Syncom Formulations (India) Ltd. — Annual Report 2024

May 17, 2024

SYNCOM/SE/2024-25 17th May, 2024

Online filing at: www.listing.bseindia.com and https://neaps.nseindia.com/NEWLISTINGCORP/login.jsp

To, BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai (M.H.) 400 001 BSE CODE:524470

To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai- 400051 NSE SYMBOL: SYNCOMF

Subject: Regulation 33(3)(d) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 - Submission of Standalone & Consolidated Audited Financial Results along with Audit Report, Statement of Assets and Liabilities and Cash Flow for the year ended on 31st March, 2024.

Dear Sir/Ma'am,

Pursuant to Regulation 33(3)(d) of SEBI (LODR) Regulations, 2015, we are pleased to submit the Standalone & Consolidated Audited Financial Results along with Auditors' Report thereon by Statutory Auditors, Statement of Assets and Liabilities and Cash Flow for the quarter/year ended on 31st March, 2024, in PDF Format, which were also approved by the Audit Committee and Board of Directors at their meeting held on Friday, 17th May, 2024.

Since, the Auditor's Report is self-explanatory and has no modification/qualification; it needs no further comments by the Company.

We are also in process to file the aforesaid financial results in XBRL format within the stipulated time and the same shall also be hosted on the website of the company.

The Financial Results will also be published in widely circulated English and Marathi (Vernacular) newspaper in the prescribed format within the stipulated time period.

The Board Meeting was commenced at 4:00 P.M. and concluded at 6:30. P.M.

You are requested to take on record the Audited Financial Results, Statement of Assets and Liabilities and Cash Flow along with Auditor's Report for your reference and record.

Thanking You, Yours Faithfully, For, SYNCOM FORMULATIONS (INDIA) LIMITED VAISHALI AGRAWA L Digitally signed by VAISHALI AGRAWAL DN: c=IN, o=Personal, pseudonym=2BC98305F1D6292156238A 596F24C18EB8599292, 2.5.4.20=d66a7486b2df13566ab059d32a 446b9289b7f39e4d8f7532aa6561020d9d 0c23, postalCode=452010, st=Madhya Pradesh, serialNumber=3720D2B35A78F22AD214 84852466C4BAE16BCB9C079682FC6110E AE4999098C2, cn=VAISHALI AGRAWAL Date: 2024.05.17 18:34:09 +05'30'

CS VAISHALI AGRAWAL COMPANY SECRETARY & COMPLIANCE OFFICER Encl: a/a

SYNCOM FORMULATIONS (INDIA) LIMITED

Regd.Off :- 7, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (E) Mumbai-400093

Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

E Mail:- finance@sfil.in, Website:- www.sfil.in, CIN :- L24239MH1988PLC047759

STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2024

					Rs. In Lacs except EPS
S. No.	Particulars		Quarter Ended		Year Ended
		31-03-2024	31-12-2023	31-03-2023	31-03-2024	31-03-2023
		Audited	Unaudited	Audited	Audited	Audited
$\mathbf{1}$	Revenue from Operations	7326.63	6334.22	6136.92	25835.96	22464.39
$\overline{2}$	Other Income	287.08	434.89	677.94	1310.06	1460.95
$\overline{3}$	Total Income $(1 + 2)$	7613.71	6769.11	6814.86	27146.02	23925.34
$\overline{4}$	EXPENSES
	(a) Cost of materials consumed b) Purchases of Stock-in-Trade	3787.87	3774.65	2554.84	13152.91	9946.06
	c) Changes in inventories of finished goods, Stock-in- Trade	488.61	398.25	1321.16	2620.83	4261.14
	and work-in-progress	(20.04)	(279.99)	(96.49)	(218.10)	5.03
	(d) Employee benefits expense	869.23	973.63	719.77	3505.77	2586.56
	e) Finance costs	116.97	108.16	129.19	444.87	313.02
	(f) Depreciation and amortization expense	129.77	144.58	116.78	472.23	453.93
	(g) Other expenses	1320.45	787.71	1043.86	3989.12	3704.28
	Total expenses (4)	6692.86	5906.99	5789.11	23967.63	21270.02
5	Profit/(loss) before exceptional items and tax (3-4)	920.85	862.12	1025.75	3178.39	2655.32
6	Exceptional Items	0.00	(2.39)	1.33	(2.39)	1.33
$7\phantom{.0}$	Profit/(loss) before tax (5 - 6)	920.85	859.73	1027.08	3176.00	2656.65
8	Tax expense: (1) Current tax
	(2) Deferred tax	241.73 4.27	207.81	258.84	758.25	664.84
9	Profit (Loss) for the period from continuing operations (7-8)		9.85	(78.41)	55.43	(15.26)
		674.85	642.07	846.65	2362.32	2007.07
10 11	Profit/(loss) from discontinued operations Tax expense of discontinued operations	0.00	0.00	0.00	0.00	0.00
12	Profit/(loss) from Discontinued operations (after tax) (10-11)	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
13 14	Profit/(loss) for the period $(9 + 12)$ Other Comprehensive Income	674.85	642.07	846.65	2362.32	2007.07
	A(i) Items that will not be reclassified to profit or loss
	(ii) Income tax relating to items that will not be reclassified to	0.00	0.00	0.00	0.00	0.00
	profit or loss	0.00	0.00	0.00	0.00	0.00
	$B(i)$ Items that will be reclassified to profit or loss	164.57	185.71	48.85	681.39	196.36
	(ii) Income tax relating to items that will be reclassified to profit or loss	0.00	0.00	0.00	0.00	0.00
15	Total Comprehensive Income for the period (XIII+XIV)
	Comprising Profit (Loss) and Other Comprehensive Income for the period)	839.42	827.78	895.50	3043.71	2203.43
16	Paid up Share Capital of the Company (Face Value 1/-)	9400.00	9400.00	9400.00	9400.00	9400.00
17	Reserves excluding revaluation reserves				19245.18	16201.47
18	Earnings per equity share (for continuing operation):
	$(1)$ Basic	0.09	0.09	0.10	0.32	0.24
19	(2) Diluted Earnings per equity share (for discontinued operation):	0.09	0.09	0.10	0.32	0.24
	(1) Basic
	(2) Diluted	0.00 0.00	0.00 0.00	0.00	0.00	0.00
20	Earnings per equity share (for discontinued & continuing operations)			0.00	0.00	0.00
	(1) Basic	0.09	0.09	0.10	0.32	0.24
	(2) Diluted	0.09	0.09	0.10	0.32	0.24

