the size and audit requirements of the Company.
Disclosure of relationships between directors	Not applicable

Reason for change, date of
appointment and term of
appointment

Subject to the approval of the members, the Board at its meeting held on
April 25, 2025, appointed SPANJ & Associates, firm unique identification
number P2014GJ034800 and peer reviewed certificate number:
6467/2025 (SPANJ) as the Secretarial Auditors for conducting audit of the
secretarial and related records in accordance with Section 204 of the
Companies Act, 2013, Regulation 24A of the Regulations and any other
applicable provisions for the time being in force. SPANJ will hold the office
for aperiod of five consecutiveyears from 2025-26 to 2029-30.

Brief profile

SPANJ have four partners and other professionals and staff. It has offices
in Ahmedabad and Mumbai. The size, quality of audit services and
volume of operations of SPANJ is commensurate with the size and audit
requirements of the Company.

Disclosure of relationships
between directors

Not applicable

The above were taken on record by the Board of Directors of the Company today at their meeting held from 10:30 am to 02:00 pm.

Please acknowledge the receipt and inform the members of the exchange.

Thank you,

Yours faithfully,

For Atul Limited LALIT PATNI Digitally signed by LALIT PATNI DN: c=IN, o=PERSONAL, pseudonym=e2d5a0b712e647029fe748aa6aeac617, 2.5.4.20=dcbb01b07dca40e6aff961c681525a3fc379bd945ca90941eb2fa3a4c06ef195, postalCode=396020, st=Gujarat, serialNumber=12e57a0c1a13a50412ce942250bfdfb5d658c0413d4e8fca6850513e961d4bb2, cn=LALIT PATNI Date: 2025.04.25 14:08:43 +05'30' Lalit Patni Company Secretary and Chief Compliance Officer

Encl.: as above

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Atul Ltd

Atul House, G I Patel Marg, Ahmedabad 380 014, Gujarat, India [email protected] I www.atul.co.in

(+91 79) 264612941 3706 CIN: L99999GJ1975PLC002859

Part I: Standalone financial results for the quarter I year ended on March 31, 2025

														(fer)
								Quarer ended on				Year ended on
No.	I		Pariculars			I	March31, 2025	December31, 2024	March31, 2024		March31, 2025		Marh31, 2024
							Unaudited	Unaudited	Unaudited		Audited		Audited
01. 02.	INCOME a) Revenue from operations b) Other income Total income ,EXPENSES						1.314.791 1,273.71 54.51 25.13 - 1,369.30 1,298.84		1,111.52 20.69 1,132.21			5,074.69 132.99 5,207.68		4,357.70 134.61 4,492.31
		a) Cost of materials consumed					677.82	659.48	559.72			2,683.74		2,124.40
							-
		b) Purchases of stock-in-trade					14.59	15.03	19.75			57.00		157.48
		c) Changes in inventories of finished goods,		work-in-progress and stock-in-trade			5.21	(1.01)	20.71			(118.67)		91.31
		d) Power, fuel and water e) Employee benefit expenses f) Finance costs g) Depreciation and amorisation expenses h) Other expenses (refer Note 4.)			-		137.96 93.36 1.54 55.26 218.07	147.88 90.15 0.47 55.22 - 199.13 -	113.37 80.25 0.66 - 50.23 191.67	-		577.21 364.29 6.31 213.04 801.43		476.63 320.60· 2.25 184.22 625.91
03. 04. 05�	Total expenses , Profit before tax Tax expense a) Current tax b) Deferred tax ToaItax expense !Profit for the period		1,203.81 165.49 64 33.15 EE 6.65 - 39.80 125.69					1,166.35 - 132.49 - 37.45 - 2.38 - 39.83 92.66	1,036.36 95.85 24.30 (3.35) 20.95 74.90			4,584.35 623.33 145.84 21.21 - 167.05 - 456.28		3,982.80 509.51 105.49 19.45 124.94 384.57

Part I: Standalone financial results for the quarter I year ended on March 31, 2025

No. 06. 07. 08. 09. 10. Other a) Ite i) ii) iii) b) Ite i) ii) Other Total Paid-u Other Earnin Ba Di			Quarer ended on December31, March31, 2024 2024 Unaudited Unaudited (55.92) 38.94 (0.09) (0.81) 8.57 (4.06) - (0.83) (0.09) - 0.20 0.03 - - (48.07) 34.01 - - 44.59 108.91 29.44 29.44 - - 31.47 25.40 - - 31.47 25.40 (fer) Year ended on March31, March31, 2025 2024 Audited Audited - 67.83 271.65 (0.26) 0.25 (16.15) (21.28) - (0.29) (0.11) 0.07 0.03 51.20 250.54 507.48 635.11 29.44 29.44 5,508.65 5,059.94 154.98 130.41 - 154.98 130.41	Quarer ended on December31, March31, 2024 2024 Unaudited Unaudited (55.92) 38.94 (0.09) (0.81) 8.57 (4.06) - (0.83) (0.09) - 0.20 0.03 - - (48.07) 34.01 - - 44.59 108.91 29.44 29.44 - - 31.47 25.40 - - 31.47 25.40 (fer) Year ended on March31, March31, 2025 2024 Audited Audited - 67.83 271.65 (0.26) 0.25 (16.15) (21.28) - (0.29) (0.11) 0.07 0.03 51.20 250.54 507.48 635.11 29.44 29.44 5,508.65 5,059.94 154.98 130.41 - 154.98 130.41	Quarer ended on December31, March31, 2024 2024 Unaudited Unaudited (55.92) 38.94 (0.09) (0.81) 8.57 (4.06) - (0.83) (0.09) - 0.20 0.03 - - (48.07) 34.01 - - 44.59 108.91 29.44 29.44 - - 31.47 25.40 - - 31.47 25.40 (fer) Year ended on March31, March31, 2025 2024 Audited Audited - 67.83 271.65 (0.26) 0.25 (16.15) (21.28) - (0.29) (0.11) 0.07 0.03 51.20 250.54 507.48 635.11 29.44 29.44 5,508.65 5,059.94 154.98 130.41 - 154.98 130.41
	Pariculars		Quarer ended on		Year ended on
		March31, 2025	December31, 2024	March31, 2024	March31, March31, 2025 2024
		Unaudited	Unaudited	Unaudited	Audited Audited
06. 07. 08. 09. 10.	comprehensive income ms that will not be reclassified to profit I loss - Fair value of equity instruments through other comprehensive income - Remeasurement gain I (loss) on defined benefit plans Income tax related to items above - ms that will be reclassified to profit I loss Effective porion of gain I (loss) on cash flow hedges Income tax related to items above comprehensive income, net of tax comprehensive income for the period p equity share capital (face value f10per share) equity - - gs per equity share off10each (not annualised, excluding year end) sic earnings �) luted earnings(�) - -	- - - (225.62) (2.14) 32.10 - - 0.76 - (0.19) (195.09) (69.40) 29.44 - 42.69 -- 42.69	(55.92) (0.09) 8.57 - (0.83) - 0.20 - (48.07) - 44.59 29.44 - - 31.47 - 31.47	38.94 (0.81) (4.06) (0.09) 0.03 - 34.01 - 108.91 29.44 25.40 - 25.40 - 67.83 271.65 (0.26) 0.25 (16.15) (21.28) - (0.29) (0.11) 0.07 0.03 51.20 250.54 507.48 635.11 29.44 29.44 5,508.65 5,059.94 154.98 130.41 - 154.98 130.41

