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SMS Pharmaceuticals Ltd Interim / Quarterly Report 2021
62302_rns_2021-11-12_366590ba-11eb-40c0-a4c7-befb5fcd9369.pdf
Interim / Quarterly Report
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Date: 12'h November, 2021
To The Manager, Corporat e Filings Department, BSE Limited, Ph iroze Jeejee bhoy Towers, Da lal Street, Mumbai- 400 001.
Registered & Corporate Office: Plot No. 72, 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: +91-40-25259889 CIN : L24239TG1987PLC008066 The Manag~ail: [email protected], www.smspharma.com Li sting Compliance Department, Nat iona l Stock Excha nge of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Comp lex, Band ra (E), Mumbai - 400 051.
Security Code: 532815
Sym bol: SMSPHARMA
Subject: Outcome of Board M eeting held on 12'h November, 2021
Dea r Sir/Madam,
With reference to the above subj ect, we would like to inform you that Board of Directors of the Company at their meeting held today, inter-alia considered and approved t he following:
-
The Sta ndalone and Consol idated Un-audited Financial Results for the Qua rter and half yea r ended 30th September, 2021 along with the Limited Review Report.
-
Approved the resignation of Mr. V S Venkatish, Company Secretary and Compliance Officer, and he w ill be reli eved on or before 31st Jan uary, 2022.
Accord ingly, please find t he enclosed the following:-
- Sta nda lone and Consol idated un-audited Financial Results for the quarter and half yea r ended 30th Sept ember, 2021 along w ith t he Limited Review Report.
The meeting com menced at 10.30 AM and co ncluded at 01.55 PM.
Please take the above int imation on your records.
Yours fa ithf ully, For SMS Pharmaceuticals Limited ~ nkati sh
V.S.ve Company Secretary
(encl: a/a )
SMS PHARMACEUTICALS LIMITED
(CIN : L24239TG1987PLC008066)
Regd. Office: Plot No.72, H.No.8-2-334/3&4, Road No.5, Opp.SBI Executive Enclave, Banjara Hills, Hyderabad-500 034, Telangana, India Tel: +91-40-35359999 / 25259999, Fax :+91-40-2525 9889; Email : [email protected]
Statement of Standalone Un-Audited Financial Results for the Quarter and Half Year Ended 30th September, 2021
| ( Rs. In Lakhs \ | |||||||
|---|---|---|---|---|---|---|---|
| r EndedHalf Year ended | Year ended | ||||||
| S.No | Particulars | 30.09.2021 | 2021 | ||||
| (Unaudited) I (L | |||||||
| 1 | Revenue From Operations | 17,470.09 | 16,300.07 | 1 13,012.74 | 33,770.16 | 1 24,302.28 | 56,317.75 |
| 2 | Other Income | 135.51 | 128.66 | 91.55 | 264.17 | 131.12 | 345.29 |
| 3 | Total Revenue | 17,605.60 [ | 16,428.73 [ 13,104.29 | 1 34.034.33 | 1 24.433.40 | 56.663.04 | |
| 4 | Expenses | ||||||
| (a) Cost of Materials Consumed | 13,891.25 | 10,789.40 | 8,039.57 | 24,680.64 | 14,414.34 | 31,326.57 | |
| (b) Changes in Inventories | (4,410.87) | (2,200.62) | 290.80 | (6,611.49) | 1,095.72 | 2,673.26 | |
| (c) Manufacturing Expenses | 1,607.92 | 1,410.79 | 999.86 | 3,018.71 | 1,822.52 | 3,939.38 | |
| (d) Employee Benefits Expense | 1,209.07 | 1,193.17 | 915.08 | 2,402.23 | 1,803.39 | 4,117.17 | |
| (e) Finance Cost | 482.08 | 496.17 | 271.97 | 978.26 | 566.93 | 1,116.25 | |
| (f) Depreciation and Amortization Expense | 808.98 | 799.50 | 561.14 | 1,608.48 | 1,110.56 | 2,228.16 | |
| (g) Other Expenses | 467.36 | 663.47 | 400.44 | 1,130.84 | 613.45 | 2,150.27 | |
| Total Expenses -(a to g) | 14,055.79 | 13,151.881 11,478.86 | 27,207.67 I 21,426.91 | 47,551.06 | |||
