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A n n u a l G e n e r a l M e e t i n g | J u l y 3 1 , 2 0 1 9

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125th birth year of Kasturbhai Lalbhai

Simplicity is the ultimate sophistication.Leonardo da Vinci

Kasturbhai Lalbhai (1894 – 1980)

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Population and GDP

7.7

1.4

84.0

1.3

13.5

Population inbn

GDP inUS$ tn

World

World

China India

China India

18.0% 17.0%

16.0% 3.0%

1

100.0%

100.0%

2.7

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Chemical industry

WorldUS$ 4.60 tn

ChinaUS$ 1.60 tn

IndiaUS$ 0.14 tn

35.0%

3.0%

11.5% of GDP 5.2% of GDP

2

100.0% Chemical industry forming

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Chemicals and daily life

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` cr

3,052 3,845

FY 18 FY 19

26%

397 652

FY 18 FY 19

64%

Sales PBT

17% 20%

FY 18 FY 19

EBIDTA % RoCE %

22% 32%

FY 18 FY 19

10%3%

2018-19 financials

3

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Dividend

40%45% 45%

60%

75%

85%

100% 100%

120%

150%*

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

*recommended by the Board 4

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Projects

investment of ~ ` 400 cr

at 100% capacity utilisation

sales of~ ` 850 cr

Two projects will make two of the four sites at Atul zero liquid discharge.

No borrowing envisaged for these projects.

5

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Cash flow | five-year average

Particulars Amount (` cr)

Cash flow from operating activities 357

Spent on projects 193

Free cash flow 164

6

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Financials: Subsidiary | joint venture companies

Rudolf Atul Chemicals (50%)

Atul Bioscience (100%)

Amal (53%)

DPD (98%)

Sales PBT

7Combined sales: `243 cr | PBT: `42 cr | RoCE: 31%

3548

55 57

76

104

46

8

1214 13

0

5

10

15

20

25

0

20

40

60

80

100

120

FY14 FY15 FY 16 FY 17 FY 18 FY 19

1215 15

1921

23

3 3 3

65

4

0

2

4

6

8

10

0

5

10

15

20

25

FY 14 FY 15 FY 16 FY 17 FY 18 FY 19

3043

5965

7383

58

14 15 14 15

0

5

10

15

20

25

0

20

40

60

80

100

FY 14 FY 15 FY 16 FY 17 FY 18 FY 19

` cr

1619

2326

32 33

0.4 -0.62

9 10 10

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

0

10

20

30

40

FY 14 FY 15 FY 16 FY 17 FY 18 FY 19

| 15

Atul Bioscience Ltd

ABL, a 100% subsidiary company, acquired a site in Ambernath, Maharashtra.

| 15DPD, a 98% subsidiary company, will enhance production of date palms in new facilities.

DPD Ltd, United Kingdom

| 15

Anaven LLP

Anaven, a 50-50 JV with Nouryon, will soon begin manufacturing MCA in India.

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Retail

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Serving society | Kalyani Shala

6,491 students have passed out from the school

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Serving society | Atul Vidyalaya

620 students have passed out from the school

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Serving society | Atul Vidyamandir

440 students have passed out from the school

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Serving society | Atul Institute of Vocational Excellence

7,110 students trained

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Serving society | Atul Adhyapika

63 Atul Adhyapikas have taught in 62 schools

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Serving society | Industrial Training Institutes

Khergam

Sagbara

KhergamAnkleshwar

Managing four ITIs

Bilimora

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Serving society | Individual household toilets

~5,000 individual household toilets built

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Serving society | Urmi

| 15

125th birth anniversary of Kasturbhai Lalbhai

Children Farmers

Youth Community

8

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Q1 financial results

2019-20 2018-19

Q1 Q1 Q4

Sales 975 872 981

EBIDTA % 23% 16% 20%

PBT from operations 197 127 166

PAT 130 84 109

RoCE % 35% 27% 31%

9

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Striving towards operational excellence

understanding of the marketplace

value for customers

productivity, efficiency,asset velocity

| doing every task well |

10

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Striving towards operational excellence

process orientation people orientation

11

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Need to sustain a pioneering spirit

2,4-D Acid and its derivatives Dapsone Epoxy curing agents and resins

Dyes and dye intermediates p-Anisic aldehyde p-Cresol Phosgene

Resorcinol Sulphonyl ureas Tissue culture date palm plants

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12

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Gratitude

6,000customers

2,574team members

28,130shareholders

9non-executive directors

13

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Women power | 125+

There is no force equal to a woman determined to rise.

William Du Bois

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Gratitude

Dr Satguru Baijal

[35 years]

Mr Hasmukh Shah

[27 years]

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Share price

1,128

1,541

2,380

2,622

3,573

FY15 FY16 FY17 FY18 FY19

` per share

14

| 15

Key performance ratios

Particulars FY 19 FY 18

Earnings per share (`) 144.5 91.2

Price | Earning (times) 24.8 28.7

Book value per share (`) 893.4 741.0

Price | Book value (times) 4.0 3.5

Enterprise value | EBIDTA (times) 13.8 15.1

Fixed asset turnover (times) 3.0 2.6

Turnover to average capital employed (times) 1.9 1.7

Current ratio (times) 2.6 2.3

Quick ratio (times) 1.5 1.3

Market capitalisation (` cr) 10,608 7,729

Market price per share (`) 3,573 2,613

Profit after tax (` cr) 429 270

15

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miles to go