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Part II: Standalone Balance Sheet

(fer)

No. Pariculars A ASSETS 1. Non-current assets 2. - a) Property, plant and equipment b) Capital work-in-progress c} Investmentpropery_ d) Intangible assets e) Financial assets i) Investments in subsidiary companies and joint venture company L Other investments iii) Loans � Other financial assets f Income tax assets (net) g) Other non-current assets Total non-current assets - Current asses a) b) Inventories Financial assets i) Investments _L Trade receivables iii) iv} v) vi) Cash and cash equivalents Bankbalancesother than (iii) above Loans Other financial assets c) Other current assets Total current assets Total assets B EQUIT AND LIABILITIES Equity a) Equity share capital b) Other equity Total equity Liabilities 1. Non-current liabilities a) Other financial liabilities b) Provisions c) Deferred tax liabilities (net) Total non-current liabilities 2. Current liabilities a) Financial liabilities i) Borrowings ii) Trade payables Total outstanding dues of a) Micro-enterprises and small enterprises _ b) Creditors other than micro-enterprises and small enterprises iii) Other financial liabilities b) Contract liabilities �) Other current liabilities d) Provisions e) Current tax liabilities (net) TOtal current liabilities Total liabilities Total equity and liabilities -	Asa March31, 2025 March31,2024 Audited Audited - 1,737.93 1,652.21 91.36 217.27 3.22 3.22 - 0.78 1.32 1,201.79 1.153.39 869.62 896.12 8.00 18.71 17.49 10.47 - - 0.31 31.36 36.07 - 3,961.55 3,989.09 - 655.36 563.20 - 757.80 410.41 1,027.22 848.60 1.50 8.34 - 2.77 2.80 33.22 53.54 - 18.03 21.57 93.81 107.25 2,589.71 2,015.71 6,551.26 6,004.80 - 29.46 29.46 5,508.65 5,059.94 - 5,538.11 5,089.40 - 3.70 3.09 - 33.30 28.72 - 164.19 126.82 - 201.19 158.63 - 8.06 10.52 - - - 33.66 55.15 576.07 505.52 136.71 137.10 - 27.14 23.32 10.61 9.31 15.40 15.85 - 4.31 - 811.96 756.77 - 1,013.15 915.40 6,551.26 6,004.80	Asa March31, 2025 March31,2024 Audited Audited - 1,737.93 1,652.21 91.36 217.27 3.22 3.22 - 0.78 1.32 1,201.79 1.153.39 869.62 896.12 8.00 18.71 17.49 10.47 - - 0.31 31.36 36.07 - 3,961.55 3,989.09 - 655.36 563.20 - 757.80 410.41 1,027.22 848.60 1.50 8.34 - 2.77 2.80 33.22 53.54 - 18.03 21.57 93.81 107.25 2,589.71 2,015.71 6,551.26 6,004.80 - 29.46 29.46 5,508.65 5,059.94 - 5,538.11 5,089.40 - 3.70 3.09 - 33.30 28.72 - 164.19 126.82 - 201.19 158.63 - 8.06 10.52 - - - 33.66 55.15 576.07 505.52 136.71 137.10 - 27.14 23.32 10.61 9.31 15.40 15.85 - 4.31 - 811.96 756.77 - 1,013.15 915.40 6,551.26 6,004.80
Pariculars SSETS on-current assets a) Property, plant and equipment b) Capital work-in-progress c} Investmentpropery_ d) Intangible assets e) Financial assets i) Investments in subsidiary companies and joint venture company L Other investments iii) Loans � Other financial assets f Income tax assets (net) g) Other non-current assets otal non-current assets - urrent asses a) b) Inventories Financial assets i) Investments _L Trade receivables iii) iv} v) vi) Cash and cash equivalents Bankbalancesother than (iii) above Loans Other financial assets c) Other current assets otal current assets otal assets QUIT AND LIABILITIES quity a) Equity share capital b) Other equity otal equity iabilities on-current liabilities a) Other financial liabilities b) Provisions c) Deferred tax liabilities (net) otal non-current liabilities urrent liabilities a) Financial liabilities i) Borrowings ii) Trade payables Total outstanding dues of a) Micro-enterprises and small enterprises b) Creditors other than micro-enterprises and small enterprises iii) Other financial liabilities b) Contract liabilities �) Other current liabilities d) Provisions e) Current tax liabilities (net) Otal current liabilities otal liabilities otal equity and liabilities -	Asa
	March31, 2025	March31,2024
	Audited Audited - 1,737.93 1,652.21 91.36 217.27 3.22 3.22 - 0.78 1.32 1,201.79 1.153.39 869.62 896.12 8.00 18.71 17.49 10.47 - - 0.31 31.36 36.07 - 3,961.55 3,989.09 - 655.36 563.20 - 757.80 410.41 1,027.22 848.60 1.50 8.34 - 2.77 2.80 33.22 53.54 - 18.03 21.57 93.81 107.25 2,589.71 2,015.71 6,551.26 6,004.80 - 29.46 29.46 5,508.65 5,059.94 - 5,538.11 5,089.40 - 3.70 3.09 - 33.30 28.72 - 164.19 126.82 - 201.19 158.63 - 8.06 10.52 - - - 33.66 55.15 576.07 505.52 136.71 137.10 - 27.14 23.32 10.61 9.31 15.40 15.85 - 4.31 - 811.96 756.77 - 1,013.15 915.40 6,551.26 6,004.80

Part Ill: Standalone Statement of Cash Flows

(fer)