S

Place: Indore

Date: 17/05/2024

STACQH

For, Syncom Formulations (India) Limited

SYNCOM FORMULATTONS (tNDlA) LtMtTED

Regd.Off :- T,Niral lndustrial Estate,Off Mahakali Caves Road,Andheri (E) Mumbai-400093

Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

E Mail:- finance@sfil.in, Website:- M.sfil.in, CtN :- L24239MH1988PLC047759

STANDALONE STATEMENT OF SEGMENT WISE REVENUE, RESULTS ALONG WITH QUARTERLY AND YEARLY AUDITED RESULTS

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						Rs. ln Lacs
			Ouarter Ended		Year to date Ended
S. No.	Particulars	31-03-2024	3',t-12-2023	31 -03-2023	31-03-2024	31 -03-2023
		Audited	Unaudited	Audited	Audited	Audited
1	tiegmgnt f <evenu9< td="">
	a) Pharmaceuticals Drugs & Formulations	7,302.7t	6,554.8(	5,932.04	25,672.75	21,O37.6(
	b) Trading of Commodities	213.9i	1 14.3(	803.01	1,O71.31	2,552.4(
	c) Renting of Property	97.0t	99.9i	79.81	401.8(	335.2t
	Total Segment Revenue	7,6',t3.71	6,769.'l	6,814.8t	27,146.0	23,925.3
	Less: lnter Segment Revenue
	Total lncome	7,613.71	6,769.1	6,814.8t	27,146.0	23,925.3
	Segment Results Profit(+)/LossG) before tax
	and interest from each segment
	a) Pharmaceuti€ls Drugs & Formulations	939.4t	873.6i	I ,081.3!	3,232.1(	2,620 1/
	b) Trading of Commodities	19.9i	(1 .1 1,	1 3.25	18.4(	32.44
	c) Renting of Property	78.44	95.3t	61.64	369.6'	31 7. 1(
	Total Pront before tax and lnterest	't,037.8'	967.8!	t,t 56.2	3,620.8	2,969.6
	Less: i) lnlsest	1 16.97	1 08.1 (	'129.1€	444 I	313 0:
	i) Other Urallocable Expenditure
	Profil before tar	920.8I	859.7:	1,027 .0E	3,1 76.0(	2,656.6
	(Segment Arser-Segment Liabiliries)
	Segment Asset
	a) Pharmaceutic€ls Drugs & Formulations	33,390.1€	36,1 67.1 i	32,002.05	33,390.1t	32,002.0!
	b) Trading of Commodities	1,026.4C	41.2i	958.89	'r,026.4a	958.8(
	c) Renting of Property	4,733.4€	4,740.A		4,733.4a	4,733.4{
	Total Segment Asset	39,1 50.08	40,949.03	32,960.94	39, I 50.0t	37,694.3!
	Un-allocable Assets
	Net Segment ABset	39,1 50.0r	40,949.03	32,960.94	39,1 50.0t	37,694.3!
	Segment Liabilities
	a) Pharmaceuticals Drugs & Formulations	'10,181.3,	12,936.7€	1'l,749.56	10,181.37	1 1.749.56
	b) Trading of Commodities	151.9i	52.11	1 79.91	151 .9:	179.91
	c) Renting of Property	171.6(	163,91	163.44	171 .6C	163.44
	Total Segment Liabilities	1 0,504.9(	1 3,1 52.81	1 2,092.91	1 0,504.9C	1 2,092.91
	Un-allocable Liabilities
	Net Segment Liabilities	1 0,504.9(	13,152.81	1 2,092.9 1	'10,504.9c	1 2,092.91

es:-

'l The above results were reviewed by the Audit Committee and approved by the Board at its meeting hetd on 17l\St2o24

2 These above results have been prepared in compliance with the Indian Accounting Standard (referred to as "lnd AS") as notified prescribed under Section .133 of the Companies Act, 2013 read with Companies (lndian Accounting Standards) Rules 20'15 as amended from time to time.

