Styrenix Performance Materials Limited — Annual Report 2024

May 6, 2024

May 6, 2024

To, BSE Limited National Stock Exchange of India Limited Dept. DSC_CRD Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot No. C/1, 'G' Block, Dalal Street Bandra- Kurla Complex, BSE Scrip Code: 506222 NSE Symbol: STYRENIX

Mumbai 400 001 Bandra (''E'),Mumbai 400 051

Subject: Outcome of Board Meeting held on May 6, 2024

Dear Sir,

In continuation to our intimation dated April 29, 2024 and in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ['Listing Regulations'], we wish to inform you that at the meeting of the Board of Directors of the Company held today i.e. on May 6, 2024, inter alfa, the following matters were considered:

1. Approval of Audited Financial Results for the year ended March 31, ²⁰²⁴

The Board of Directors approved the Audited Financial Results for the year ended March 31, 2024, along with the Auditors' Report thereon.

Further, in terms of provisions Regulation 33 of the Listing Regulations, we enclose herewith the copy of;

• Audited Financial Results for the 4thquarter and year ended on March 31, 2024;
• Auditors' Report on the Audited Financial Results for the year ended on March 31, 2024;

We also hereby confirm that the Statutory Auditors of the Company, M/s. Talati & Talati LLP, Chartered Accountants (Firm Registration No. 110758W), have issued the Audit Report with Unmodified Opinion in respect of Annual Audited Financial Results for the year ended on March 31,2024.

2. Recommendation of final dividend

The Board has recommended a dividend of Rs. 28.00/- per equity share of Rs. 10/- each (280 %) for the financial year ended on March 31, 2024, subject to approval of members at the ensuing Annual General Meeting (AGM).

The Board meeting commenced at 13.15 hours (IST) and concluded at 13.42 hours (IST).

You are requested to kindly take the same on your records,

Thanking you.

For Styrenix Performance Materials Limited

Chintan Doshi Manager Legal & Company Secretary

Encl: As above

StyrenixPerformanceMaterialsLimited {formerlyknownasINEOSStyrolutionIndiaLtd.) RegisteredOffice|¥ 9th Floor,'SHIVA,SarabhaiCompound,Dr.Vikram SarabhaiMarg,Vadiwadi,Vadodara- 390023.Gujarat,India. +91265-2303201/02|© secshare@styrenix.com|@ www.styrenix.com®

CIN: L25200GJ1973PLC002436

Styrenix Performance Materials Limited {formerlyknown as IneosStyrolutionIndia Limited) 6thFlaor,*Shiva®, SarabhalComplex,Dr.VikramSarabhaiMarg,Vadiwadi, IVadodara —380 023, Gujaral, India

Styrenix Performance Materials Limited

{formerly known as Ineos Styrolution India Limited)

Statement of Audited Financial Results For the Quarter and Year ended Mar 31, 2024