	Par Ill: Standalone Statement of Cash Flows	(fer)	(fer)
		For theyear ended on
	Pariculars	March31,2025	March31,2024
		Audited	Audited
A - B c	CASH FLOW FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation and amorisation expenses Finance costs - - Loss on disposal of property, plant and equipment (net) Insurance claim Unrealised exchange rate difference (net) Bad debts and irrecoverable balances written offI(written back) Allowance for doubtful debts written back Dividend income Interest income Liabilities no longer required writen back Gail on disposal of current investments measured at FVPL (net) Operating profit before change in operating assets and liabilities Adjustments for: (Increase)IDecrease in inventories - (Increase)IDecrease in non-current and current assets IncreaseI(Decrease) in non-current and current liabilities Cash generated from operations Income taxpaid(net of refund) Net cash flow from operating acivities - - - CASH FLOW FROM INVESTING ACTIVITIES - - Payments towards property, plant and equip.�nt (including capital advances and CWIP) Purchase of intangible assets Proceeds from disposal of propery, plant and equipment Proceeds from insurance claim - Redemption of bonds measured at FVP� - !edemption of current investments measured at FVPL (net) Purchase of preference share of subsidiary companies measured at cost Purchase of equity instruments of subsidiar companies measured at amortised cost Repayments of loans given Disbursements of loans - Investment in bank deposits (net) Interest received - - - Dividend received from subsidiary companies Dividend received from joint �nture company Dividend received from others Net cash used in investing activities CASH FLOW FROM FINANCING ACTIVITIES - DisbursementsI(Repayments) of short-term borrowings (nett Interest paid Dividend on equity shares - - Buy-back of equity shares (including transacion cost) Net cash used in financing acivities - A B c Net increase I (decrease) in cash and cash equivalents A+B+C Cash and cash equivalents at the be�inning of the year Cash and cash equivalents at the end of theyear � 623.33 509.51 - - -- 213.04 184.22 - 6.31 2.25 - 3.77 2.29 (24.86) - 3.32 (0.62) 3.70 4.76 - 2.62 (0.32) (32.79) (24.41) (12.69) (74.58) (0.68) (l.29) (35.02) (15.02) 750.05 586.79 - - (92.16) 84.44 (164.68) 22.89 75.23 29.11 -- 568.43 723.23 - (141.14) (99.52) 427.29 623.71 - (190.81) (342.96) - (1.60) 1.46 0.40 - 22.89 7.00 - 62.84 24.96 - (275.10) (220.82) (14.50) (156.50) - (33.92) (14.11) 35.02 199.25 - (.18) (66.72) (7.91) (0.02) 4.13 63.94 - 15.10 12.68 - 8.76 2.90 - 7.73 8.83 - (366.49) (482.77) - (2.45) 5.10 (6.31) (2.25) (58.88) (73.78) - (61.83) (67.64) (132.76) (6.84) 8.18 - 8.34 0.16 1.50 8.34


	c ( I I CH..TERE'� ��0""'�'°; > �C'�

Standalone financial results for the quarter I year ended on March 31, 2025

Notes:

These results have been prepared in accordance with the Indian Accounting Standard (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.
These results have been reviewed and recommended for adoption by the Audit Committee in its meeting held on April 24, 2025 and approved by the Board of Directors in its meeting held on April 25, 2025. The Statutory Auditors have expressed an unqualified audit opinion.
The Company publishes the standalone financial results along with the consolidated financial results. In accordance with the Ind AS 108, 'Operating Segments', the Company has disclosed the segment information in the consolidated financial results and therefore no separate disclosure on segment information is given in the standalone financial results for the quarter I year ended on March 31, 2025.
Other expenses include� 24.56 er for the quarter ended on March 31, 2025 and� 41.36 er for the year ended on March 31, 2025 towards application fees, cess, premium. conversion charges, customary penal charges, non-agricultural assessment charges, differential stamp duty, etc, for converting part of the agricultural land to industrial use.
The figures of the last quarter represent the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial year. There are no material adjustments made in the results for the quarter ended on March 31, 2025, which pertain to earlier periods. These have been subjected to limited review by the Auditors.
The Board of Directors has recommended a dividend of� 25 per share (250%) subject to the approval of the shareholders.

Mumbai April 25, 2025

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��(Sunil Lalbhai) (DIN: 00045590)

Chairman and Managing Director If

@ I ,alhhai C ;roup

IUuJ

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Atul Ltd

Atul House, G I Patel Marg, Ahmedabad 380 014, Gujarat, India [email protected] I www.atul.co.in

(+91 79) 26461294 I 3706 CIN:L99999GJ1975PLC002859

Part IV: Consolidated financial results for the quarter I year ended on March 31, 2025

															<"e)
									Quarer	ended on			Year ended		on
No.	I		Pariculars		I		March31, 2025		December31, 2024			March31, 2024	March31, 2025		March31, 2024
							Unaudited		Unaudited			Unaudited	Audited		Audited
01.		INCOME
02.	a)Revenue from operations b) Other income Total income ,EPENSES		-		..		1,451.64 48.70 1,500.34			1,416.83 15.77 1,432.60		1.212.15 12.86 1,225.01	�5,583.35 109.03 5,692.38		4,725.68 58.19 4,783.87
		a) Cost of materials consumed					709.42			675.69		611.37	2,805.42		2,202.59
		b) Purchases of stock-in-trade					24.69			17.05		19.72	70.14		158.69
											--			-
		c) Changes in inventories of finished goods, work-in-progress and stock-in-trade					(3.62)			8.12		(21.95)	(129.95)		149.26
					·--			--
		d) Power, fuel and water					150.08			177.78		156.67	652.40		553.22
		e) Employee benefit expenses f Finance costs - g)Depreciation and amortisation expenses h) Other expenses (refer Note4.) Total expenses		-		-	118.87 5.42 - 81.71 229.27 1,315.84	--		112.42 4.29 80.99 201.71 1,278.05		102.45 5.07 75.75 196.33 1,145.41	454.61 - 23.98 316.82 817.77 5,011.19		398.03 11.08 242.88 627.20 4,342.95
03. 04. 05.		Profit before share of net profit of associate and joint venture companies ond tax Shar of net profit of associate and joint venture companies - - Profit before tax			--		184.50 1.59 186.09			154.55 3.29 157.84		79.60 3.41 83.01	681.19 - 11.30 692.49		440.92 9.70 450.62
06. 07.	Tax expense a) Current tax - b)Deferred tax Total tax expense IProfit for the period						3 � 18.68 55.96 130.13			40.70 0.04 --- 40.74 117.10		26.74 (2.52) 24.22 58.79	158.12 - 35.54 193.66 498.83		113.64 12.86 126.50 324.12
		Atributable to: Owners of the Company Non-controlling interests		�	I		126.50 3.63	I	-	108.74 8.36	1	58.411 483.93 0.38 14.90		1	323.02 1.10

Part IV: Consolidated financial results for the quarter I year ended on March 31, 2025