3 The company is operating in 3 segments i.e. (a) Pharmaceuticals Drugs & Formulations (b) Trading of Commodities (c) Renting of property, particulars of scgment wrse results are given as required.

4 The Standalone Statement of Assets and Liabilities as at 31st March, 2024 and the Standalone Statement of Cash Flow is provided as an annexure to thts statement

• 5 As required under Regulation 33 of SEBI (LODR) Regulations, 2015 the Auditor's report provided by the Statutory Auditors have carried out Audit books of Accounts for the Financial yea(2023-2024 and issued us an Audit Reportwith an unmodified opinion on Audited financial Resultsforthe Quarter/ Yearended 31st March. 2024 Therefor the company is not required to give statement of lmpact of Audit Qualification for Audit report with modified opinion
• 6 Previous period figures have been regrouped/reclassified wherever necessary to confirm to this period classification.

financial year

8 The company has generated Rs. 1035.76 Lakhs being the upfront amount and Rs. 2995.74 Lakhs by conversion of 15,93,47,820 warrants to 15,93.47,820 equlty shares of Rs. 1l- each issued at a premium of Rs. 1.53 per share aggregating Rs. 4031.50 Lakhs. The company has already utalized the entire amount and no remaining unutrtrsed amount from above. There is no deviation in the pro.iect till 31st March, 2024 and necessary report towards as required under regulation 32 being filed to the BSE Ltd Separately.

\

9 There is a hike in Other Expenses in Quarter 4 , mainly on account of rise in Ocean Freight and Export Expenses due to Red Sea Shipping Crisis .

10 AfterclosureofTheFinancial year,TheCompanyhaspaidfineof Rsl.S4LakhstoNational StockExhangeLimited

Place: lndore Dalei 1710512024

Formulations (lndia) Limited

SYNCOM FORMULATTONS (lNDlA) LIMITED
I Regd.Off:- T,Niraj lndustrial Estate,Off Mahakali Caves Road,Andheri (E) Mumbai-400093
Works:- 256-257, Sector - 1, Pithampur, Dist: Ohar-454775 E Mail:- finance@sfil.in, Website:- www.sfil.in, CIN : L24239 VlH1988PLC047759
Standalone Statoment of As8ets & Liabilitie3 as at 31/03/2024
Particulars	31 -03-2024	31 -03-2023
Rs, ln Lacs	Audited	Auditod
ASSETS
Non-current assets (a) Property, Plant and Equipment	7,230.60	4,322.28
(b) CapitalWork in Progress		2,558.58
(c) lntangible assets	1 '1.05	17.64
(d) lnvestment Property	4,733.44	4,733.44
(e) FinancialAssets
(i) lnvestments	251.92	186.65
(ii) Fixed Deposits & Accrued lnterest	586.64	7,572.84
(iii) Deposits	51.90	49.75
(f1 Other Non Current Assets	20.56	176.14
Current assets (a) lnventories	2,1 08.1 5	2.077.39
(b) FinancialAssets
(i) lnvestments	6,369.94	6,226.49
(ii) Trade Receivables	9,321.46	7,513.83
(iii) Cash And Cash Equivalents	6,335.05	82.70
(iv) Bank Balances other than (iii) above	448.21	775.20
I tul Deposits I (ri) Loans & Advances	412.00 429.33	374.42 278.00
(o) otner Current Assets	839.83	749.04
fotal	39,150.08	37,694.39
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital	9,400.00	9,400.00
(b) Other Equity	19,245.18	16,201.47
Liabilities Non Current Liabilities
(a) Financial Liabilities
(i) Trade and other Deposits	171.60	154.14
(b) Provisions	330.38	269.24
(c) Deferred Tax Liabilities (Net)	497.67	442.24
Current liabilities
(a) Financial liabilities
(i) Borrowings (ii)Trade Payables	7,'165.03	8,318.15
Total Outstanding Dues of Micro Enterprises and Small Enterprises	586.77	306.91
Total Outstanding Dues of Creditors other than Micro Enterprises and Small	836.33	1,733.94
Enterprises (iii) Other Financial Liabilities	213.62	202.18