| 5 | Profit Before Exceptional and Extraordinary Items and Tax (3-4) | 1,625.43 | .4! | 9,111.98 | |||
| 6 | Exceptional items | ||||||
| 7 | Profit Before Extraordinary Items and Tax (5-6) | 3,549.81 | 3,276.85 | 1,625.43 | 6,826.66 | 3,006.49 | 9,111.98 |
| 8 | Extraordinary Items | ||||||
| 9 | Profit before Tax (7-8) | 3,549.81 | 6,826.66 | 9,111.98 | |||
| 10 | Tax Expenses | 3,276.85 | 1,625.43 | 3,006.49 | |||
| (1) Current Tax | 750.00 | 700.00 | 300.00 | 1,450.00 | 550.00 | 1,604.63 | |
| (2) Deferred Tax | 272.64 | 256.91 | 529.55 | 1.49 | 1,410.89 | ||
| 1, | 956.91 | 31 | 1,979.55 | 1.49 | 1,015.52 | ||
| 11 INet Profit 1 (Loss) for the Period (9-10) | 2,527.17 | 2,319.94 | 111,122.62 | 4,847.11 | 2,043.00 | , n~n.4 n | |
| 12 lather Comprehensive Income (OCI): | |||||||
| Items that will not be reclassified to profit or Loss: | (7.65) | (6.96) | (3.62) | (14.61) | (6.90) | (25.30) | |
| Income Tax effect on the above | 3.35 | 1.75 | 1.21 | 5.11 | <.4' | ||
| (4.30) | (5.2' | (9.50 | (4.4! | (1 | |||
| 13 ITotal Comprehensive Income for the period (11 +12) | 2.52287 | 2,314.73 | (2.3 ~1,120.21 | 4,837.61 | |||
| 14 I Earning Per Equity Share of Re.1each/- | 2.99 | 2.74 | 1.33 | 5.73 | 2.41 | 7.20 | |
| Basic 1 Diluted (not annualised) | |||||||
| Paid-up equity share capital (Face Value of Re.1/-each) | 846.52 | 846.52 | 846.52 | 846.52 | 846.52 | 846.52 | |
| 15 1 Reserves excluding Revaluation Reserve | ,975.8841 | ||||||
| as per balance sheet of previous accounting year | |||||||
*
Standalone Un-Audited Statement of Assets and Liabilities as at 30th September, 2021
| As atAs atSr.Particulars30.09.202131.03.2021No.(Unauditedl(Audited)AASSETS1 Non-Current Assets(a) Property, Plant and Equipment43,723.0145,225.40(b) Capital Work-in-Progress1,430.31674.37(C) Right-ot-use Assets302.86350.67(d) Intangible Assets172.63160.24(e) Financial Assets:(i) Investments4,499.874,499.87(ii) Bank Balances251 .39237.72(iii) Other Financial Assets433.00346.43(t) Other Non-Current Assets724.43563.28Sub Total :Non-Current Assets51,537.5052,057.982 Current Assets(a) Inventories22,253.5213,778.73(b) Financial Assets(i) Trade Receivables11,224.7210,567.98(ii) Cash and Cash Equivalents3,000.244,042.31(iii) Bank Balances(Other than (ii) above)8.678.67(iv) Other Financial Assets30.1836.16(C) Other Current Assets1,858.912, 199.98-(d) Current Tax Asset (Net)299.06Sub Total: Current Assets38,376.2430,932.89TOTAL ASSETS89,913.7482,990.87EQUITY AND LIABILITIESB1 Equity:(a) Equity Share Capital846.52846.52(b) Other Equity46,559.5341,975.88Sub-Total -Shareholders' funds47,406.0542,822.40Liabilities:2 Non-Current Liabilities(a) Financial Liabilities(i) Borrowings12,687.2314,783.53(ii) Lease Liabilities363.24406.35(b) Provisions187.75183.99(C) Deferred Tax Liabilities (net)5,914.855,385.30Sub-Total-Non-Current Liabilities19,153.0720,759.173 Current Liabilities(a) Financial Liabilities(i) Borrowings11,642.9710,268.00(ii) Trade Payables:(a) Dues to Micro & Small Enterprises19.7528.62(b) Dues to Creditors Otherthan Micro & Small Enterprises10,135.736,515.40(iii) Other Financial Liabilities856.281,695.59~~ 90.58(b) Provisions82.35C(e) Other Current Liabilities420.43819.34'"-<:-c>'dl Current Tax Liabilities (Nell188.88IQp:: 0--Current LiabilitiEl/iSub-Total -J;'tt;,<br>23,354,6219,409.30'J:$'~ 1/TOTAL -EQUITY AND LIABILITIES89,913.7482,990.87--c-\Y'l | IRs. in Lakhs) | |||||
|---|---|---|---|---|---|---|
SMS Pharmaceuticals Limited Sta ndalone Statement of Cash Flow for the Half Year Ended 30th Se ptember, 2021