												(fer)
							Quarer ended on				Year ended	on
No.	I	Pariculars	I		March31, 2025		December31, 2024	March31, 2024		March31, 2025		Marh31, 2024
					Unaudited		Unaudited	Unaudited			Audited	Audited
08.	I	Other comprehensive income
		a) Items that will not be reclassified to profit I loss
		i) Fair value of equity instruments through other comprehensive income				(226.10)	(56.15)		39.04		68.39	273.85
		-					--				--
		ii) Remeasurement gain I (loss) on defined benefit plans				(2.74)	(0.11)		(1.06)		(0.91)	0.10
		iii) Income tax related to items above				32.36	8.61		(3.86)		(15.91)	(21.32)
		iv) Share of other comprehensive income of joint venture company accounted for usinq the equity method (net of tax)				(0.01)			0.03		(0.01)	0.03
		b) Items that will be reclassified to profit I loss -								-	-
		i) Efective portion of gain I (loss) on cash flow hedges				0.76	(0.83)		(0.09)		(0.29)	(0.11)
		ii) Exchange differences on translation of foreign operations				3.59 -	(4.17)		(0.82)		7.28	3.71
		iii)Income tax related to items above - Other comprehensive income,neof tax		(0.46) (0.04) (1.01) (192.60) (52.69) 32.23 -							0.50 - 59.05	(1.25) 255.01
		Attributable to:
		Owners of the Company -				(192.60)1	(52.69)1		32.23I		59.05I	255.01
		Non-controlling interests
09.	!Totalcomprehensive income for the period					(62.47)1	6441I		91.02I		557.88I	579.13
		Atributable to:
10. 11. 12.		Owners of the Company Non-controlling interests - Paid-up equity share capital (face valuef10per share) Other equit - Earnings per equity share off10each (not annualised, excluding year end) Basic earnings �) - Diluted earnings �)	I			(66.10) 3.63 29.44 42.971 42.97	56.05 8.36 29.4 36.931 36.93		� 0.38 29.44 19.811 19.81		542.98 14.90 29.44 5,569.09 164.371 164.37	578.03 1.10 29.44 5,084.88 109.54 109.54

Part V: Consolidated segment revenue, segment results, segment assets and segment liabilities

				(t er)	(t er)	(t er)
	March31, 2025 Quarer ended on December31, 2024			Year ended on
				March31, 2024 March31, 2025		March31, 2024
	Unaudited	Unaudited				Audited
	443.89 1,054.72 17.14 - 1,515.75 64.11 1,451.64	416.40 - 1,041.22 - 18.74 1,476.36 59.53 1,416.83				1,426.70 3,453.10 63.26 4,943.06 217.38
			1,212.15 5,583.35			4,725.68
	96.55 85.51 1.21 183.27 5.42 (6.65) 1.59 95.64 75.23 3.39 174.26 4.29 15.42 3.29		66.67 12.86 0.01 79.54 � 5.07 - (5.13) - 3.41 83.01 346.76 344.85 12.30 703.91 23.98 (1.2� - 11.30 692.49		-	203.05 239.79 5.69 448.53 11.08 (3.47) 9.70 450.62
	186.09	157.84
- -	1,323.82 3,646.17 222.60 - 1,808.40 7,000.99 - 1.334.54 -- 3,712.18 220.61 1,788.23 7,055.56		1,234.87 3,532.60 199.73 - 1,509.08 6,476.28 � 1.323.82 - 3,646.17 222.60 - 1,808.40 7,000.99			1.234.87 3,532.60 199.73 1,509.08 6,476.28
	285.31 - 731.42 - 25.26 296.63 1,338.62 277.72 687.91 21.98 - 343.05 1,330.66		253.59 - 783.99 32.95 242.36 1,312.89 285.31 - 731.42 25.26 - 296.63 1,338.62			253.59 783.99 32.95 242.36
						1,312.89

Part VI: Consolidated Balance Sheet

('°er)


No. Pariculars		Asa
		March31, 2025 Audited		March31, 2024 Audited
- A ASSETS 1. Non-current assets a) Property, plant and equipment b) Capital work-in-progress c) Investment properies d) Goodwill e) Other intangible assets niologicalassets other than bearer plants �vestmentsaccounted for using the equity method h) Financial assets i) Investments ii) Loans iii) Other financial assets i) Income tax assets (ne) Jeferred tax assets k) Other non-current assets alnon-current assets 2.entassets a) Inventories � Biologicalassets other than bearer plants Financial assets i) Current investments ii) Trade receivables iii) Cash and cash equivalents iv) Bank balances other than (iii) above vi) Other financial assets d) Other current assets Total current assets Total assets B EQUIT ANO LIABILITIES Equit � Equity share capital _ther equity __ Equity atributable to owners of the Company Non-controlling interests Total equity Liabilities 1. Non-currnt liabilities a) Financial liabilities i Borrowings ii) Lease liabilities Other financial liabilities b) Provisions c) Deferred tax liabilities d) Other non-current liabilities_ Total non-curent liabilities 2. Current liabilities a) Financial liabilities i) Borrowings ii) Trade payables Total outstanding dues of "sKlN, . 6& ( t.ClARTER-\ �· -OUNTANTS,\ 0\ ,\ > 0 �o* d"� a) Micro-enterprises and small enterprises b) Creditors other than micro-enterprises and small enterprises iii) Other financial liabilities _ Contract liabilities c) Other current liabilities d) Provisions �urrent tax liabilities (net) Total current liabilities Total liabilities Total equity and liabilities	- -		2,791.98 - 124.33 3.22 - 29.14 1.60 - 21.40 57.10 892.58 - 0.41 17.28 2.63 21.41 93.04 - 4,056.12 729.29 35.78 816.27 1,126.26 51.37 13.29 - 21.75 150.86 2,944.87 7,000.99 29.46 5,569.09 5,598.55 63.82 5,662.37 - 182.01 -- 4.04 5.72 - 36.80 225.33 - 0.94 454.84 - 15.68 38.39 576.31 - 179.74 33.16 14.23 21.03 5.24 - 883.78 1,338.62 7,000.99		- 2,737.09 280.75 - 3.22 - 29.14 1.73 - 21.00 - 49.58 - 916.09 - 0.26 10.29 - 5.04 21.25
					125.23 4,200.67
					618.26 --- 32.12 426.40 927.04 - 60.26 12.04 22.22 177.27 - 2,275.61 6,476.28 - 29.46 5,084.88
	- --
					5,114.34 49.05 5,163.39 --- - 209.30 4.70 4.22 - 31.12 - 174.15 0.99 - 424.48 - -- 22.55 58.37 520.94 - 215.35 37.84 - 12.09 21.04 0.23 888.41 1,312.89 6,476.28

