Chairman’s Letter to Share Holder
38 Cr Dividend History
A chemical company founded on September
05, 1947 – a month after Indian
independence – by Kasturbhai Lalbhai, an
institution builder par excellence
Atul is an improvement driven, integrated
chemical company serving about 6,000
customers belonging to 27 industries across
the world.
Atul manages almost all unit processes and
unit operations to manufacture about 1,350
products and formulations
Promoter & Promoter group: 44.72%
• Public share holding
Institutions: 30.40 %
Non-Institutions: 24.88 %
Categor y wise Sh ar eh o ld in g
Promoters Institution
Non Institution
Market Cap : Rs 11,988.
Total Shares: 29,661,733 Year Dividend(Rs)
• 26% rise in sales in 2018-19, only 3% came from growth in
Face Value per share : Rs.10/- 2019 15
volume mainly because a few of the manufacturing assets did
Market Value/share : Rs.3993
not run to their potential despite market demand. 2018 12
Bonus History :
1991(1:4) 2017 10
• Sales increased from 3052 cr to 3856 cr in 2018-19. EBIT margin
P/E ratio : 24.98
Increased to 20% from 17%. Profit before tax increased to 652 cr 2016 10
EPS : Rs.145/--
from 397 cr
P/B ratio : 4.39 2015 8.5
• Company has decided to invest 412cr in 9 projects & 57cr in its
subsidiaries and it is expected to generate additional sales of
846cr in a coming year MANAGEMENT DISCUSSION ANALYSIS
• Subsidiary companies are doing well. Atul Bioscience crosses
sales of 100cr. Anaven, JV with Nouryon, is expected to start Life Science Chemicals (LSC) segment performing well. Its
production in 2020-21, the project is running behind schedule sales increased by 26% from 1,027 cr to 1,289 cr.
Primary reasons being Good demand and higher price
realisation for one of the key herbicides.
Pharmaceutical sales increased by by 43% from 367cr to
526cr
BOARD OF DIRECTOR’S REPORT
Other product groups that doing well are Aromatics &
• Dr S S Baijal and Mr H S Shah ceased to be Independent Polymers.
Aromatics group consists of 20 products. Sales increased
Directors of the Company effective March 31, 2019 on expiry of
their term from 539cr to 711cr. One project was completed and two
new projects were undertook
• Cash flow from Operating incomes before working capital Polymers group consist of 96 synthetic products and 300
increased by 60% from 480cr to 770cr. Net cash flow increased formulations. Sales increased from 858cr to 1048cr
by 22% from 325cr to 397cr
KEY HIGHLIGHTS
• Atul has grown market share in both domestic and foreign
markets. Sales in India increased by 26% from 1,538cr to 1,937cr. Developed 23 new products and formulations. Entered
Sales outside India increased by 26% from 1,514 cr to 1,908 cr eight new geographies. Debottlenecked capacities in 16
products.

Aurobindo Pharma Limited, founded in
1986, is one of India's top 5 pharma
companies in terms of turnover, and has
presence in the generic and Active
Pharmaceutical Ingredients segments.
The company's robust product portfolio is
spread across 6 product areas, including
antibiotics, anti-retro virals, anti-allergics.
Aurobindo Pharma became a public company
in 1992 and listed its shares in the Indian
stock exchanges in 1995.
• Promoter & Promoter group: 51.87%
• Public share holding
Institutions: 35.16 %
Non-Institutions: 12.97 %
Categor y wise Sh ar eh o ld in g
Promoter Group
MF/UTI
FII
Vice Chairman’s Letter to Share Holder Market Cap : Rs.46052.9 Cr Dividend History
Total Shares: 585,915,609 Year Dividend(%)
• Our strategic investment and acquisitions have added value not Face Value per share : Rs.1/-
just in terms of improving revenues and profitability, but also Market Value / share : Rs.786 2019 125
acted as stepping stones for foraying into new regions, Bonus History : 2018 125
therapeutic areas or dosage forms. 2015 (1:1)
2000(1:1) 2018 100
• Maintained sustained growth across businesses, regions and 1998(1:1) 2017 150
segments. For 2018-19, our consolidated revenues increased by P/E ratio : 30.10
18.6% to Rs.195,636 million following strong growth US, Europe EPS : Rs.26.11/- 2017 125
and other Growth Markets. P/B ratio : 4.06 2016 125
• The industry is seen growing at 3-6% over the next five years to
MANAGEMENT DISCUSSION ANALYSIS
reach US$ 1.5 trillion by 2023. Within the industry, specific areas
such as specialty medicines and biosimilar are seen growing at a Global economic activity softened to 3.6% in 2018 from
faster pace 3.8% in 2017 as the Eurozone, Japan and China recorded
sluggish growth. The lingering US-China trade tensions
• As one of the leading global pharmaceutical companies, it is and the elevated rhetoric around protectionism, coupled
increasingly important for us to upgrade our manufacturing and with Brexit uncertainty, dampened business confidence.