			Fo he Q nd ed r t rte ua r e			ar Fo r t he Ye En de d
Pa rtic ula rs		r Ma 31 , 2 02 4	De 31 ,2 02 3 c	Ma r 3 1, 20 23	Ma r 3 1, 20 24	Ma r 3 1, 20 23
		{R efe r N ) ot e- g	( U ud i d ) te na	er ) (R ef \ o e .s	(A ud ite d)	d) (A ud ite
	Re fro at ion ve nu e m op er s	59 8.7 1	48 4. 68	81 5. 29	2, 22 2. 17	2, 37 2. 27
	r Ot he inc om e	2. 39	1. 72	2.9 7	9.2 6	15 .10
	) To tal inc (I+ om e	60 1.1 0	48 6.4 0	61 8.2 6	2,2 31 .43	2,3 87 .37
	Ex pe ns es
	of Co ria ls ed st te ma co ns um	44 9. 55	36 1.3 7	45 4,1 0	1,6 66 .53	1,7 84 .98
	of Ch in inv rie fin ish ed od nd k-i to an ge s en s go s a w or n- pr og res s	1.9 2	(7 ) .08	6.0 1	(4 ) .28	) (8 .61
	Em plo be fits ye e ne ex pe ns e	18 .27	18 .03	18 .77	67 .2 0	72 .23
	r Ot he ex pe ns es	59 .10	54 .45	72 17	22 9.1 9	24 8.4 6
	) (IV To tal e xp en se s	52 6.8 4	42 6.7 9	54 9. 06	1,9 68 .62	2,0 97 .06
	rof fo PB DI T : P it be D iat ion Int st d Ta re ep rec ere an ex pe ns e x v) , (l-1	74 .26	59 .61	69 .2 0	27 2.8 0	29 0.3 1
	Co Fin sts an ce	0 .6	2 0 .6 7	1. 38	2.7 76	5.3 3
	l) PB DT Pr ofi be fo De cia tio d Ta (V -V t : re pre n an x ex pe ns e	73 .64	58 .94	67 .82	27 0.0 4	28 4.9 8
	De iat ion d a rtis ion at pr ec an mo ex pe ns e	9.2 1	9. 24	9. 60	36 .78	38 .02
	IIl) Pr ofi be fo (V II-V t ta re x	64 .42	49 .70	68 .22	23 3.2 6	24 6.9 6
	Ta e x ex pe ns
	nt Cu tax rre	15. 20	15. 28	16. 91	61 .8 0	65 .27
	) De fe d ch / ( dit tax rre ar ge cre	(0 .14 )	(0 .52 )	) (1 .12	(1 .51 )	) (1 .32
	l ta To ta x e xp en se	16 .08	14 .76	16 .78	60 .09	83 .95
	r r ) / Y Pr ofi fo th e P iod {IX -X t er ea	49 .36	34 .94	42 ,43	173 .17	183 .01
i X	r Ot he eh siv e I co m pr en nc om e
	or t w t b sif ofi Ite t ha ill las ied to t los ms no e rec pr s
	s) of fit Re de fin ed be pla (L / G ain ts me as ur em en ne ns os -	0.1 0	(0. ) 08	0.1 3	0.1 6	0. 85
	of fit fin Inc e t lat ing to ts de ed be pla om ax re re me as ur em en ne ns	(0 ) .02	0.0 2	) (0 .03	(0 ) .04	) (0 .21
	To tal oth he ive in t o f t er co mp re ns com e, ne ax or r	0.0 8	(0 .04 )	0. 10	0. 12	0.6 4
Xi n	To lco eh siv ei ef th eP iod / Y ta m pr en nc om er ea ) (X IX	49 .45	34 .90	42 .53	173 .29	183 .65
Xi v	l Pa id- uit sh ita up eq y ar e c ap	17. 59	17 .5 9	17. 59	17 .59	17 .59
	) f th (F alu ha : IN R 10 ac e v e o e s re
Xv	r Ot he Eq uit y
XV	d) I Ea rni ha (N ali ot ng s pe r s re an nu se
	f IN uit sh R 10 h No mi l v alu ac na e p er eq y ar e o e
	) Ba sic nd D ilu ted (I NR a	28 .07	19. 87	24 13	98 .47	10 4.0 7

Head Office:

Styrenix Performance Materials Limited (formerly known as ineos Styrolution Indla Limited) CIN : L25200GJ1973PLC002436 ath Floor,"Shiva", SarabhalComplex,Dr. VikramSarabhaiMarg,Vadiwadi, Vadodara — 390 023,Gujarat,India Tele : +91 265-2303201 /02 E Mail : secshare@styrenix.com Website: www.slyrenix.com

Reg stered Office : Styrenix Performance Materials Limited {formerly known as Ineos Styrolution India Limited) CIN: L25200GJ1973PLC002436 8th Floor,"Shiva", SarabhalComplex,Dr. VikramSarabhaiMarg,Vadiwadi, Vadodara~390023,Gujarat,India Tele: +91 265-2303201/ 02 E Mail: secshare@styrenix.cam Wabsie : www.slyrenix.com