Part VII: Consolidated Statement of Cash Flows

A B C	Pariculars CASH FLOW FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation and amortisation expenses Finance costs Loss on disposal of property, plant and equipment (net) Insurance claim Unrealised exchange rate difference (net) Effect of exchange rates on translation of operating cash-flows Bad debts and irrecoverable balances written off Allowance for doubtful debts (written back) Dividend income Interest income Changes in fair value of biological assets Liability no longer required written back Gain on disposal of current investments measured at FVTPL (net) Income on account of government grants Share of net profit of associate and joint venture companies Operating profit befor change in operating assets and liabilities Adjustments for: (Increase) I Decrease in inventories I biological assets (Increase)IDecrease in non-current and current assets Increase I (Decrease) in non-current and current liabilities Cash generted frm operating activities �ome tax paid (net of refund) Net cash flow from operatingactivi ties CASH FLOW FROM INVESTING ACTIVITIES Payments towards property, plant and equipment (including capital advance and CWIP) Proceeds from disposal of propert�. plant and equipment Proceeds from insurance claim Proceeds from sale of equity investment measured at FVOCI Purchase of equity investment measured at FVTOCI Purchase of equity investment measured at cost Redemption of bondsIalternate investment fund measured at FVTPL Repayments of loons given Disbursements of loans Redemption ofI(Investment in) bank deposits (net) vestment in current investments measured at FVTPL (net) Interest received Dividend received Net cash used in investing activities CASH FLOW FROM FINANCING ACTIVITIES Disbursements of term loansInon-current borrowings Repayments of term loons I non-current borrowings Disbursements I (Repayments) of working capitol loans I current borrowings Repayment of lease liabilities Transaction with non-controlling interests Interest paid Dividend on equity shares A B Buy-back of equity shares (including transacion cost) Net cash (used in} I from financing activities Net increase I (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year c A+B+C Net efec of exchange gain I (loss) on cash and cash equivalents held in foreign currencies Cash and cash equivalents at the end of the year For the year ended on Morch31, 2025 March31, 2024 Audited Audited 692.49 450.62 316.82 242.88 23.98 11.08 4.85 2.69 --- (24.86) 5.60 (0.27) 6.42 3.31 0.95 3.86 3.04 (0.17) (7.83) (8.97) (7.34) (9.86) (0.45) 2.33 (0.86) (1.55) (38.69) (19.97) {0.05) {2.49) (11.30) (9.70) 962.77 663.79 (114.62) 166.92 (150.66) (108.94) 56.26 53.00 753.75 774.77 {150.62) (107.31) 603.13 667.46 {270.18) (503.88) 1.46 0.40 22.89 7.00 4.26 3.08 (5.33) (1.78) (5.00) 62.84 14.97 1.15 1.48 (0.39) (0.70) (9.18) 1.80 (315.28) _18.05) 1.08 0.60 16.59 11.89 (495.09) (683.19) 188.25 {27.16) (6.80) (7.00) 3.42 {0.94) _0.13) (0.09) (23.67) (11.63) (58.88) (73.78) (61.83) (117.78) 37.54 (9.74) 21.81 60.26 38.05 0.85 0.40 51.37 60.26	Pariculars CASH FLOW FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation and amortisation expenses Finance costs Loss on disposal of property, plant and equipment (net) Insurance claim Unrealised exchange rate difference (net) Effect of exchange rates on translation of operating cash-flows Bad debts and irrecoverable balances written off Allowance for doubtful debts (written back) Dividend income Interest income Changes in fair value of biological assets Liability no longer required written back Gain on disposal of current investments measured at FVTPL (net) Income on account of government grants Share of net profit of associate and joint venture companies Operating profit befor change in operating assets and liabilities Adjustments for: (Increase) I Decrease in inventories I biological assets (Increase)IDecrease in non-current and current assets Increase I (Decrease) in non-current and current liabilities Cash generted frm operating activities �ome tax paid (net of refund) Net cash flow from operatingactivi ties CASH FLOW FROM INVESTING ACTIVITIES Payments towards property, plant and equipment (including capital advance and CWIP) Proceeds from disposal of propert�. plant and equipment Proceeds from insurance claim Proceeds from sale of equity investment measured at FVOCI Purchase of equity investment measured at FVTOCI Purchase of equity investment measured at cost Redemption of bondsIalternate investment fund measured at FVTPL Repayments of loons given Disbursements of loans Redemption ofI(Investment in) bank deposits (net) vestment in current investments measured at FVTPL (net) Interest received Dividend received Net cash used in investing activities CASH FLOW FROM FINANCING ACTIVITIES Disbursements of term loansInon-current borrowings Repayments of term loons I non-current borrowings Disbursements I (Repayments) of working capitol loans I current borrowings Repayment of lease liabilities Transaction with non-controlling interests Interest paid Dividend on equity shares A B Buy-back of equity shares (including transacion cost) Net cash (used in} I from financing activities Net increase I (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year c A+B+C Net efec of exchange gain I (loss) on cash and cash equivalents held in foreign currencies Cash and cash equivalents at the end of the year For the year ended on Morch31, 2025 March31, 2024 Audited Audited 692.49 450.62 316.82 242.88 23.98 11.08 4.85 2.69 --- (24.86) 5.60 (0.27) 6.42 3.31 0.95 3.86 3.04 (0.17) (7.83) (8.97) (7.34) (9.86) (0.45) 2.33 (0.86) (1.55) (38.69) (19.97) {0.05) {2.49) (11.30) (9.70) 962.77 663.79 (114.62) 166.92 (150.66) (108.94) 56.26 53.00 753.75 774.77 {150.62) (107.31) 603.13 667.46 {270.18) (503.88) 1.46 0.40 22.89 7.00 4.26 3.08 (5.33) (1.78) (5.00) 62.84 14.97 1.15 1.48 (0.39) (0.70) (9.18) 1.80 (315.28) _18.05) 1.08 0.60 16.59 11.89 (495.09) (683.19) 188.25 {27.16) (6.80) (7.00) 3.42 {0.94) _0.13) (0.09) (23.67) (11.63) (58.88) (73.78) (61.83) (117.78) 37.54 (9.74) 21.81 60.26 38.05 0.85 0.40 51.37 60.26
		, 2024 ed 450.62 242.88 11.08 2.69 (0.27) 3.31 3.86 (0.17) (8.97) (9.86) 2.33
		(1.55) (19.97) {2.49) (9.70) 663.79 166.92 (108.94) 53.00 774.77 (107.31) 667.46 (503.88) 0.40 7.00 3.08 (1.78) 14.97 1.48 (0.70) 1.80 _18.05) 0.60 11.89 (683.19) 188.25 (6.80) 3.42 (0.09) (11.63) (73.78) (61.83) 37.54 21.81 38.05 0.40 60.26

Consolidated financial results for the quarter I year ended on March 31, 2025

Notes:

These results have been prepared in accordance with the lndic;:m Accounting Standard {Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.
These results have been reviewed and recommended for adoption by the Audit Committee in its meeting held on April 24, 2025 and approved by the Board of Directors in its meeting held on April 25, 2025. The Statutory Auditors have expressed an unqualified audit opinion.
The Company has reported segment information as per the Ind AS 108, 'Operating Segments', as below:


Nameosegment	Main produc groups
Life Science Chemicals	Active pharmaceutical ingredients and its intermediates, crop protection chemicals
Performance and Other Chemicals	Adhesionpromoters,bulk chemicals, epoxy resins and hardeners,intermediates,textiledyes
Others	Agribiotech, food products, services and others

Other expenses include f 24.56 er for the quarter ended on March 31, 2025 and f 41.36 er for the year ended on March 31, 2025 towards application fees, cess, premium, conversion charges, customary penal charges, non-agricultural assessment charges, differential stamp duty, etc, for converting part of the agricultural land to industrial use.
The figures of the last quarter represent the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial year. There are no material adjustments made in the results for the quarter ended on March 31, 2025, which pertain to earlier periods. These have been subjected to limited review by the Auditors.
The Board of Directors has recommended a dividend off 25 per share (250%) subject to the approval of the shareholders.