Total 39,150.08 37,694.39

(c) Provisions

: lndore

345.46

260.87

't7t05t2024 ffi OIN: 00023050

Regd.Off i T,Niraj lndustrial Estate,Off Mahakali Caves Road,Andheri (E) Mumbai-400093
Works: 256-257. Sector - '1, Pithampur, Dist: Dhatr454775
E Mail! finance@sfil.in, Website: M.sfil.in, CIN : 124239MH1988PLC047759
Standalone Cash Flow Statsment for the year ended 3110312024	3',t-03-2024	31 -03-2023
Particulars Rs. ln Lacs	Audited	Audited
before extraordinary item and tax		2,655.32
on Sale of Machinery / (Loss on Sale of Vehicle)		1.33
Loss) on Actuarial valuation of employee benefits	(18.50)	(3.73)
	472.23	453.93
	(1.74\
	444.87	313.02
		(1,368.72)
Operating Profit before working capital changes		2,042.87
		(758.82)
		53.1 4
		(358.64)
Trade Payables	(617.75)	661.71
Other Financial Liabilities	11.44	183.00
Other Cunent Liabilities	(47.21)	141.80
	84.59	(328.411
Generated from Operations before Tax		1 ,714 .46
		664.84
Cash From Operating Activities	(s93.76)	1,049.62
in Property Plant and Equipment, lntangible Assets and		(2,063.47)
	(813.64)
Change in lnvestment ProPefi
Change in Fixed Deposit & Accrued lnterest	7,313.19
in Deposits	(2.1 5)
in Other Non Current Assets	155.58	43.04
in Trade & Other Deposits	17.46	6.49
	1,221 .35	1,368.72
	491.17	1,880.70) (4,497.311
Not Cash from lnvesting Activities	8,382.96
		(313.02)
	61 .14	98.29
		1,457.88
	tr,rss.rzl
Cash from Financing Activities	(1,s36.851	3,500.22
Net Decrease in Cash & Cash Equivalents	6,252.35	52.s3
ash & Cash Equivalents at the beginning of the Period	82.70	30.1 7
ash & Cash Equivalents at the End of Period	6,335.05 *@ryYry',	82.70

xed arrnat S/an f a rlal Bankd?-' Chairrnari d Wholetime Director DIN: 00,021'bso

SANJAY MEHTA & ASSOCIATES

lndependent Auditor's Report on Audited Standalone Quarterlv Financial Results and Year to Date Results ended on 3U03l2024 of the Companv Pursuant to the Resulation 33 of the SEBI (Listins Oblieations and Disclosure Requirements) Reeulations. 2015, as amended

To,

The Board of Directors Syncom Formulations (! ndia) Limited

Opinion

We have audited the accompanying Statement of quarterly and year to date standalone Financial Statements of Syncom Formulations (tndia) Limited ('the Company') for the quarter and year ended 31't March, 2024 ('the Statements), attached herewith, 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"),

ln our opinion and to the best of our information and according to the explanations given to us these standalone financial results:

• i. presents financial results in accordance with the requirements of regulation 33 of the listing regulations read with SEBI Circular CIFICFD/FAC|62/20I6 dated 5 July 2016 (hereinafter referred to as SEBI Circular); and
• ii. give a true and fair view in conformity with the applicable lndian Accounting Standards (lND 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 lndia, of the standalone net profit after tax and other comprehensive income and other financial information of the company for the quarter ended March 31,2024 as well as the year to date results for the period from April 1,2023 to March 31,2024.

Basis for Opinion

We conducted our audit of the statement in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Rct). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Finonciol Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordarrce with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the

net profit and .other comprehensive income and other financial information of the company in accordance with the accounting principles generally accepted in lndia, including IND As prescribed under section 133 0f the Act, read with rerevJnt rures issued thereunder and other accounting principles generally accepted in lndia, and in compliance with Regulation 33 of the Listing Regulations including SEBI circular. ThiS responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of 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 design' implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and compreteness of the accounting records, rerevant to the preparation and presentation of the statement that gives a true and fair view and is free from material misstatement' whether due to fraud or error'

ln preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing' as applicable' matters related to going concern and using the going concern basis of accounting unress the Board of Directors either intends to liquidate the Company11. tJ...re operations, or has no realistic alternative but to do so'

The Board of Directors is responsible for overseeing the company's financial reporting process'

Auditor,s Responsibilities for the Audit of the Standalone Financial Results

our objectives are to obtain reasonabre assurance about whether the standarone financiar results as ^a whole are free from material misstatement, whether due to fraud or error' and to issue an auditor's reportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnota guarantee that an audit conducted in accordance with Standard on Auditing, specified under section 143(10) of the Act, rarill always detect a material misstatement when it exists' Misstatements can arise from fraud or error and are considered materiar if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit' We also:

• o ldentify and assess the risks of material misstatement of the standalone financial results' whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks, andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion. Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforone resulting from error, as fraud may involve collusion, forgery, intentional omissions' misrepresentations, or the override of internal control'
• o 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 arealsoresponsibleforexpressingouropinlononwhetherthecompanyhasinplaceadequate internal financial controls witti refeience to financial statements and the operating effectiveness of such controls'
• o Evaluate the appropriateness of accounting policies used and the.reasonableness of accounting estimatesandrelateddisclosuresmadebytheBoardofDirectors/management.