	at A Ma 31 , 2 02 4 s r	IN R C ro re s A M 3 1, 20 23 at s ar
Pa rtic ula rs	(A ud ite d)	d) (A ud ite
I A S S ET S
nt N 1 ts o n- cu rr e as se
(a ) Pr pl d ui ty t t op er an an eq pm en ,	28 2 .2 4	29 0. 28
(b ) R i gh A t- to et -u se ss s	13 .0 5	19 .1 4
(c ) Ca pi l k in ta w or p ro gr es s	28 .0 9	11 .8 8
(d ) Fi ia l a et na nc ss s
(i ) In in sh st ts ve m en ar es	1. 74	1. 03
(ii ) Lo an s	0 .0 6	0. 03
er (ii i) O fin th ci al et an a ss s	2. 14	3 .5 3
(e ) ( t) N nt ta ts on -c ur re as se ne x	1. 5 1	1. 70
(f i O th nt et er n on -c ur re a ss s	14 .4 0	13 .0 7
nt T l n ot ts a o n- cu rr e as se nt	34 3. 21	34 0. 66
C 2 ts ur re as se	26 8. 66	34 5. 55
(a ) In ie nt ve or s (b ) Fi ia l ts na nc as se
(i ) iv ab le T de ra re ce s	29 6. 87	3 18 .6
(ii ) In in l fu nd st ts ut en m ua s ve m	56 .1 2	-
C (ii i) h nd h ui le nt as a c as eq va s	54 .4 8	10 2 .7
(iv ) B k ba la he ha (ii ) a bo ot rt an nc e n ve	2 .1 3	14 2 .4
(v ) Lo an s	0 .1 5	0 .3
(v i) O th fin cia l ts er an as se	0. 71	0. 29
er t O (c ) th ts cu rr en as se	15 .2 9	11 .7
r (d ) As cla ifie d he ld fo S al t se ss as e	0. 24	0. 40
nt T l c ot ts a u rr e as se	69 4. 64	92 2 .1
O S S S T T A L A ET	1 ,0 37 .8 5	1 ,2 62 .7
Q S E U IT Y A N D L IA B IL IT IE
1 E it qu y
(a ) l Eq ui sh pi ta ty ar e ca	17 .5 9	17 .5
O (b ) th ui t er eq y	70 5 .1 5	69 .1 7
T l e it ot a qu y C 2 No lia bi liti nt n- ur re es	72 2 3 .7	14 7 .7
(a ) Fi ia l lia bi lit ie na nc s
(i ) B in gs o rr ow	9 .7 2	9 .6
(ii ) Le lia bi lit ie as e s	8 .4 2	17 .2
(b ) Pr is io ov ns	29 .2 2	28 .1
(c ) D ef d lia bi lit ie (n ) ta et s er re x	11 .2 3	12 .7
T al lia bi liti ot nt n o n- cu rr e es	58 8 .5	67 9 .7
C 3 li ab ili ti nt ur re es
(a ) Fi ia l lia bi lit ie na nc s
(i )_ B in or ro gs w	0. 19	0. 19
(ii ) Le Li ab ili tie as e s	9 .0 1	7 .9
(ii i) T de ab le ra p ay s
of (a ) t al di d ic nd al l ris ot ut st te m ro a s m en rp es o an ng ue s	17 .1 4	6 .1
f (b ) t di du ed ito he th (i ii) (a ) ab al ut st ot ot an ov e o an ng es o cr rs r	2 10 .3 8	30 4. 29
(iv ) O th f in ci al li ab ilit ie an s er P	10 .6 8 S N H I 0 .4	14 7. 11 0 .2 9
( b ) C l i b i l i i ct t t re on ra a e s __
S/ (c ) ) P vi si ro on s " (d .O th tl ia b ili tie A ) e r cu rr en rt f s ~ w	O N 1. 19 \z 7 .4 6	0 .7 13 .5
." F l rk l i b i l i ti L d E A N ota nt c u e a e s u	) J 2 5 6 .5 ~	4 4 8 0 .2
[ l i b i l i i N t r a e s o ~	\$ Z S / 3 1 5 .1	2 5 4 8
O G S _T T A L E U I T Y A N D L I A B I L I T I E R E	1 ,0 3 .8 7	1 ,2 6 2 5

