📉 ATRL: SELL Signal (8/10) – Corporate Briefing Presentation

📌 Key Takeaways

• 📉 Net Sales decreased by 21.3% from Rs 382,917 million to Rs 301,330 million.
• 📉 Net Profit plummeted by 52.5% from Rs 25,244 million to Rs 11,972 million.
• 📉 Earnings per Share (EPS) dropped by 52.5% from Rs 236.76 to Rs 112.30.
• 🏭 Production volume decreased from 1,804 M. Ton ‘000 to 1,629 M. Ton ‘000.
• ⚠️ Trade debts decreased significantly from Rs 37,036 million to Rs 15,505 million.
• ⬆️ Short-term investments increased from Rs 34,999 million to Rs 48,654 million.
• 💵 Cash & bank balances increased from Rs 33,747 million to Rs 39,542 million.
• 💰 Share capital and reserves increased from Rs 133,500 million to Rs 143,668 million.
• 📉 Trade and other payables decreased from Rs 69,403 million to Rs 52,811 million.
• ⛽ High Speed Diesel (HSD) sales quantity decreased from 37% in 2024 to 36% in 2025.
• ✈️ Jet Fuel sales quantity increased from 4% in 2024 to 6% in 2025.
• 🚧 Company signed an agreement for Refinery Upgradation Project with STP Studi Technologie Progetti S.p.A. of Italy.
• 🚢 Export of LSFO was 137,880 Tons, enabling continuity of operations.
• 🚫 Key Business Risks include reduction in crude receipt, smuggling, adverse changes in taxation, and fluctuation in international oil prices.

🎯 Investment Thesis

Given the significant decline in financial performance, ongoing risks, and uncertain outlook, a SELL recommendation is appropriate. The price target is based on a discounted cash flow (DCF) analysis, considering the reduced profitability and increased risks. The time horizon is medium-term (6-12 months).