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SMS Pharmaceuticals Ltd Interim / Quarterly Report 2021
62302_rns_2020-08-12_5d6d40bb-c4d3-4297-b3d3-bd815dddff63.pdf
Interim / Quarterly Report
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Registered & Corporate Office .' Plot No. 72, H. No. 8-2-334/3 & 4, Road No.5, Opp. SBI Executive Enclave, Baniara Hills, Hyderabad - 500 034, Telangana, INDIA. Tel.' +91-40-2525 9999, Fax.' +91-40-25259889 CIN .' L24239TG1987PLC008066 Email: [email protected], www.smspharma.com
Date: 12'h August, 2020
To, The Ma nager, Corporate Fi lings Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001
The Manager, Listing Compliance Department, National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Ba ndra-Kurla Complex, Bandra (E), Mumbai - 400 051.
Security Code: 532815
Symbol: SMSPHARMA
Subject: Outcome of Board Meeting held on 12'h August, 2020
Dear Sir/Madam,
With reference to the above subject, we would like to inform you that Board of Directors of the Company at their meeting held on today, inter-alia considered and approved the following:
- Approved the Standalone and consolidated Un-audited Financial Results for the Quarter ended 30th June, 2020 along with the Limited Review Report
Accordingly, please find the enclosed the following:-
- Standalone and Consolidated un-audited Financial Results for the quarter ended 30th June, 2020 along with the Limited Review Report.
The meeting commenced at 12.30 PM and concluded at 2.50 PM. Please take the above intimation on your records.
Yours faithfully, For S~S prr;aceuticals Limited
v.s 0 Company Secretary
| 5M5 PHARMACEUTICALS LIMITED | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (CIN: L24239TG1987PLC008066) | |||||||||
| Regd. Office: Plot No.72, H.No.8-2-334/3&4, Road No.5, Opp.S81 Executive Enclave, Banjara Hills, Hyderabad-500 034, Telangana, India | |||||||||
| Tel: +91-40-2525 9999, Fax :+91-40-2525 9889; Email: [email protected]Standalone Statement of Un Audited Financial Results for the Quarter Ended 30th June, 2020 | |||||||||
| I Rs. In Lakhs ) | |||||||||
| Quarter Ended | Year ended | ||||||||
| 5.No | Particulars | 30.06.2020 | 31.03.2020 | 30.06.2019 | 31.03.2020 | ||||
| (Un Audited) | (Audited) | (Un Audited) | (Audited) | ||||||
| 1 | Revenue From Operations | 11,289.54 | 9,646.68 | 11,713.60 | 41,194.69 | ||||
| 2 | Other Income | 81.19 | 308.77 | 65.25 | 511.34 | ||||
| 3 | Total Revenue | 11,370.73 | 9,955.45 | 11,778.85 | 41,706.03 | ||||
| 4 | Expenses | 6,374.76 | 6,145.70 | 8,533.16 | 25,950.18 | ||||
| (aj Cost of materials consumed | 804.92 | (250.86) | (1,233.07) | (1,314.08) | |||||
| (b) Changes in inventories | 822.67 | 868.97 | 832.30 | 3,363.87 | |||||
| (e) Manufacturing Expenses(d) Employee Benefits Expense | 888.31 | 1,007.71 | 966.07 | 3,935.22 | |||||
| (e) Finance costs | 294.96 | 287.34 | 341.52 | 1,221.14 | |||||
| (f) Depreciation and amortisation expense | 549.42 | 600.32 | 530.24 | 2,206.64 | |||||
| (g) Other expenses | 254.63 | 433.23 | 274.52 | 1.267.50 | |||||
| Total Expenses - (a to g) | 9,989.67 | 9,092.41 | 10,244.74 | 36,630.47 | |||||
| 5 | Profit before Exceptional and Extraordinary Items and Tax (3-4) | 1,381.06 | 863.04 | 1,534.11 | 5,075.56 | ||||
| - | - | - | |||||||