	Pa rtic ula rs '	r ar Fo th Ye de d e en Ma r 3 1, 20 24 {A ud ite d)	r ar Fo th Ye de d e en Ma r 3 1, 20 23 d) (A ud ite
	:
A	C flo fro tin tiv iti h g ac es as w m o pe ra
	Pr of it be fo ta re x	23 3. 26	24 6. 97
	r : Ad jus fo tm ts en
	De iat io d tis io at pr ec n an am or n ex pe ns e	36 .7 8	38 .0
	In In d its nd d ivi de nd te st re co m e on ep os a	(5 .1 7)	(5 .5
	of (G ai n) / Lo ina tio le } te nt ct ss o n rm n as e co ra	-	(0 .5
	of (G / ai n) Lo fa ir lu io inv (N ) at tm t et ss o n va n es en	(1 .0 0)	0. 26
	Fi st na nc e co s	2. 76	5. 33
	t Ne ch d iff ex an ge er en ce s f	(0 0) .9	(0 .1
	(G ai n) / Lo le inv tm t ss o n sa o es en nt	{0 .7 6)	(0 .0
	(G ai n) / Lo la d uip ld/ di de d (n ) ty t et ss o n pr op er , p an eq m en so sc ar f W rit of / ( W rit ba ck ) o f I (in clu di vis io ) to e e nv en ro ns	(0 6) .5 0. 39	(4 .2 1. 10
	ry ng p Pr ds fr In C la im oc ee om su ra nc e		(1 .5
	Pr isi / C dit b al lo ire d ritt b k ov on re an ce s no ng er re qu en ac w	(0 1) .2	(0 .0
	r Al lo fo do ub tfu l d eb (n ) ts et w an ce	-	(0 .2
	ff Ba d de bt ritt / ( W rit ba ck ) s en o e w	(0 9) .0	0. 01
		31 .2 3	32 .4
	of it be fo ch in d lia bil itie at at ts	26 4. 49	27 9. 38
	Op ing ing er pr re an ge op er as se an s
	r : Ad jus fo tm ts en
	(In )/d in in ies nt cr ea se ec re as e ve or	76 .5 0	(5 .2
	{In )/d in ad iva bl tr cr ea se ec re as e e re ce es	22 .1 1	(1 1. 91
	(In )/d in lo cr ea se ec re as e an s	0. 13	(0 .0
	(In )/d in he r f in cia l a ot et cr ea se ec re as e an ss s	1.4 8	(0 .32
	(In )/d in th nt et cr ea se ec re as e o er n on -c ur re a ss s {In )/d in th nt et cr ea se ec re as e o er c ur re a ss s	0. 94 (3 .5 9)	2. 47 19 .2
	In /(d e) in ad bl tr cr ea se ec re as e pa ya es	(8 ) 3. 50	73 .3
	In /(d e) in th fi ia l l ia bi liti cr ea se ec re as o er na nc es	3. 49	(1 7. 46
	In /(d e) in lia bi liti nt ct cr ea se ec re as co ra es	0. 20	(0 .3
	In /(d e) in vis io cr ea se ec re as p ro ns	1.6 8	5. 53
	r In /(d e) in he lia bi liti ot nt cr ea se ec re as cu rre es	(6 .2 3)	(8 .6
		13 .2 0	56 .5
	C h d / ( ed in ) fro ion te at as ge ne ra us m op er s	27 7. 69	33 5. 96
	f Ta id (n fu nd ) et xe s pa o re	(6 2) 1.4	(6 5. 87
	et N sh in flo w/ (o utf low ) fr tin tiv itie ca om o pe ra g ac s	21 6. 27	27 0.
B	: C h flo fro in in tiv iti st as m ve g ac es w
	or nt Pa f la d ui nd C W IP ts ty t a ym en pr op er , p an eq pm en	(3 ) 8. 64	(1 7. 61
	f nt Pr ds fr d is l o la d uip ty t oc ee om po sa pr op er , p an eq m en	0. 24	5. 76
	(In in ) / ed of B k ba la h eld sh nd h uiv al st t ot ts ve m en p ro ce s an nc es n a s ca a c as eq en	0. 34	(1 29 .3
	of (In in ) / ed M l F ds st t ut m en p ro ce s ua un ve	(5 ) 5. 06	-
	Int In d its nd d ivi de nd t er es co m e on ep os a	5. 16	5.
	et N sh in flo w/ (o utf low ) fro inv tin tiv itie ca m es g ac s	(8 7. 95 )	{1 35 .5
C	: C h flo f fin ci iv iti ct as ro m an ng a es w
	of Pr ds /(r t) b ing nt ep ay m en cu rre or ro s oc ee w		-
	of Pr ds /(r t) b ing nt ep ay m en no n cu rre or ro w s oc ee of	0) {0 .0	-
	Pr inc ipa l e le le ts ts m en as e pa ym en	(9 .0 8)	(7 .8 .1
	Int id t er es pa t (in fro ) Di vid d ity ha clu di cla im ed d ivi de nd nt en on e qu s re s ng p ay m en m un a cc ou	(2 .6 5) (1 0) 64 .9	(5 (1 84 .8
	t Ne sh (o utf low )/i nf low fr fin cin tiv itie Pa t ca om an g ac s	(1 2) 76 .6	(1 97 .8
	S S S P A U N et
'7 "	N {d e) /in in sh nd h ui le A Y A N nt ec re as cr ea se ca a c as eq va s	(4 8. 30	) (6 3.
Ca sh	at f C 0) ) h d sh iva le nt th be gi ing th Ye E l as on ca e qu s e nn o e ar h. at of	10 2. 78	16 6.