• o Conclude on the appropriateness of the Board of Directors' 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. lf 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 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.
• o Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• o obtain sufficient appropriate audit evidence regarding the Financial Results of the company to express an opinion on the Financial Results'

Materiality is the magnitude of misstatements in the Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 result of our work; and (ii) to evaluate the effect of any identified misstatements in the 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 control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirement, r."grrding 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 financial results for the quarter ended 31 March 2024,being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

FOR, SANJAY MEHTA & CHARTERED F.R. NO.01 dxs

Place: !ndore Date:17-05-2024

MANISH MITTAL PARTNER M. NO. 079452 tos%, U D I N : 24A7 I 452B[ZY U29654

	SYNC
YNCO.	Regd.Off :- 7,

SYNCOM FORMULATTONS (tNDIA) LtMtTED

Regd.Off:- T,Niraj lndustrial Estate,Off Mahakali Caves Road,Andheri (E) Mumbai-4OOO93

Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775

	CONSOLIDATED AUDITEO FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2024
S.	Particulars				Rs. ln Lacs except EPS
No.			Quarter Ended			Year Ended
		31-03-2024	31-12-2023	31 -03-2023	31-03-2024	31 -03-2023
		Audited	Unaudited	Audited	Audited	Audited
1	Revenue lrom operattons	7,457.29	6,513.95	6,097.95	26,338.71	22,425.42
2	Sther lncome	309.84	455.54	676.98	1.352.59	1,459.99
3	fotal lncome(1+2)	7 ,767.13	6,969.49	6,774.93	27,691.30	23,885.4'l
4	EXPENSES
	I a ) Cost of materials consumed	3.787.87	3,774.65	2,554.84	13,152.91	9,946.06
	I b ) Purchases of Stock-in-Trade I c ) Changes in inventories of finished goods, Stock-in- Trad€	501.95	450.1 1	1,321.16	2,710 59	4,261 .14
	and work-in-progress	(20 o4	(271.8e)	(13e 131	(17s 46	(37 61
	I d ) Employee benefits expense	869.23	973.63	719.77	3,505.77	2,586 56
	le)Financecosts	1 19.51	1 08.1 6	129.27	447.41	313 10
	'f ) Depreciation and amortization expense	129.77	144.58	116.78	472.23	453 93
	lg)Otherexpenses	1,375.84	851.74	1,O45.17	4,1 80. 1 6	3.706 30
	Totalexpenses(4)	6,764.',t3	6,030.98	5,747.86	24,293.6'.1	21,229.48
5	Profiu(loss) before exceptional items and tax (3- 4)	1,003.00	938.5'l	1,027.07	3,397.69	2,65s.93
6	ltems =xceptional		(2.3s)	1.33	(2 39	133
7	zrofiu(loss) before tax ( 5 - 6 )	1,003.00	936.12	1,028.40	3,395.30	2,657.26
I	I ax expense:
	:1) Current tax	zsi.za	226.10	259.45	808.45	665.45
9	:2) Deferred tax )rofit (Loss) for the period from continuing operations (7-8)	4.27	9.85	(78.41	55.43	(15.26)
		740.45	700.'t7	847.35	2,531.42	2,007.07
10	rrofiU(loss) from discontinued operations
11 12	Iax expense of discontinued operations )rofiu(loss) from Discontinued operations (after tax) (1 O-1 1 )
13	)rofiu(loss) forthe period ( I + 12 )	740.45	700.17	847.36	2,531.42	2,007.07
14	f,ther Comprehensive lncome
	(l)ltems that will not be reclassified to profit or loss
	,/i) lncome tax relating to items that will not be reclassified tc lrofit or loss
	I (i) ltems that will be reclassified to profit or toss
	Ir7) lncome lax relating to items that will be reclassified to profil	164.57	185.71	48.85	681 ao	196.36
	)r loss
15	l'otal Comprehensive lncome for the period (Xlll+XlV
	Comprising Profit (Loss) and Other Comprehensive lncome 'or the period)	905.02	885.88	896.21	3,212.81	2,203.43
16	Paid up Share Capital of the Company (Face Vatue 1t)	9,400.00	9,400.00	9,400.00	9,400.00
17	Reserves excluding revaluation reserves					9,400.00
18	Earnings per equity share (for continuing operation):				19,414.28	16,201.47
	(1) Basic
	(2) Diluted	0.1 0 0.10	0.09 0.09	0. 10 0.10	0.34 0.34	024 o24
19	Earnings per equity share (for discontinued operaton):
	(1) Basic
	(2) Diluted
20	Earnings per equity share (for discontinued & continuin€
	operations) (1) Basic

e: lndore

: 1710512024

(2) Diluted

For, Syncom For. lations (lndia) Limited

0.1 0 0.1 0 0.34 0.34 0.24 0.24

0.09 ooq

0.1 0 0.1 0

SYNCOM FORMULATIONS (INDIA) LIMITED

Regd.Off :- 7, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (E) Mumbai-400093

Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775 E Mail:- finance@sfil.in, Website:- www.sfil.in, CIN :- L24239MH1988PLC047759