| 6 | Exceptional items | -1,381.06 | 863.04 | 1,534.11 | 5,075.56 | ||||
| 7 | Profit before Extraordinary Items and Tax (5-6) | - | - | - | - | ||||
| 8 | Extraordinary Items | 1,381.06 | 863 .04 | 1.534.11 | 5.075.56 | ||||
| 9 | Profit before Tax (7-8) | ||||||||
| 10 | Tax Expenses(1) Current Tax | 250.00 | (46.60) | 330.00 | 894.14 | ||||
| (2) Deferred Tax | 210.68 | 284.90 | 256.00 | 912.57 | |||||
| 460.68 | 238.30 | 586.00 | 1,806.71 | ||||||
| 11 | Net Profit / (Loss) for the Period (9-10) | 920.38 | 624.74 | 948.11 | 3,268.85 | ||||
| 12 | Other Comprehensive Income/(Loss) (OCI): | ||||||||
| Items that will not be reclassified to statement of Profit & l oss | |||||||||
| Remeasurements of post-employment benefit obligations | (3.29) | (2.46) | (3.24) | (13.15) | |||||
| 13 | Total Other Comprehensive Income/(loss) before related Tax | (3.29) | (2.46) | (3.24) | (13.15) | ||||
| (1.15) | (0.86 | (1.13 | (4.59 | ||||||
| 14 | Deferred Tax on OCI | ||||||||
| 15 | Other Comprehensive Income/(loss) after tax for the Year (13-14) | (2.14 | (1.60) | (2.11 | (8.55) | ||||
| 16 | Total comprehensive Income for the periodfyear (11+15) | 918.24 | 623.14 | 946.00 | 3,260.30 | ||||
| 17 | Earnings Per Equity Share | ||||||||
| (of Re.1/ each) (not annualised) | |||||||||
| (a) Basic | 1.09 | 0.74 | 1.12 | 3.86 | |||||
| (b) Diluted | 1.09 | 0.74 | 1.12 | 3.86 | |||||
| 846.52 | 846.52 | 846.52 | 846.52 | ||||||
| 18 | Paid-up equity share capital (Face Value of Re.1/- each) | ||||||||
| 19 | Other Equity excluding Revaluation Reserves as per balance sheet of | 35,895.87 | |||||||
| previous accounting year |
Notes:
- 1 The above standalone Financial Results have been reviewed and recomended by the Audit Committee on 12th August, 2020 and have been approved by the Board of Directors at its meeting held on 12th August, 2020.
- 2 Results for the quarter ended 30th June, 2020 were subjected to 'Limited Review' by the Auditors and there report contains no qualifications.
- 3 The standalone audited financial results of the Company have been prepared in accordance with t he Indian Accounting Standards ("Ind AS") prescribed under section 133 of the Companies Act,2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (List ing Obligations and Disclosure Requirements) Regulations,2015.
- 4 The figures for the quarter ended 31st,March 2020 are the balancing figures between audited figures in respect of full financial year upto 31st March, 2020 and the unaudited published year to date figures upto 31st December, 2019, being the date of the end of the third quarter of the financial year which were subjected to limited review.
- 5 The Company has not experienced any significant impact on its operations, supply chain and recoverability of carrying amounts of financial and non-financial assets due to COVID 19 pandemic. As the pandemic continues to evolve, the company will continue to closely monitor for any material changes to future economic conditions.
- 6 The Company is engaged in the manufacturing of Active Pharmaceutical Ingredients and their intermediates and the same constitutes a single reportable business segment as per Ind AS 108.
- 7 Figures of previous period have been regrouped / rearranged wherever necessary to confirm to the current period's classification.