(All amounts in Indian Rupees, unless otherwise stated)
| For th e Half Year ended | For the Year ended | ||
|---|---|---|---|
| 5 No | Particulars | 30th September, 2021 | 31st March, 2021 |
| A | Cash Flow from Operating Activities | ||
| Profit Before Tax | 6,826.66 | 9,111.98 | |
| Adjustments for: | |||
| Depreciation and Amortisation Expense | 1,608.48 | 2,228.16 | |
| Interest Income | (11.22) | (15.19) | |
| Allowance for Doubtful Debts | 7.84 | ||
| Interest on Non Current Borrowings | 756.13 | 543.78 | |
| Provision for Employee Benefits | 2.50 | 5.20 | |
| Amortisation of Transaction Cost on Borrowings | 9.54 | 6.23 | |
| Notional Rent Expense | (0.50) | (1.02) | |
| Loss on Sa le of Assets | 0.80 | ||
| Operating Profit before Working Capital Changes | 9,191.59 | 11,887.80 | |
| Change in Operating As sets and Liabilities | |||
| (Increase)/Decrease in Trade Receivables | (656.74) | (5,698.75) | |
| (Increase )/Decrease in Inventories | (8,474.79) | (858.71) | |
| (Increase)/Decrease in Other Non Current Financial Assets | (86.57) | (14.48) | |
| (Increase)/Decrease in Other Non Current Asset | (161.15) | 2,951.35 | |
| (Increase)/Decrease in Other Current Financial Assets | 5.98 | (7.66) | |
| (Increase)/Decrease in Other Current Assets | 341.07 | 576.83 | |
| (Increase)/Decrease in Prepaid Taxes | 487.94 | 11.30 | |
| Increase/(Decrease) in Trade Payables | 3,611.46 | 2,094.61 | |
| Increase/(Decrea se) in Other Financial Liabilities | 230.11 | ||
| Increase/(Decrease) in Other Cu rrent Liabilities | (442.04) | (292.33) | |
| (5,144.73) | (1,237.82) | ||
| Cash generated from Operations | 4,046.86 | 10,649.98 | |
| Income Taxes Pa id | (1,450.00) | (1,604.63) | |
| Net Cash Inflow from Operating Activities "A" | 2,596.86 | 9,045.35 | |
| B | Cas h flows from Investing Activities | ||
| Purchase of Property, Plant and Equipment | (1,896.32) | (15,174.90) | |
| Sa le of Property, Plant and Equipment | 0.79 | 13.31 | |
| Payments for Purchase of Investments | |||
| Margin Money Deposits | (13.67) | (16.62) | |
| Interest Received on Margin Money Deposit | 11.22 | 18.98 | |
| Net Cash Outflow from Investing Activities "B" | (1,897.98) | (15,159.23) | |
| C | Cas h Flows from Financing Activities | ||
| Proceeds from Long Term Borrowings | 10,572.84 | ||
| Repayment of Long Term Borrowings | (2,105.84) | (1,727.00) | |
| Proceeds from Short Term Borrowings | 1,374.97 | 1,172.56 | |
| Repayment of Short Term Borrowings | (202.23) | ||
| Interest paid on Borrowings | (756.12) | (614.40) | |
| Dividend Paid to Company's Shareholders | (253.96) | ||
| Net Cash Inflow (Outflow) from Fi nancing Activities "C" | (1,740.95) | 9,201.78 | |
| Net Increase (Decrease ) in Cash and Cash Equivalents (A+B+C) | (1,042.07) | 3,087.89 | |
| Cash and Cash Equivalents at the Beginning of the Financial Year (Refer Note | |||
| 9) | 4,042.31 | 954.42 | |
| Less: Cash Equivalents on account of Demerger | |||
| Cash and Cash Equivalents at End of t he Year (Refer Note 9) | 3,000.24 | 4,042.31 |
V
Notes:
- 1 The above standalone un-audited financial results for the quarter ended September 30, 2021 have been reviewed by the Audit Committee on November 11,2021 and approved by the Board of Directors at their meeting held on November 12, 2021 . The statutory auditors of the Company have carried out a limited review on standalone financial results for the quarter ended September 30, 2021 and expressed an unmodified conclusion thereon.