Styrenix Performance Materials Limited (formerlyknownas IneosStyrolutionIndiaLimited) ^|SarabhalComplex,Dr. VikramSarabhaiMarg,Vadiwadi,

Notes:

1. The Audited financialresults for the Quarter and Year ended March31, 2024 were reviewedand recommendedby the AuditCommitteeand approvedby the Board of Directors at their meeting held on May 6, 2024. The Statutory auditor have expressed unmodified opinion on the aforesaid results.

2, The Boardof Directorsrecommendeda dividendof INR 28.per share[ @ 280%)]for the yearendedMarch31, 2024subjectto approvalof the Shareholders.

1. The Companyoperatesin "EngineeringPolymers"whichin the contextof INDAS 108 Operatingsegmentsconstitutesa singlereportablebusinesssegment.

2. The figures for the quarterand YearendedMar have been regrouped/ reclassifiedwherevernecessary,to make themcomparable.

3. The figures for the quarter endedMarch31,2024and March 31, 2023 are the balancingfiguresbetweenauditedfiguresin respect of the full financialyear and the publishedyearto date figuresup to the thirdquarterof the respectivefinancialyear.

Place: Vadodara ——%\5\

Date : May 6, 2024

Registered Office : Styrenix Performance Materials Limited (formerly known as Ineos Styrolution India Limited) SthFloor,"Shiva",SarabhaiComplex,Dr.VikramSarabhaiMarg,Vadiwadi,Vadodara~390023,Gujarat,India CIN: L25200GJ1973PLC002436 Tele: +91 265-2303201/ ^{02 E}Mall: seeshare@styrenix.com;Website: www.slyrenix.com

For Styrenix Performance Materials Limited (formerly known as Ineos Styrolution india Limited)

Rakesh S Agrawal Chairman DIN : 00057955

Head Office;

Styrenix Performance Materials Limited {formerly known asINEOSStyrolution India Limited)

CIN : L25200GJ1973PLC002438 9th Floor,"Shiva", SarabhaiComplex,Dr, Vikram i Marg, Vadiwadi Vadodara—390023,Gujarat,India Tele: +91 265-2303201/ ⁰² E Mall: secshare@styrenix.com Wabsite; www.styrenix.com

Registerad Office :

Styrenix Performance Materials Limited {formerly known as INEOSStyrolution India Limited)

CIN : L25200GJ1973PLC002436 othFloor,"Shiva", SarabhaiComplex,Or.VikramSarabhaiMarg,Vadiwadi, Vadodara—390023,Gujarat,india Tele: +91 266-2303201/ 02 E Mall: secshare@styrenix.com Website: www.styrenix.com

talati € talati lip Chavee ved Accountants

Independent Auditor's Report on the Quarterly and Year to Date Audited Financial Results of the Company Pursuant to the Regulation 33 of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors StyrenixPerformanceMaterialsLimited

Opinion

We have audited the accompanying Statement of quarterly and year to date financial results of Styrenix Performance Materials Limited (the "Company") for the quarter ended March 31, 2024 and for the year ended March 31, 2024 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, asamended (the "Listing Regulations").