*
Foe SMS PhD "" um''''
Ramesh Babu Potluri Chairman and Managing Director DIN: 00166381
Place: Hyderabad Date: 12-08-2020 SURYANARAYANA & SURESH Chartered Accountants
Flat # C2, Millenium House, # 8-2-601lB, Road No. 10, Near Zaheer Nagar Cross Road, Banjara Hills, Hyderabad - 500 034, : 040-233867831 23386784 : [email protected]
Limited Review Report
To The Board of Directors SMS Pharmaceuticals Limited Hyderabad.
We have reviewed the accompanying statement of unaudited financial results of SMS Pharmaceuticals Limited ("the Company"), for the quarter ended 30th June 2020. This statement which is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial information performed by Independent Auditor of Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with the aforesaid Indian Accounting standards and other accounting principles generally accepted in India has not disclosed the information reqUired to be disclosed in terms of regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Place: Hyderabad Date: 12-08-2020
For Suryanarayana & Surash., Chartered Accountants Reg. NO.006631S
V Nagendra Rao Partner M . No. 227679
UDlN: 20227679AAAAEK5790
SMS PHARMACEUTICALS LIMITED
(CIN: l24239TG1987PlC008066)
Regd. Office: Plot NO.n, H.No.8-2-334/3&4, Road No.5, Opp.SBI Executive Enclave, Banjara Hills, Hyderabad-500 034, Telangana, India Tel: +91-40-2525 9999, Fax :+91-40-2525 9889; Email: [email protected]
Consolidated Statement of Un Audited Financial Results for the Quarter Ended 30th June, 2020
| ( Rs. In l akhs ) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Quarter Ended | Year ended | |||||||
| S.No | Particulars | 30.06.2020 | 31.03.2020 | 30.06.2019 | 31.03.2020 | |||
| (Un Audited) | (Audited) | (Un Audited) | (Audited) | |||||
| 1 | Reven ue From Operations | 11,289.54 | 9,646.68 | 11,713.60 | 41,194.68 | |||
| 2 | Other Income | 81.19 | 308.77 | 65.25 | 511.35 | |||
| 3 | Total Revenue | 11,370.73 | 9,955.45 | 11,778.85 | 41,706.03 | |||
| 4 | Expenses(a) Cost of materials consumed(b) Changes in inventories(c) Manufacturing Expenses(d) Employee Benefits Expense(e) Finance costs(f) Depreciation and amortisation expense(g) Other expenses | 6,374.76804.92822.67888.31294.96549.42254.63 | 6,145.70(250.86)868.971,007.71287.34600.32433.23 | 8,533.16(1,233.07)832.30966.07341.52530.24274.52 | 25,950.18(1,314.08)3,363.873,935.221,221.142,206.641,267.50 | |||
| Total Expenses - (a to g) | 9,989.67 | 9,092.41 | 10,244.74 | 36,630.47 | ||||
| 5 | Profit before Exceptional and Extraordinary Items and Tax (3-4) | 1,381.06 | 863.04 | 1,534.11 | 5,075.56 | |||
| 6 | Exceptional items | - | - | - | - | |||
| 7 | Profit before Extraordinary Items and Tax (5-6) | 1,381.06 | 863.04 | 1,534.11 | 5,075.56 | |||
| 8 | Extraordinary Items | - | - | - | - | |||
| 9 | Profit before Tax (7-8) | 1,381.06 | 863.04 | 1,534.11 | 5,075.56 | |||
| 10 | Tax Expenses | |||||||
| (1) Current Tax(2) Deferred Tax | 250.00210.68 | (46. 60)284.90 | 330.00256.00 | 894.14912.57 | ||||
| 460.68 | 238.30 | 586.00 | 1,806.71 | |||||
| 11 | Net Profit / (loss) for the Period (9-10) | 920.38 | 624.74 | 948.11 | 3,268.85 | |||
| 12 | Share of profit / (loss) of associates | (217.67) | 14.52 | (171.33) | (111.47) | |||
| 13 | Minority Interest | - | - | - | - | |||
| 14 | Net Profit / (loss) after taxes, minority interest and share of profit /(loss) of associates (11+12-13) | 702.71 | 639.26 | 776.78 | 3,157.38 | |||
| 15 | Other Comprehensive Income/(loss) (OCI):Items that will not be reclassified to statement of Profit & loss | |||||||