CONSOLIDATED STATEMENT OF SEGMENT WISE REVENUE, RESULTS ALONG WITH QUARTERLY AND YEARLY AUDITED RESULTS

						Rs. In Lacs
			Quarter Ended			Year to date Ended
S. No.	Particulars	31-03-2024	31-12-2023	31-03-2023	31-03-2024	31-03-2023
		Audited	Unaudited	Audited	Audited	Audited
$\mathbf{1}$	Segment Revenue
	a) Pharmaceuticals Drugs & Formulations	7,454.52	6,755.87	5,892.11	26,218.06	20997.73
	b) Trading of Commodities	213.93	114.39	803.01	1.071.34	2552.40 335.28
	c) Renting of Property	98.67	99.23	79.81	401.89	23885.41
	Total Segment Revenue	7,767.12	6,969.49	6,774.93	27,691.29
	Less: Inter Segment Revenue
	Total Income	7,767.12	6,969.49	6,774.93	27,691.29	23885.41
$\overline{2}$	Segment Results Profit(+)/Loss(-) before tax
	and interest from each segment
	a) Pharmaceuticals Drugs & Formulations	1,022.55	950.71	1,082.79	3,454.60	2620.83
	b) Trading of Commodities	19.92	(1.11)	13.25	18.49	32.43
	c) Renting of Property	80.03	94.68	61.63	369.62	317.10
	Total Profit before tax and Interest	1,122.50	1,044.28	1,157.67	3,842.71	2970.36
	Less: i) Interest	119.51	108.16	129.27	447.41	313.10
	ii) Other Un-allocable Expenditure					0.00
	Profit before tax	1,002.99	936.12	1,028.40	3,395.30	2657.26
$\overline{3}$	(Segment Asset-Segment Liabilities)
	Segment Asset
	a) Pharmaceuticals Drugs & Formulations	34,706.49	35,680.64	32,090.72	34,706.49	32090.72
	b) Trading of Commodities	1,026.45	41.27	958.89	1,026.45	958.89
	c) Renting of Property	4,733.45	4,740.64		4.733.45	4733.45
	Total Segment Asset	40,466.39	40,462.55	33,049.61	40,466.39	37783.06
	Un-allocable Assets					0.00
	Net Segment Asset	40,466.39	40,462.55	33,049.61	40,466.39	37783.06
	Segment Liabilities
	a) Pharmaceuticals Drugs & Formulations	11,328.58	12,346.75	11,838.21	11,328.58	11838.21
	b) Trading of Commodities	151.93	52.11	179.91	151.93	179.91
	c) Renting of Property	171.60	163.91	163.44	171.60	163.44
	Total Segment Liabilities	11,652.11	12,562.77	12,181.56	11,652.11	12181.56
	Un-allocable Liabilities
	Net Segment Liabilities	11,652.11	12,562.77	12,181.56	11,652.11	12181.56

Notes:

1 The above results were reviewed by the Audit Committee and approved by the Board at its meeting held on 17/05/2024

2 These above results have been prepared in compliance with the Indian Accounting Standard (referred to as "Ind AS") as notified prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015 as amended from time to time.

3 The company is operating in 3 segments i.e. (a) Pharmaceuticals Drugs & Formulations (b) Trading of Commodities (c) Renting of Property, particulars of segment wise results are given as required.

4 The Consolidated Statement of Assets and Liabilities as at 31st March, 2024 and the Consolidated Statement of Cash Flow is provided as an annexure to this statement.

5 As required under Regulation 33 of SEBI (LODR) Regulations, 2015 the Auditor's report provided by the Statutory Auditors have carried out Audit books of Accounts for the Financial year 2023-2024 and issued us an Audit Report with an unmodified opinion on Audited financial Results for the Quarter / Year ended 31st March, 2024 Therefor the company is not required to give statement of Impact of Audit Qualification for Audit report with modified opinion

• 6 Previous period figures have been regrouped/reclassified wherever necessary to confirm to this period classification.
• 7 The figures of the Last Quarter are the balancing figures between the audited figures in respect of full financial year & the published year to date figures upto 3rd quarter of that financial year
• 8 The company has generated Rs. 1035.76 Lakhs being the upfront amount and Rs. 2995.74 Lakhs by conversion of 15,93,47,820 warrants to 15,93,47,820 equity shares of Rs. 1/- each issued at a premium of Rs. 1.53 per share aggregating Rs. 4031.50 Lakhs. The company has already utilized the entire amount and no remaining unutilised amount from above. There is no deviation in the project till 31st March, 2024 and necessary report towards as required under regulation 32 being filed to the BSE Ltd. Separately

TIOA

9 There is a hike in Other Expenses in Quarter 4, mainly on account of rise in Ocean Freight and Export Expenses due to Red Sea Shipping Crisis