Mumbai

April 25, 2025

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@
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)�{Sunil Lalbhai) (DIN: 00045590)

Chairman and Managing Director K

1.albhai Group

==> picture [47 x 45] intentionally omitted <==

Atul Ltd

Atul House, G I Patel Marg, Ahmedabad 380 014, Gujarat, India [email protected] I www.atul.co.in

(+91 79) 26461294 I 3706 CIN: L99999GJ1975PLC002859

Extract of financial results for the quarter I year ended on March 31, 2025

[in terms of Regulation 47(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

(tcrJ

							(tcrJ	(tcrJ	(tcrJ	(tcrJ	(tcrJ
No.	Pariculars	Standalone					Consolidated
		for the quarer ended on			for the year ended on		for the quarer ended on			for the year ended on
		March 31, 2025	December 31, 2024	March 31, 2024	March 31, 2025	March 31, 2024	March 31, 2025	December 31, 2024	March 31, 2024	March 31, 2025	March31, 2024
		Unaudited	Unaudited	Unaudited	Audited	Audited	Unaudited	Unaudited	Unaudited	Audited	Audited
1. Total income from operations - 2. Net profit for the period before tax 3. Net profit for the period afer tax 4. Total comprehensive income for the period [comprising profit for the period (after tax) and other comprehensive income (after tax)] 5. Equity share capital 6. Other equity - 7. Earnings per equity share off10each (not annualised, excluding year end) Basic earnings( Diluted earnings (fl		1,314.79 1,273.71 1,111.52 5,074.69 - 165.49 132.49 95.85 623.33 - - 125.69 92.66 74.90 456.28 - (69.40) 44.59 108.91 507.48 29.44 29.44 29.44 29.44 5,508.65 - '. - 42.69 31.47 25.40 154.98 42.69 31.47 25.40 154.98				4,357.70 509.51 384.57 - 635.11 29.44 5,059.94 130.41 130.41	1,451.64 186.09 130.13 - (62.47) 29.44 - 42.97 -- 42.97	1,416.83 157.84 - - 117.10 64.41 29.44 36.93 36.93	1,212.15 83.01 58.79 91.02 29.44 - 19.81 19.81	5,583.35 692.49 - · - 498.83 557.88 - 29.44 5,569.09 164.37 164.37	4,725.68 450.62 - 324.12 579.13 - 29.44 5,084.88 - 109.54 109.54
Note

The above is an extract of the detailed format of results filed with the stock exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details in prescribed format of the results are available on the websites of the stock exchanges (www.bseindia.com, www.nseindia.com) and the Company ( www.atul.co.in).

For Atul Ltd

QR Code @ Lalbhai Grouo

(Sunil Lalbhai) (DIN: 00045590) Chairman and Managing Director I(

Mumbai April 25, 2025

Chartered Accountants One International Center, Tower 3, 31st Floor, Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra, India

Tel: +91 22 6185 6000 Fax: +91 22 6185 4101

Deloitte Haskins & Sells LLP

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF ATUL LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2025 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2025 (refer 'Other Matter' section below), which were su bject to limited review by us, both included in the accompanying "Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2025 of ATUL LIMITED (the "Company"), (the "Statement"), being submitted by the Company pursuant to the req uirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations").

(a) Opinion on Annual Standalone Financial Results

In our opinion and to the best of our information and according to the explanations given to us the Standalone Financial Results for the year ended March 31, 2025:

i. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accou nting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 3 1, 2025

With respect to the Standalone Financial Results for the quarter ended March 31, 2025, based on our review conducted as stated in paragra ph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2025, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accou nting principles generally accepted i n India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regu lations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

==> picture [80 x 81] intentionally omitted <==

Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg. Elphinstone Road (West), Mumbai-400 0 1 3, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: Mil-8737

Deloitte Haskins & Sells LLP

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2025

below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the "ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2025 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion .

Management's and Board of Directors' Responsibilities for the Statement

This Statement which includes the Standalone Fi nancial Results is the responsibility of the Company's Boa rd of Di rectors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2025 has been compiled from the related audited standalone financial statements. This responsibility includes the prepa ration and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2025 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement pri nciples laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting princi ples generally accepted in India and i n compliance with Regulation 33 of the LODR Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and esti mates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation a nd presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors is responsible for assessing the Company's ability, to continue as a going concern, disclosi ng, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 3 1, 2025

Our objectives are to obtain reasonable assu rance about whether the Standalone Fi nancial Results for the year ended March 31, 2025 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a

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Deloitte Haskins & Sells LLP

guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecti ng a material misstatement resulting from fraud is higher than for one resulti ng from error, as fraud may involve coll usion, forgery, intentional omissions, misrepresentations, or the override of internal control .
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Com pany's internal control.
Evaluate the appropriateness of accounting pol icies used and the reasonableness of accounting estimates made by the Board of Directors.
Evaluate the appropriateness and reasonableness of disclosu res made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opin ion . Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, futu re events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structu re and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a man ner that achieves fair presentation .
Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opin ion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Sta[n] dalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the An nual Standalone Financial Results may be influenced . We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and i n evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and tim ing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

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Deloitte Haskins & Sells LLP

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements rega rding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

(b) Review of the Standalone Financial Results for the quarter ended March 3 1, 2025

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2025 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interi m Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of i nterim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified i n an audit. Accordingly, we do not express an audit opinion .

Other Matter

·• The Statement includes the results for the Quarter ended March 31, 2025 being the balanci ng figure between audited figures in respect of the full financial year and the published year to date figu res up to the third quarter of the current financial year wh ich were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.

Fo'r DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Reg istration No. 117366W/W-100018)

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Ketan Vora Partner (Membership No. 100459) (UDI N : 25100459BMMHKU 3614)

Place: Mu mbai Date : April 25, 2025

Chartered Accountants One international Center, Tower 3, 31 st Floor, Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 01 3 Maharashtra, !ndia

Tel: +91 22 61 85 6000 Fax: +91 22 61 85 4101

Deloitte Haskins Ir Sells LLP

AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ATUL LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2025 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2025 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2025" of ATUL LIMITED (the "Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group"), and its share of the net profit after tax and total comprehensive income of its joint venture and its share of the net loss after tax and total comprehensive income of its associate for the quarter and year ended March 31, 2025, which includes Joint Operations (which is an entity) of the Group accounted on proportionate basis (the "Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regu lations, 2015, as amended (the "LODR Regulations") .

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the audit reports of the other auditors on separate financial statements of subsidiaries and associate referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2025 :

(i) i ncludes the financial results of the entities as given in Annexure A to this report .
. (ii) are presented in accordance with the requirements of Regu lation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regu lations, 2015, as amended; and
(iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the yea r ended March 31, 2025.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2025

With respect to the Consolidated Financial Results for the quarter ended March 31, 2025, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below and based on the of the audit reports for the year ended March 31, 2025 / review reports

CHARTEPf"(;

Regd. Office: One international Center, Tower 3, 31 st floor, Senapati Bapat Marg, Eiphinstone Road (West), Mumbai-400 01 3, Maharashtra, India. De!oitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737

Deloitte Haskins & Sells LLP

for the quarter ended March 31, 2025, as applicable of the other auditors referred to in Other Matters section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2025, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accou nti ng principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the S EBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 3 1, 2025

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Companies Act, 2013 (the "Act") . Our responsibilities under those Standards are fu rther described in paragraph (a) of Auditor's Responsibil ities section below. We are independent of the Group, its associate and joi nt venture and its joint operation in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the "ICAI") together with the eth ical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2025 under the provisions of the Act and the Ru les thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Eth ics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion .

Management's and Board of Directors' Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the yea r ended March 31, 2025, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2025 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group including its associate and joint venture and joint operation in accordance with the recogn ition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and i n compliance with Regu lation 33 of the LOD R Regulations.

The respective Board of Directors of the companies included in the Group and of its associate and joint venture, and the designated partners of joint operation are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associate and joint venture and joint operation for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judg ments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuri ng the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of

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preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group and of its associate and joint ventu re, and designated partners of the joint operation are responsible for assessing the ability of the respective entities to continue as a going con cern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors or the designated partners, as applicable either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associate and joint venture, and the designated partners of the joi nt operation, are responsible for overseeing the financial reporting process of the Group a nd of its associate and joint venture and of the joint operation.

Auditor's Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2025

Our objectives are to obtain reasonable assu rance about whether the Consolidated Financial Results for the year ended March 31, 2025 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that i ncludes our opinion . Reasonable assurance is a h igh level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, i ndividually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also :

Identify and assess the risks of material misstatement of the An nual Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opin ion . The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve col lusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an · understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
Evaluate the appropriateness and reasonableness of disclosu res made by the Board of Directors in terms of the requirements specified under Regu lation 33 of the LODR Regu lations.
Conclude on the appropriateness of the Board of Directors' and designated pa rtners of the joint operation, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material unce rtainty exists

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related to events or conditions that may cast sign ificant doubt on the ability of the G roup and its associate and joint ventu re and its joint operation to continue as a going concern . If we concl ude that a material uncertainty exists, we a re req u i red to draw attention i n our auditor's report to the related disclosures in the Consol idated Fi nancial Results or, if such disclosures are inadeq uate, to modify our opinion . Our concl usions are based on the audit evidence obtained up to the date of our a uditor's report. H owever, future events or conditions may ca use the Group and its associate and joi nt ventu re and its joint operation to cease to conti n ue as a going concern .

Eva luate the overa ll presentation, structure and content of the Annual Consolidated Fi nancial Results, i ncl uding the disclosures, and whether the An n ual Consolidated Financial Results represent the underlying transactions and events i n a manner that ach ieves fa ir presentation .
Perform procedu res i n accordance with the circular issued by the SEBI u nder Reg ulation 33(8) of the LODR Regu lations to the extent a pplicable.
Obtain sufficient appropriate audit evidence rega rd i n g the Annual Standalone Financial Resu lts of the entities with in the Group and its associate and joint venture and its joint operation to express an opinion on the An nual Consol idated Financial Results. We are responsible for the d i rection, supervision and performance of the audit of fina ncial i nformation of such entities i ncluded i n the Annual Consolidated Financial Resu lts of which we are the independent auditors . For the other entities incl uded i n the An nual Consolidated Fi na ncial Resu lts, which have been aud ited by the other aud itors, such other auditors remain responsi ble for the direction, su pervision and performance of the audits ca rried out by them . We remain solely responsi ble for our a udit opinion .

Materiality is the magnitude of misstatements i n the An nual Consol idated Fi na ncial Results that, individually or i n aggregate, makes it p roba ble that the economic decisions of a reasonably knowledgeable user of the An nual Consolidated Fina ncial Resu lts may be i nfluenced . We consider qua ntitative material ity and qualitative factors in ( i ) planning the scope of our audit work and in eva l u ating the resu lts of Consolidated Financial Resu lts. our work; and ( i i ) to eva l uate the effect of a ny identified misstatements in the Annual

We com municate with those cha rged with governance of the Parent and such other entities i n cl uded i n the Consolidated Financi a l Results of which we a re the independent auditors regarding, a mong other matters, the pla n n ed scope and timing of the audit and significant audit findings i ncluding any sign ificant deficiencies in interna l control that we identify d u ring our audit.

We also provide those charged with governance with a statement that we have compl ied with relevant eth ical req uirements regard ing independence, and to com m u nicate with them all relationships and other matters that may reasonably be thought to bea r on our independence, and where a ppl icable, related safeguards. (b) Review of the Consolidated Financial Results for the quarter ended March 31, 2025

We conducted our review of the Consolidated Fi na n cial Results for the quarter ended March 3 1 , 2025 i n accordance with the Standard o n Review Engagements ( SRE) 24 10 ' Review of Interi m Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of i nterim financial information consists

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of making inquiries, pri marily of the Company's personnel responsible for financial and accounting matters, and a pplying ana lytica l and other review p rocedures. A review is substa ntially less i n scope than an audit conducted in accordance with SAs specified u nder section 143( 10) of the Act and consequently does not enable us to obtain assurance that we would become awa re of a l l sign ificant matters that might be identified in an audit. Accordingly, we do not express an audit opin i o n .

The Statement includes t h e resu lts o f t h e entities a s listed u nder para g raph (a)(i) of Opin ion and Concl usion section a bove .

We also performed procedu res i n accorda nce with the ci rcular issued by the S EBI under Regulation 33(8) of the SEBI ( Listing Obligations and Disclosure Requi rements) Reg ulations, 201 5, as amended, to the extent applicable.

Other Matters

The Statement incl udes the results for the quarter ended March 3 1 , 2025 being the balancing figure between audited figu res in respect of the full fi nancia l yea r and the published yea r to date figu res up to the third quarter of the cu rrent fina ncial year which were su bject to l i m ited review by us. O u r report is not modified in respect of this matter.
We did not audit the financial statements of 37 subsidiaries included in the consolidated fi na ncial results, whose fi nancial statements reflect tota l assets of � 1470 . 57 Crores as at March 3 1 , 2025 and total reven ues of z 249 .42 crores and z 1075.20 crores for the quarter and yea r ended March 31, 2025 respectively, total net profit z (6.38) crores and � 7.94 crores for the quarte r and yea r ended March 3 1 , 2025 / (loss) after tax of respectively and total comprehensive i ncome / (loss) of � ( 7 .08) crores and z 8 . 1 2 crores for the quarter and year ended March 3 1 , 2025 respectively and net cash flows of � ( 6 . 1 8) crores for the yea r ended March 3 1 , 2025 , as considered i n the Statement. These fi na ncial statements / fi nancial information have been audited / reviewed , as appl icable, by other auditors whose reports have been fu rnished to us by the Management and our opi n ion and conclusion on the Statement, i n so far as it relates to the amounts and disclosu res i ncluded i n respect of these subsidiaries and associate, is based solely on the reports of the other auditors and the proced ures performed by us a s stated u nder Auditor's Responsibilities section above.
Certa in of these su bsidiaries a re located outside India whose fi nancia l statements I financial and other information have been prepared i n accordance with accou nti ng principles generally accepted i n thei r respective cou ntries and which have been audited / reviewed by other aud itors u nder generally accepted auditing standards applica ble in thei r respective cou ntries . The Company's management has converted the fi na ncial statements/financial and other i nformation of such subsidiaries l ocated outside India from accounting principles genera lly accepted in the i r respective cou ntries to accou nting principles generally accepted in India. We have audited / reviewed , as applicable, these conversion adjustments made by the Company's management. O u r opinion I concl usion, as appl icable, i n so fa r as it relates to the ba la nces and affai rs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Company a nd audited by us.