| Remeasurements of post-employment benefit obligations | (3.29) | (2.46) | (3.24) | (13.15) | ||||
| 16 | Share of Other Comprehensive Income in Associates | 0.59 | (7.41) | 0.53 | (9.09) | |||
| 17 | Income Tax effect on the above | (1.00' | (2.79 | (0.99) | (6.96) | |||
| 18 | Other Comprehensive Income/(Loss) after tax for the Year (15+ 16-17) | (1.70) | (7.08) | (1.72) | (15.28) | |||
| 19 | Total comprehensive Income for the period/year (14+18) | 701.01 | 632.18 | 775.06 | 3,142.10 | |||
| 20 | Earning Per Equity Share(of Re.1/ each) (not annualised)(a) Basic(b) Diluted | 0.830.83 | 0.760.76 | 0.920.92 | 3.733.73 | |||
| 21 | Paid-up equity share capita l (Face Value of Re.l/- each) | 846.52 | 846.52 | 846.52 | 846.52 | |||
| 22 | Other Equity excluding Revaluation Reserves as per balance sheet ofprevious accounting year | 33,977.40 |
Notes:
- 1 The above consolidated Financial Results have been reviewed and recomended by the Audit Committee on 12th August, 2020 and have been approved by the Board of Directors at its meeting held on 12th August, 2020.
- 2 Results for the quarter ended 30th June, 2020 were subjected to 'Limited Review' by the Auditors and there report contains no qualifications.
- 3 The consolidated financial results of the Company have been prepared in accordance with t he Indian Accounting Standards ("Ind AS") prescribed under section 133 of the Companies Act,20B ("the Act") read with relevant rules issued t hereunder and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligat ions and Disclosure Requirements) Regulations,201S
- 4 The figures for the quarter ended 31st March, 2020 are the balancing figures between audited figures in respect offull financia l year upto 31st March, 2020 and the unaudited published year to date figures upto 31st Decem ber, 2019 being the date of the end of the third quarter of the financial year which were subjected to limited review.
- S VKT Pharma Pvt Ltd is considered as associate of t he Company for consolidation in which the Company holds 42.62% in their equity. Accordingly, the results include appropriate sha re of the company in the resu lts of the said associate. The consolidated un audited financia l results includes the un audited financial resu lts of SMS Pharmaceuticals Ltd and its associate company VKT Pharma ?vt Ltd.
- 6 Consolidated Financial Statements have been prepared by applying Accounting Standard "I nd AS" 27 "Accou nting for Investments in Associates in Consolidated Financial Statements" as applicable under the Companies Act,20B and applicable rules there under.
- 7 The figures for the quarter ended 31st March,2020 and quarter ended 30th June,2019 included in t he statement of Consolidated Financial Results for the quarter ended 30th June,2020 have been approved by the parent company's Boa rd of Directors, but have not been subjected to review, as the mandatory requirement for limited review has been mad e applicable for periods beginning 01st April,2019, pursuant to Regulation 33(8) of SEBI (Listing Obligation and Disclosu re Requirement) Reegulations,201S, as amended.
- 8 The Group is engaged in the manufacturing of Active Pharmaceutical Ingredients and their intermediates and the same constitutes a single reportable business segment as per Ind AS 108.
- 9 The Group has not experienced any significant impact on its operations, supply chain and recovera bility of carrying amounts of financial and non-financial assets due to COVID 19 pandemic. As the pandemic conti nues to evolve, t he Group wil l continue to closely monitor for any material changes to future economic conditions.