10 After closure of The Financial year, The Company has paid fine of Rs 1.84 Lakhs to National Stock Exhange Limited

Place: Indore

Date: 17/05/2024

Kedarmal Shankarlal Bankda

For, Syncom Formulations (India) Limited

Chairman & Wholetime Director DIN: 00023050

SYNCOM FORMULATTONS (tNDtA) LtMtTED
Regd.Off:- T,Niraj lndustrial Estate,Off Mahakali Caves Road,Andheri (E) Mumbai-400093
Works:- 256-257, Sector - 1, Pithampur, Dist: Ohar-454775
E Mail:- finance@sfil.in, Website:- www.sfil.in, CIN ! 124239MH1988P1C047759
CONSOLIOATED Statement of Assets & Llabilities as at 31/03/2024 Particulars	31-03-2024
Rs. ln Lacs	Audited	31-03-2023 Audited
Non-current assets
(a) Property, Plant and Equipment	7,230.60	4,322.28
(b) CapitalWork in Progress		2,558.58
(c) lntangible assets	1 '1.05	17.64
(d) lnvestment Property	4,733.44	4,733.44
(e) Financial Assets
(i) lnvestments	248.92	183.65
(ii) Fixed Deposits & Accrued lnterest	691.67	7,572.84
(iii) Deposits	51.90	49.75
(f) Other Non Current Assets	20.56	176.14
Current assets
(a) lnventories (b) FinancialAssets	2,1 08.1 5	2,120.03
(i) lnvestments
(ii)Trade Receivables	o,sog.g+ 10,329.84	a,zzi.qe
(iii) Cash And Cash Equivalents	6,338.34	7,550.71
(iv) Bank Balances other than (iii) above	448.21	87.97 775.20
(v) Deposits	412.00	374.{2
(vi) Loans & Advances	427 78	276.57
d) Other Current Assets		757.34
Iotal	40.466.39	37.783.05
EQUITY AND LIABILITTES
Equity
(a) Equity Share Capital	9,400.00	9,400.00
(b) Other Equity	19,414.28	16,201.47
iabilities
Non Current Liabilities
(a) Financial Liabilities
(i)Trade and other Deposits	I Zr .OO	154.14
(b) Provisions	330.38	269.24
(c) Deferred Tax Liabilities (Net)	497._67	442.24
Current liabilities
(a) Financial liabilities
(i) Borrowings (ii)Trade Payables	7,248.66	a,sr a. r s
Total Outstandang Dues of l\4icro Enterprises and Small Enterprises
Total Outstanding Dues of Creditors other than Micro Enterprises and Small	sg+.e+	306.91
	1,820.05	1,737.78
(iii) Other Financial Liabilities	213.62	202.18
(b) Other Current Liabilities	412.70	489.03
	363.09	261.91
fotal	40.466.39	37,783.05

: lndore

17t05t2024

For, Syncom Formulations (lndia) Limited

SYNCOM FORMULATIONS (INDIA) LIMITED
Regd.Off :- 7, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (E) Mumbai-400093
Works:- 256-257, Sector - 1, Pithampur, Dist: Dhar-454775
E Mail:- finance@sfil.in, Website:- www.sfil.in, CIN :- L24239MH1988PLC047759
CONSOLIDATED Cash Flow Statement for the year ended 31/03/2024
Particulars	31-03-2024	31-03-2023
Rs. In Lacs	Audited	Audited
Cash Flow from Operating Activities	3,397.69	2,655.93
Profit before extraordinary item and tax Adjustments for:
Gain on Sale of Machinery / (Loss on Sale of Vehicle)	(2.39)	1.33
Gain/(Loss) on Actuarial valuation of employee benefits		(3.73)
Depreciation	472.23	453.93
Depreciation Written Back	(1.74)	(8.28)
Finance Costs	447.41	313.10
Other Income	(1, 263.88)	(1,367.76)
Operating Profit before working capital changes	3,049.32	2,044.52
Changes in Working Capital
Inventory	11.88	(169.40)
Trade Receivables	(2,779.13)	(795.70)
Loans & Advances	(151.21)	54.58
Other Current Assets	(324.23) 369.70	(366.94) 665.55
Trade Payables Other Financial Liabilities	11.44	183.00
Other Current Liabilities	(76.33)	225.58
Short Term Provisions	101.18	(122.81)
Changes in Working Capital	(2,836.70)	(326.14)
Cash Generated from Operations before Tax	212.62	1,718.38
Less: Income Tax Paid	808.45	665.45
Net Cash From Operating Activities	(595.83)	1,052.93
Cash Flow from Investing Activities
Change in Property Plant and Equipment, Intangible Assets and	(813.64)	(2,063.47)
Capital Work in Progress Change in Investment Property		(20.10)
Change in Fixed Deposit & Accrued Interest	7,208.16	(1,935.29)
Change in Deposits	(2.15)	(16.00)
Change in Other Non Current Assets	155.58	43.04
Change in Trade & Other Deposits	17.46	6.49
Other Income	1,263.88	1,367.76
Change in Investment	472.67	(1, 877.70)
Net Cash from Investing Activities	8,301.96	(4, 495.27)
Cash Flow from Financing Activities
Finance Costs	(447.41)	(313.10)
Change in Long Term Liabilities	61.14	98.29
Issue of Warrants & Share capital		1,457.88 (282.00)
Dividend Paid	(1,069.49)	2,539.07
Borrowings
Net Cash from Financing Activities	(1,455.76)	3,500.14
Net Decrease in Cash & Cash Equivalents	6,250.37	57.80
Cash & Cash Equivalents at the beginning of the Period	87.97	30.17
Cash & Cash Equivalents at the End of Period	6,338.34	87.97
ATION Place: Indore	For, Syncom Formulations (India) Limited
Date: 17/05/2024
	Kedarmal Shankarlal Bankda Chairman & Wholetime Director

DIN: 00023050

E)

SANJAY MEHTA & ASSOCIATES

To, The Board of Directors Syncom Formulations (lndia) Limited

Opinion

We have audited the accompanying Statement of quarterly and year to date Consolidated Financial Statements of Syncom Formulations (tndia) Limited (hereinafter referred to as the 'Holding Company, or 'Parent Company') and its subsidiaries (Holding Company / Parent Company and its subsidiaries together referred to as "the Group"), for the quarter and year ended 31't March, 2024 ('lhe Statements), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"),

ln our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of auditors on separate audited financial statements of the subsidiaries, the Consolidated financial results:

Sr. No.	Name of the Company	Relationship with the Holdine Companv
1)	Sante Biotech Private Limited	Wholly owned subsidiary
2)	Synmex Pharma Private Limited	Wholly owned subsidiary
3)	Vincit Biotech lnternational Private Limited	Wholly owned subsidiary

(i) include the annual financial results of the following entities:

• presents financial results in accordance with the requirements of regulation 33 of the listing regulations read with SEBI Circular CIF/CFD/FAC/62/2076 dated 5 July 201.6 (hereinafter referred to as SEBI Circular); and (ii)
• give a true and fair view in conformity with the applicable lndian Accounting Standards (lND 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 lndia, of the consolidated net profit after tax and other comprehensive income and other financial information of the company for the quarter ended March 31.,2024 as well as the year to date results for the period from April t,ZO23 to March 3l,ZOZ4. (iii)

Basis for Opinion

We conducted our audit of the statement in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the act). Our responsibilities under those Standards

are further described in the Auditor's Responsibitities for the Audit of the Consolidoted Finoncial Results section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of Ethics. we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

This Statement has been prepared on the basis of the Consolidated annualaudited financialstatements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income and otherfinancial information of the Group in accordance with the accounting principles generally accepted in lndia, including IND AS prescribed under Section ¹³³of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in lndia, and in compliance with Regulation 33 of the Listing Regulations including SEBI circular. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of 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 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 gives a true and fair view and is free from material misstatement, whether due to fraud or error.

ln preparing the Consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group 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 Company o.r to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

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 higlr level of assurance, but is not ^a guarantee that an audit conducted in accordance with standard on Auditing, specified under section 143(10) of the Act, 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:

• o ldentify 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 control.
• o 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 in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.
• o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors/management.
• o Conclude on the appropriateness of the Board of Directors' 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. lf 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 based on the audit evidence obtained up to the date of our audito/s report. However, future events or conditions may cause the Company to cease to continue as a going concern,
• o Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• r Obtain sufficient appropriate audit evidence regarding the financial infor:mation of the entities within the Group to express an opinion on the Financial Results.

Materiality is the magnitude of misstatements in the Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 result of our work; and (ii) to evaluate the effect of any identified misstatements in the 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 control 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.

Other Matter

The Statement includes the financial results for the quarter ended 31 March 2024, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

Place: Indore Date: 17-05-2024

FOR, SANJAY MEHTA & ASSOCIATES CHARTERED ACCOUNTANTS F.R. NO. 0115240 $5A7$ INDORE ⋩ MANISH MITTAL PARTNER M. NO. 079452 UDIN: 24079452BJZYVA4110

Syncom Formulations (tndia) Limited

A WHO-GMP & ISO 9001-2015 Certifled Company CIN No. : 124239MH1988P1C047759

SYNCOM/SE/2024-25 lTth M^y,2024

Online filing at: wuw.listing.bseindia.com and https ://neaps. nseindia. comA{EWLISTINGC ORP/Io gin jgp

To, BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai (M.H.) 400 001 BSE CODEz524470

To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E). Mumbai- 400051 NSE SYMBOL: SYNCOMF

Subject: Submission of declaration as per Second proviso to the Regulation 33(3)(d) of the SEBI (LODR) Regulation,2015 for the Annual Standalone and Consolidated Auditcd Financial Results for the year ended 31't March,2024.

Dear Sir/Madam,

\re hereby submit the following declaration regarding unmodified Auditors Report on thc-Atrdited Financial Results for the year 31't March, 2024 as audited by the Auditors of the Companv.

DECLARATION

Pursuant to SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and amendments made therein vide SEBI Notification No. SEBI/LAD-NRO/GN12016-17l00l dated 25th Muy, 2016 and SEBI Master Circular No. SEBI/HO/CFD/POD2/ CIRIPl2023ll20 dated 1lth July, 2023. we. the undersigned do hereby declare that in the Audit Report, accompanying the Annual Audited Financial Statements of the Company lbr the financial year ended 31'1 March,2024, the Auditor has not expressed any Modified Opinion(s)/ Audit Qualification(s) / or other Reservation(s) and accordingly the statement on impact of audit qualifications is not required to be given.

You are requested to please consider and take on record the same.

Thanking you,

Yours Faithfully, For, SYNCOM FORMULATIONS (INDIA) LIMITED

VIJAY SHANKARLAL BANKDA MANAGING DIRECTOR DIN:00023027

ANKIT ,vBANKDA CHIEF FINANCIAL OFFI C11-li

Corp. Ofl. : 207, Saket Nagar, INDORE - 452 018, M.P,, lNDlA. Tel. : +91-731-2560458/2700458 E-mail : info@sfil.in

Works : 256257 , Sector-l, PITHAMPUR Disl-Dhar, M.P. - 4!t 775, INDIA Tel. :+ 91-7292403122407039 Email : info@sfil.in

Website : htp/Amru.stil.in