- 2 These standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder ('IND AS') and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI"). (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- 3 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 AS108.
- 4 On March 24, 2021 , the Ministry of Corporate Affairs (MCA) through notification, amended Schedule III of the Companies Act, 2013, applicable for financial period commencing from April 01,2021. Pursuant to such amendments, current maturities of long term borrowings of RS.31 .82 crores as at March, 2021 have been reclassified within 'Current liabilities' from 'Other financial liabilities' to 'Borrowings' .
- 5 Figures for the previous period have been reclassified! regrouped wherever necessary to conform to current period's classification. I .----.. For SMS Pharmaceuticals Limitedl
Place: Hyderabad Date : 12-11-2021
Flat # C2, Millenium House, # 8-2-601/8, Road No. 10, Near Zaheer Nagar Cross Road, 8anjara Hills, Hyderabad - 500 034, tb : 040-23386783 1 23386784 B: [email protected]
Independent Auditor's Review Report on the Quarterly Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended
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 September 2021. 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.
This statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on OUf 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 SEBI (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: 12.11.2021
V Nagendra Rao Partner M. No. 227679
UDlN: 21227679AAAAKW7344
SMS PHARMACEUTICALS LIMITED
(CIN ; L24239TG1987PLC008066)
Regd. Office: Plot No.72, H.No.8-2-334/3&4, Road No.5, Opp.SBI Executive Enclave, Banjara Hills, Hyderabad-500 034, Telangana, India Tel: +91-40-35359999 12525 9999, Fax :+91-40-25259889 ; Email : [email protected]
Statement of Consolidated Un-Audited Financial Results for the Quarter and Half Year Ended 30th September, 2021
| HalfYeQuarter Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| s.No | lParticulars | 30.09.2021 | 30.06.2021 | 30.09.2020 | 30.09.2021 | |||
| udited)(Una | (Unaudited) (Unaudited | (Unaudited) | (Unaudited | (Audited) | ||||
| 17,470.09 | 16.300.07 | 13.012.74 | 33,770.16 | 24.302.28 | 56,317.75 | |||
| From Operations | ||||||||
| 2 | Other Income | 135.51 | 128.66 | 91.55 | 264.17 | 131.12 | 345.29 | |
| 3 | Total Revenue | |||||||
| 4 | Expenses(a) Cost of Materials Consumed(b) Changes in Inventories(c) Manufacturing Expenses(d) Employee Benefits Expense(e) Finance Cost(f) Depreciation and Amortization Expense | 13,917.10(4,410.87)1,607.921,209.07482.08808.98 | 10,789.40(2.200.62)1,410.791,193.17496.17799.50 | 8,039.57290.80999.86915.08271.97561.14 | 24,706.49(6,611.49)3,018.712,402.23978.261,608.48 | 14,414.341,095.721.822.521,803.39566.931,110.56 | 31.326.572,673.263,939.384,117.171,116.252,228.16 | |
| (9) Other Expenses | 467.36 | 663.47 | 400.44 | 1,130.84 | 613.45 | 2,150.27 | ||
| Expenses - (a to g) | ||||||||
| 5 | Profit Before Exceptional and Extraordinary Items and Tax (3-4) | |||||||
| 6 | Exceptional items | |||||||
| 7 | Profit Before Extraordinary Items and Tax (5-6) | 3,523.96 | 3,276.85 | 1,625.43 | 6,800.81 | 3,006.49 | 9,111.98 | |
| 8910 | Extraordinary ItemsProfit before Tax (7-8)Tax Expenses | -3,523.96 | -3,276.85 | -1,625.43 | -6,800.81 | -3,006.49 | 9,111.98 | |