~ In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• i. are presented in accordance with the requirements of Regulations 33 of the listing regulation in this regard; and
• ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the company for the quarter and year ended March 31, 2024.

Basisfor Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standardsare further describedin the "Auditor's Responsibilities for the Audit of the Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financialstatementsunderthe provisionsof the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with theserequirementsandthe Codeof Ethics.Webelievethat the audit evidenceobtainedby us is sufficient and appropriate to provide a basis for our opinion.

Management'sResponsibilitiesfor the StandaloneFinancialResults

The Statement has been prepared on the basis of the annual financial statements, The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that givesa true and fair view of the net lossand other comprehensivelossof the Company and other financial information in accordance with the applicable accounting standards prescribed under Section133of the Actreadwith relevantrulesissuedthereunder andother accountingon ma :IN Ee3Fi g

w= -7 \

1006,OCEAN,SarabhaiRoad,NearGendaCircle,Vadodara- 390023. Neh 3| Phone : 0265-2355053/73, 99249 35053 E-mall : baroda @talatiandtalati.com Web : www.talatiandtafat i:oom: Also at : AHMEDABAD (079) 27544571/72 « SURAT (0261) ^2361236 « ANAND (02692) ⁶⁵⁶⁴⁰⁵ MUMBAI : (022) 26833041 » DELHI : (011) 41824199 « NOIDA: +91 70112 76166 » KOCHI : +91 ^{99954 27866}

generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguardingof the assetsof the Company 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement. the Board of Directors are responsible for assessingthe Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and usingthe goingconcernbasisof accountingunlessthe Boardof Directorseitherintendsto liquidate the Company or to ceaseoperations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectivesare to obtainreasonableassuranceabout whetherthe Statement asa wholeis free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includesour opinion.Reasonableassuranceis a high levelof assurancebut is not a guaranteethat 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 decisionsof userstaken on the basisof the Statement.

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 Statement, 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 control.
• e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financialcontrols with reference to financialstatementsin placeandthe operating effectiveness of suchcontrols.
• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• e Conclude on the appropriateness of the Board of Directors' use of the going concern basisof accounting and, based on the audit evidence obtained, whether a material uncertainty exists

ge

relatedto eventsor conditions that may cast significant doubt on the Company'sability 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 financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are basedon the audit evidenceobtained up to the date of our auditor's report. However, future events or conditions may causethe Company to ceaseto continue as a going concern,

e Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

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 internalcontrol that weidentify duringour 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.

Other Matter

The Statement includes the results for the quarter ended March 31, 2024 beingthe balancing figures between the audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations,

Ouropinionisnot modifiedin respectof the abovematter.

For Talati & Talati LLP Chartered Accountants (FRN No. 110758W/W100377)

CAManishBaxi

(Partner) M No. 045011

Place: Vadodara Date: 06/05/2024 UDIN:²⁰ UYOl BTZXVT HUD

May 6, 2024

To, BSE Limited National Stock Exchange of India Limited Dept. DSC_CRD ExchangePlaza, Phiroze JeejeebhoyTowers, Plot No. C/1, 'G' Block, Dalal Street Bandra-Kurla Complex, Mumbai 400001 Bandra ('E') BSE Scrip Code: 506222 Mumbai 400051

NSE Symbol:STYRENIX

Subject: Declaration on Auditors Report with Unmodified Opinion under Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Requlations,2015

Dear Sir,

We, Bhupesh P.Porwal, Chief Financial Officer and Chintan Doshi, Manager Legal & Company Secretary of Styrenix Performance Materials Limited (formerly known as INEOS Styrolution India Limited)—CIN: L25200GJ1973PLC002436,hereby confirmand declare,in accordancewith the Regulation 33(3)(d) of SEBI (Listing Obligationsand DisclosureRequirements)Regulations, 2015, that M/s. Talati & Talati LLP, Chartered Accountants (Firm Registration No. 110758W), have issued the Audit Report with Unmodified Opinion in respect of Annual Audited Financial Results for the year ended on March 31, 2024.

You are requestedto kindly take same on yourrecords.

Thanking you.

Yours Faithfully,

For Styrenix Performance Materials Limited

£& /Chintan Doshi ChiefFinancialOfficer oa

CIN: L25200GJ1973PLC002436