Our report on the Statement is not mod ified i n respect of th e a bove matters with respect to our reliance on the work done and the reports of the other aud itors.

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The consolidated financial results i ncludes the unaudited/unreviewed fina ncia l statements I fi nancial i nformation of 2 su bsidiaries, wh ose fi nancial statements / financia l information reflect tota l assets of z 24 .77 crores as at March 3 1 , 2025 and total reven ues of z 2 . 53 crores and z 4 . 02 crores for the quarter and yea r ended March 3 1 , 2025 respectively, total net profit / (loss) after tax of z 1 . 1 0 crores and z 0 . 03 crores for the quarter and year ended March 3 1 , 2025 respectively and tota l com prehensive i ncome I (loss) of z 1 . 1 1 crores and z 0.04 crores for the qua[r] ter and yea r ended March 31, 2025 respectively and net cash flows of z (0. 32) crores for the yea r ended M arch 31, 2025, as considered i n the Statement. The consolidated fi nancial results also i ncludes the Group's share of tota l net profit/(loss) after tax of z ( 1 . 82) crores and z and total comprehensive income ( 1 .90) crores for the quarte r and year ended March 31, 2025 respectively I loss of z ( 1 . 82) crores and z ( 1 .90) crores for the quarter and year ended March 3 1 , 2025 respectively, as considered in the Statement, in respect of an associate whose financial statements have n ot been audited by us. These fi nancial statements / fi nancial information a re u naud ited and have been furn ished to us by the Management and our opinion and conclusion on the Statement, in so fa r as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on such unaudited fi nancial statements / fina ncial information . In our opin ion and according to the i nformation and explanations given to us by the Board of Directors, these financial statements / fi nancial information a re not material to the Group.

Our report on the State ment is not mod ified i n respect of the above matter with respect to our rel iance on the fi nancial statements of the D irectors. / fi na nci a l information certified by the Boa rd

For DELOITTE HASKINS & SELLS LLP Cha rtered Accou nta nts ( Firm's Registration No. 1 1 7366W/W-100018)

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Ketan Vora Partner (Membersh ip N o : 100459) U DIN : 2 5 1 00459BM M H KV4207

Place : Mu mbai Date : Apri l 25, 2025

Deloitte Haskins Ir. Sells LLP

Annexure A

A)

Sr. No.	Name of the Subsidiary		Sr. No.	Name of the Subsidiary
1 .	Aara nya k U rmi Limited		22.	Atul Hospita l ity Li mited
2.	Aasthan Dates Li mited		23.	Atu l Infotech Private Li mited
3 .	Amal Li mited		24.	Atu l Ireland Lim ited
4 .	Amal Special ity Chem icals Lim ited		2 5 .	Atu l Lifescience Li mited
5 .	Atu l ( Retail) Bra nds Limited		26.	Atul Middle East FZ-LLC
6.	Atul Aarogya Li m ited		27.	Atul Natura l Dyes Li mited
	Atul Adhesives Private Limited
7.	( Formerly known as Anchor Adhesives Private Li m ited)		28.	Atul Natural Foods Li m ited
8.	Atul Ayu rveda Li mited		29.	Atu l Nivesh Limited
9 .	Atu l Bioscience Li m ited		30.	Atul Pai nts Li m ited
10.	Atu l Biospace Lim ited		3 1 .	Atul Polymers Prod ucts Li m ited
1 1.	Atu l Brasi l Quimicos Lim iteda		32.	Atul Products Lim ited
1 2 .	Atul China Li mited		3 3 .	Atul Rajasthan Date Pa l ms Limited
1 3 .	Atu l Clea n Energy Lim ited		34.	Atul Renewa ble Energy Lim ited
14.	Atu l Consu mer Products Lim ited		3 5 .	Atul Seeds Li m ited
1 5 .	Atul Crop Care Li mited		36.	Atul USA Inc.
16.	Atul Deutsch land GmbH		3 7 .	Biyaban Agri Li m ited
1 7 .	Atu l Entertain ment Li m ited		38.	Date Pa l m Devel opers Li mited
1 8 .	Atu l Europe Li mited		39.	Jayati Infrastructu re Li m ited
19. 20.	Atu l Fin Resou rces Li m ited Atu l Finserv Lim ited	1	40. 4 1 .	Osia Dairy Li m ited Osia Infrastructure Li mited
21 .	Atu l Healthcare Li m ited		42.	Raja Dates Lim ited
		1	43.	Sehat Foods Li m ited

Deloitte Haskins Ir Sells LLP

B) Associate

Sr. No. Name of the Associate Company

1 Valsad Institute of Medical Sciences Li m ited

C) Joint venture

Sr. No.	Name of the Joint Venture Company
1	Rudolf Atul Chemicals Li m ited

D) Joint

Sr. No. 1	Name of the Joint operation Anaven LLP

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AI assistant

Atul Limited. — Annual Report 2025

60221_rns_2025-04-25_848389e5-17ee-4351-a3e3-0e17f6c1d2ac.pdf

April 25, 2025

Financial results

Dividend, book closure and record date

Appointment of Secretarial Auditors

Atul Ltd

Standalone financial results for the quarter I year ended on March 31, 2025

Notes:

Atul Ltd

Part IV: Consolidated financial results for the quarter I year ended on March 31, 2025

Part V: Consolidated segment revenue, segment results, segment assets and segment liabilities

Notes:

Atul Ltd

Extract of financial results for the quarter I year ended on March 31, 2025

Deloitte Haskins & Sells LLP

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF ATUL LIMITED

Opinion and Conclusion

(a) Opinion on Annual Standalone Financial Results

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 3 1, 2025

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2025

Management's and Board of Directors' Responsibilities for the Statement

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 3 1, 2025

Deloitte Haskins & Sells LLP

Deloitte Haskins & Sells LLP

Other Matter

Deloitte Haskins Ir Sells LLP

AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ATUL LIMITED

Opinion and Conclusion

(a) Opinion on Annual Consolidated Financial Results

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2025

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 3 1, 2025

Management's and Board of Directors' Responsibilities for the Statement

Auditor's Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2025

Other Matters

Deloitte Haskins Ir. Sells LLP

Annexure A

A)

B) Associate

Sr. No. Name of the Associate Company

C) Joint venture

D) Joint

More from Atul Limited.

Atul Limited. Annual Report 2025