| 750.00 | 700.00 | 300.00 | 1,450.00 | 550.00 | 1,604.63 | |||
| 256.91 | 202.81 | 529.55 | 413.49 | 1 | ||||
| 1 022.64 II | 956.91 | 502.81 | 1,979.55 | 963.49 | 3 | |||
| 11 | Net Profit / (Loss) for the Period (9-10) | |||||||
| 12 Share of ProfiU(Loss) in associate companies | ||||||||
| 13 Net Profit (11-12) | ||||||||
| Comprehensive Income (OCI):that will not be redassified to profit or Loss:14 Remeasurement Gain / (Loss) of the defined benefit plans15 Share of Other Comprehensive Income in Associates | ||||||||
| 16 Income Tax effect on the above17 Share of Income Tax effect on the above in Associates | (0.61 | (0.61 | (015 | (1.23 | (0.31 | 2.45 | ||
| 18 Other Comprehensive Income I (Loss) after Tax for the period | 2.55 | 3.46 | 1.91 | (6.01 | (3.61 | 23.44 | ||
| 19 Total Comprehensive Income for the period (13+18) | 2,300.21 | 2,352.81 | 1,095.01 | 4,653.02 | 1,796.03 | 6,229.25 | ||
| 20 I Eaming Per Equity Share of Re.1/-eachBasic / Diluted (not annualised) | 2.72 | 2.78 | 1.30 | 5.50 | 2.13 | 7.39 | V- | |
| equity share capital (Face Value of Re.1/-each) | 846.52 I | 846.52 I | 846.52 I | 846.52 I | 846.52 I | 846.52 | ||
| 21 I Reserves excluding Revaluation Reserveper balance sheet of previous accounting year | 40,206.29 |
(Rs.in Lakhs) As at As at Sr. Particulars No. 30.09.2021 31.03.2021 (Unaudited) (Audited) A ASSETS 1 Non-Current Assets (a) Property, Plant and Equipment 43,723.01 45,225.40 (b) Capital Work-in-Progress 1,430.31 674.37 (c) Right-of-use Assets 302.86 350.67 (d) Intangible Assets 172.63 160.24 (e) Financial Assets: (i) Investments 2,545.69 2,730.29 (ii) Bank Balances 251 .39 237.72 (iii) Other Financial Assets 433.00 346.43 (f) Other Non-Current Assets 724.43 563.28 Sub Total :Non-Current Assets 49,583.32 50,288.40 2 Current Assets (a) Inventories 22,253.52 13,778.73 (b) Financial Assets (i) Trade Receivables 11,224.72 10,567.98 (ii) Cash and Cash Equivalents 3,000.24 4,042.31 (iii) Bank Balances (Other than (ii) above) 8.67 8.67 (iv) Other Financial Assets 30.18 36.16 (c) Other Current Assets 1,858.91 2,199.97 (d) Current Tax Asset (Net) - 299.06 Sub Total: Current Assets 38,376.24 30,932.88 TOTAL ASSETS 87,959.56 81,221.28 B EQUITY AND LIABILITIES 1 Equity: (a) Equity Share Capital 846.52 846.52 (b) Other Equity 44,605.35 40,206.29 Sub-Total -Shareholders' funds 45,451 .87 41,052.81 Liabilities: 2 Non-Current Liabilities (a) Financial Liabilities (i) Borrowings 12,687.23 14,783.53 (ii) Lease Liabilities 363.24 406.35 (b) Provisions 187.75 183.99 (c) Deferred Tax Liabilities (net) 5,914.85 5,385.30 Sub-Total-Non-Current Liabilities 19,153.07 20,759.17 3 Current Liabilities (a) Financial Liabilities (i) Borrowings 11,642.97 10,268.00 (ii) Trade Payables: (a) Dues to Micro & Small Enterprises 19.75 28.62 (b) Dues to Creditors Otherthan Micro & Small Enterprises 10,135.73 6,515.40 (iii) Other Financial Liabilities 856.28 1,695.59 (b) Provisions a) 90.58 82.35 (c) Other Current Liabilities ~ ,/ ~ 420.43 819.34 C' lId) Current Tax Liabilities (Net) , 0' QHvd,.rohc.d 10 \ 188.88 Sub-Total - Current Liabilitie~ <Il Jf'- 23,354.62 19,409.30 '" TOTAL - EQUITY AND LIABILITIES V X--;;-' '3/ 87,959.56 81,221.28
\r ~
Consolidted Un-Audited Statement of Assets and Liabilities as at 30th September, 2021