compliance system
Indian economy too slowed down to 6.8% in 2018-19,
after growing at 7.5% in the first half of the fiscal year,
BOARD OF DIRECTOR’S REPORT due to weak industrial output
• The acquisition of Apotex Inc’s businesses opened doors to
markets in the Eastern Europe. The Company also acquired R&D Global healthcare spending is expected to grow at 5.4%
assets from Advent Pharmaceuticals Pty Ltd., Australia boosting annually between 2018 and 2022, significantly higher
its R&D capabilities in the respiratory segment. than the 2.9% seen in 2013-17 , attributed to expanding
health coverage in emerging markets, aging population.
• Its wholly owned subsidiary, Helix Healthcare BV, Netherlands
Company invested in joint venture with Shandong Luoxin, china Pharma spending in the US stood at US$484.9 billion in
2018, making it world’s largest pharmaceutical market.
• US business reported 21.3% growth to reach Rs.90,307.3 million
and contributed 46.2% to the total revenues. The growth in Aurobindo is exposed to market risk if the Company is
revenues were driven by new product launches, increase in the unable to maintain sufficient portfolio of products.
market share of existing products across the segments such as Company is significantly dependent on the US and
oral solids, injectables and OTC businesses Europe markets for its business
 Chairman’s Letter to Shareholder Market Cap : Rs.83870.14 Cr Dividend History
Total Shares: 289,367,020 Year Dividend(%)
• Total turnover increased by 18.5% to 31,899 crore. This is the Face Value per share : Rs.10/-
Company’s highest ever top-line. Share Price : Rs.2899.50 2019 600
Bonus History : 2018 600
• Total operating income grew by 20.1% to 30,540 crore — also 1973,1997(1:2)
Bajaj Auto’s highest. 1991,1988,197 2017 550
Bajaj Auto Ltd is an Indian two wheeler
company and three-wheeler manufacturing 6(1:1) 2016 500
company based in Pune, Maharashtra. It • Operating EBITDA increased by 4.7% to 5,387 crore. P/E ratio : 17.90
EPS : Rs.161.93/- 2015 500
manufactures motorcycles, scooters and auto
• Bajaj Auto has begun to grow its domestic market share in P/B ratio : 3.65 2014 500
rickshaws. Bajaj Auto is a part of the Bajaj
motorcycles. In the course of a single year, FY2019, it succeeded
Group. It was founded by Jamnalal Bajaj in
Rajasthan in the 1940s.
in increasing its domestic sale of motorcycles by almost 29%. MANAGEMENT DISCUSSION ANALYSIS
It is the world’s 3rd largest manufacturer of • Exported over 2 million motorcycles, three-wheelers plus its Bajaj Auto’s sales increased by 28.7% to over 2.5 million
motorcycles and the second largest in India. new quadricycle, the QUTE, to no less than 79 countries. units. Consequently, Bajaj Auto’s share in the domestic
It is the world’s largest three-wheeler motorcycles market increased by 3 percentage points to
manufacturer. • Bajaj Auto’s overall three-wheeler sales grew by more than 22% 18.7%. (Market leader in the Three-Wheeler segment)
to reach an all-time high. Much of this growth was driven by an
impressive 43% growth in exports. To enhance safety during braking on our motorcycles,
ABS technology has been introduced on all models above
125 cc and CBS/Anti-Skid technology on rest.
Holder’s Name % Share Holding BOARD OF DIRECTOR’S REPORT
Promoters 53.52 • Bajaj Auto’s 22% growth in motorcycles and 43% growth in Bajaj Auto’s return on operating capital employed stood
commercial vehicles means that it remains by far, India’s No.1 at 198%. Surplus cash and cash equivalents as at 31
General Public 16 exporter of two and three wheelers. Exports accounted for March 2019 stood at 16,368 crore compared to 15,542
40.1% of the Company’s net sales as against 39.3% in FY18. crore as at 31 March 2018 — an increase of 5.3%.
Foreign institutions 14.61 • ITotal foreign exchange earned by the Company during the year
under review was 11,434.23 crore, as compared to 9,281.46 In the last couple of years, with ‘Women Only’ assembly
crore during FY18. lines in place, women employee strength has more than
Others 7.3
• Significant reduction in energy consumption has been achieved tripled — from 148 in FY2014 to 471 in FY2019.
Financial institutions 6.36 i.e., 5.53% in electricity consumption as compared to 2018 as a
result of initiatives taken. In the Goods carrier business — an area that the
Banks mutual funds 2.2 • 4,400 (nos.) of Qute were sold in various international markets company entered three years earlier; domestic sales
during the year 2018-19, as against 1,605 (nos.) in the year have increased to 30,618 units, and now account for
2017-18. almost 24% of this segment’s market share.