- 10 Figures of previous period have been regrouped / rearranged wherever necessa ry to confirm to the current period's classification. 'p '" Om"",
,,, 'M'
Ramesh Babu Potluri Chairman and Managing Director DIN: 00166381
Place: Hyderabad Date : 12-08-2020
Road No. 1 0, Near Zaheer Nagar Cross Road, Banjara Hills, Hyderabad - 500 034, IlJ : 040-233867831 23386784 : [email protected]
INDEPENDENT AUDITOR'S REPORT
TO THE BOARD OF DIRECTORS OF SMS PHARMACEUTICALS LIMITED
Report on the Audit of Consolidated Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of SMS PHARMACEUTICALS LIMITED (hereinafter referred to as the holding Company) and its associate (Holding Company and its associate together referred to as the Group) for the quarter ended June 30, 2020, attached here with, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the Listing Regulations).
In our opinion and to the best of our information and according to the explanations given to us, the consolidated financial Results for the quarter ended June 30,2020:
(i) includes the share of profit/ (loss) of the following associate entity
VKT Pharma Private Limited
- (ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
- (iii) gives a true and fair view in conformity with Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act 2013 ("the Act") read with relevant rules issued there under and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Group for the quarter ended June 30, 2020,
Flat # C2, Millenium House, # 8-2-601lB, Road No. 1 0, Near Zaheer Nagar Cross Road, Banjara Hills, Hyderabad - 500 034, ClJ : 040-233867831 23386784 IHI: [email protected]
Basis for Opinion
We conducted our audit of this Consolidated Financial Results in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("lCAl") together with the independence requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Act and the Rules there under and we have fulfill ed our other ethical responsibilities in accordance with these requirements and the ICAl'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 Responsibilities for the Consolidated Financial Results
These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information of the Group including its associates and jointly controlled entities in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and jointly controlled entities and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated 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 preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.
Flat # C2, Millenium House, # 8-2-601/B, Road No. 10, Near Zaheer Nagar Cross Road, Banjara Hills, Hyderabad - 500 034, fl) : 040-233867831 23386784 {gJ : suryanarayanasuresh@gmail,com
tn preparmg the consolidated tmanClaJ results, the respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for assessing the ability of the Group and its associates and jointly controlled entities to continue as a going concern, disclOSing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group 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 associates and jointly controlled entities are responsible for overseeing the financial reporting process of the Group and of its associates and jointly controlled entities.
Auditor's Responsibilities for the audit of the Con solidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results 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 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 these 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 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 opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
• Obtain an understanding of internal financial controls 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 effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management.
Flat # C2, Millenium House, # 8-2-601 /B, Road No. 1 0, Near Zaheer Nagar Cross Road, Banjara Hills, Hyderabad - 500034, r[) : 040-233867831 23386784 121: [email protected]
• ConClude on the appropnateness of the Management's 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 Company's ability 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 opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern .
• Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation .
• Obtain sufficient appropriate audit evidence regarding the Consolidated Financial Results of the Company to express an opinion on the Consolidated Financial Results.
Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding 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.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
The consolidated financial results includes the audited financial statements/ financial results of associate namely VKT Pharma Private Limited which have been audited by their auditor whose financial statements / financial results reflect total assets of RS.16706 lakhs as at 30 June 2020 total revenue of Rs.S07.47 lakhs, total net loss after tax of Rs.510.72 lakhs and total comprehensive income of Rs.S09.70 lakhs for the quarter ended 30 June 2020.
Flat # C2, Millenium House, # 8-2-601/B, Road No. 10, Near Zaheer Nagar Cross Road, Banjara Hills, Hyderabad - 500 034, (() : 040-233867831 23386784 121: [email protected]
The independent auditors' reports on financial statements! Financial Results of the entity have been furnished to us and our opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of the entity, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.
Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
Place: Hyderabad Date: 12-08-2020
For Suryanarayana & Suresh., Chartered ~ Accountants
V Nagendra Rao Partner M. No. 227679
UDIN: 20227679AAAAEL9153