SMS Pharmaceuticals Limited Consol idated Statement of Cash Flow for the Half Year Ended 30th September, 2020 (All amounts in Indian Rupees, unless otherwise stated)
| 5 No | Particulars | For the Half Yea r ended30th September, 2021 | For the Year ended31st March, 2021 |
|---|---|---|---|
| A | Cash Flow from Operating Activities | ||
| Profit Before Tax | 6,826.66 | 9,11 1.98 | |
| Adjustments for: | |||
| Depreciat ion and Amort isation Expense | 1,608.48 | 2,228.16 | |
| Interest Income | (11.22) | (15.19) | |
| Interest on Non Current Borrowings | 756.13 | 543.78 | |
| Provision for Employee Benefits | 2.50 | 5.20 | |
| Amortisation ofTransaction Cost on Borrowings | 9.54 | 6. 23 | |
| Notional Rent Expense | (0.50) | (1.02) | |
| Loss on Sale of Assets | 0.80 | ||
| Operating Profit before Working Capital Changes | 9,191.59 | 11,887.80 | |
| Change in Operating Assets and Liabilities | |||
| (Increase)/Decrease in Trade Receivables | (656.74) | (5,698.75) | |
| (Increase)/Decrease in Inventories | (8,474.79) | (858.71) | |
| (Increase)/Decrease in Other Non Current Financial Assets | (86.57) | (14.48) | |
| (Increase)/Decrease in Other Non Current Asset | (161.15) | 2,951.35 | |
| 5.98 | (7.66) | ||
| (Increase)/Decrease in Other Current Financial Assets | 341.07 | 576.83 | |
| (Increase)/Decrease in Other Current Assets | 487.94 | ||
| (Increase)/Decrease in Prepaid TaxesIncrease/(Decrease) in Trade Payables | 3,611.46 | 11.302,094.61 | |
| Increase/(Decrease) in Other Financial Liabil ities | 230.11 | ||
| Increase/(Decrea se) in Other Current Liabilities | (442.04) | (292.33) | |
| (5,144.73) | (1,237.82) | ||
| Cash generated from Operations | 4,046.86 | 10,649.97 | |
| Income Taxes Paid | (1,450.00) | (1,604.63) | |
| Net Cash Inflow from Operating Activities "A" | 2,596.86 | 9,045.34 | |
| B | Cash flows from Investing Activit ies | ||
| Pu rchase of Property, Plant and Equipment | (1,896.32) | (15,174.90) | |
| Sale of Property, Plant and Eq uipment | 0.79 | 13.31 | |
| Margin Money Deposits | (13.67) | (16.62) | |
| Interest Received on Margin Money Deposit | 11.22 | 18.98 | |
| Net Cash Outflow from Investing Activities liB" | (1,897.98) | (15,159.23) | |
| C | Cash Flows from Financing Activities | ||
| Proceeds from Long Term Borrowings | 10,572.84 | ||
| Repayment of Long Term Borrowings | (2,105.84) | (1,727.00) | |
| Proceeds from Short Term Borrowings | 1,374.97 | 1,172.56 | |
| Repayment of Short Term Borrowings | (202.23) | ||
| Interest paid on Borrowings | (756.12) | (614.40) | |
| Dividend Paid to Company's Shareholders | (253.96) | ||
| Net Cash Inflow (Outflow) from Financing Activities "c" | (1,740.95) | 9,201.78 | |
| Net Increase (Decrease) in Cash and Cash Eq uivalents (A+B+C) | (1,042.07) | 3,087.89 | |
| Cash and Cash Equivalents at the Beginning of the Financial Year | |||
| (Refer Note 9) | 4,042.31 | 954.42 | |
| Cash and Cash Equivalents at End of t he Yea r (Refer Note 9) | 3,000.24 | 4,042.31 |
Notes:
- 1 The above Consolidated un-audited financial results for the quarter ended September 30, 2021 have been reviewed by the Audit Committee on November 11 , 2021 and approved by the Board of Directors at their meeting held on November 12, 2021 . The statutory auditors of the Company have carried out a limited review on Consolidated financial results for the quarter ended September 30, 2021 and expressed an unmodified conclUsion thereon.
- 2 These consolidated financial results of the Company have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder ('IND AS') and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").
- 3 VKT Pharma Private Limited is considered as an associate Company for the consolidation in the which the Company holds 42.62% in their equity. Accordingly, the results include appropriate shares of the Company the results of the said associate. The Company has one Joint venture "Chemo SMS Enterprises SL" in which there were no operations during the reporting period.
- 4 Consolidated Financial Statements have been prepared by applying Accounting Standard "Ind AS" 27 "Accounting for Investments in Associates in Consolidated Financial Statements" as applicable under the Companies Act,2013 and applicable rules there under.
- 5 The Group is engaged in the manufacturing Active Pharmaceutical Ingredients and their intermediates and the same constitutes a single reportable business segment as per Ind AS1 OB.
- 6 On March 24, 2021 , the Ministry of Corporate Affairs (MCA) through notification , amended Schedule III of the Companies Act, 2013, applicable for financial period commencing from April 01,2021. Pursuant to such amendments, current maturities of long term borrowings of Rs.31.B2 crores as at March 31 , 2021 have been reclassified within 'Current liabilities' from 'Other financial liabilities' to 'Borrowings'.
- 7 Figures for the previous period have been reclassified! regrouped wherever necessary to conform to current period's classification.
Place: Hyderabad
Date : 12-11-2021 Chairman and Managing Director DIN: 00166381
Flat # C2, Millenium House, # 8-2-601/B, Road No. 10, Near Zaheer Nagar Cross Road, Banjara Hills, Hyderabad - 500 034, (() : 040-23386783/23386784 B : [email protected]
INDEPENDENT AUDITOR'S REPORT
TO THE BOARD OF DIRECTORS OF SMS PHARMACEUTICALS LIMITED
Report on the Review 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 September 30, 2021, 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 September 30,2021:
- (i) includes the share of profit/ (loss) of the following associate entity/joint venture
- I. VKT Pharma Private Limited
-
- Chemo SMS Enterprises SL
- (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 September 30, 2021.
Flat # C2, Millenium House, # 8-2-601/B, Road No. 10, Near Zaheer Nagar Cross Road , Banjara Hills, Hyderabad - 500 034, (() : 040-23386783 1 23386784 18): [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 ("ICAI") 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 fulfilled 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. 111e 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.
In preparing the consolidated financial results, the respective Board of Di.J:ectors 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 tlle 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 Consolidated 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 tllese Consolidated Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism tluoughout 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 perfonn 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 tllat 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.
• Conclude on the appropriateness 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 unaudited financial statements/ financial results of associate nanlely VKT Pharma Private Limited which have been reviwed by their auditor whose financial statements / financial results reflect total assets of Rs. 20,070.31 lakhs as at 30th September 2021 total revenue of Rs. 1,045.06Iakhs, total net profit after tax of Rs. (465.90) lakhs and total comprehensive income of Rs. (461.80) lakhs for the quarter ended 30th September 2021.
Flat # C2, Millenium House, # 8-2-601/B, Road No. 1 0, Near Zaheer Nagar Cross Road, Banjara Hills, Hyderabad - 500 034, ({) : 040-23386783 1 23386784 18: [email protected]
The consolidated financial results include the unaudited financial statements/ financial results of joint venture namely Chemo SMS Enterprises SL in which there is no operations during the quarter ended on 30th September 2021. Hence, there is no significant effect on the financial statements and not material to the group.
The independent auditors' reports on financial statements/ Financial Results of the entity have been furnished to us and Oill' 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: 12.11.2021
UDIN: 21227679AAAAKX1134 V Nagendra Rao
Partner M. No. 227679