Integrated Filing — IndAS

General information about company
Scrip Code	500215
NSE Symbol	SUNDROP
MSEI Symbol	NOTLISTED
ISIN	INE209A01019
Name of company	Sundrop Brands Limited
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	19-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	13-May-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Consolidated
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Single segment
Description of single segment	FOOD BUSINESS
Start date and time of board meeting	19-May-2025   17:30:00
End date and time of board meeting	19-May-2025   18:15:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	3038700000	8988700000
	Other income	16100000	23200000
	Total income	3054800000	9011900000
2	Expenses
(a)	Cost of materials consumed	1747000000	5460000000
(b)	Purchases of stock-in-trade	189300000	189500000
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	45900000	58000000
(d)	Employee benefit expense	301600000	808900000
(e)	Finance costs	2800000	17300000
(f)	Depreciation, depletion and amortisation expense	93400000	257500000
(f)	Other Expenses
1	Advertisement and sales promotion expense	232500000	422100000
2	Other expenses	526000000	1787300000
	Total other expenses	758500000	2209400000
	Total expenses	3138500000	9000600000
3	Total profit before exceptional items and tax	-83700000	11300000
4	Exceptional items	-1429700000	-1467500000
5	Total profit before tax	-1513400000	-1456200000
6	Tax expense
7	Current tax	-300000	2200000
8	Deferred tax	-372600000	-359500000
9	Total tax expenses	-372900000	-357300000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	-1140500000	-1098900000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	-1140500000	-1098900000
17	Other comprehensive income net of taxes	-4100000	-11600000
18	Total Comprehensive Income for the period	-1144600000	-1110500000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent	-1144600000	-1110500000
	Total profit or loss, attributable to non-controlling interests	0	0
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent	-1144600000	-1110500000
	Total comprehensive income for the period attributable to owners of parent non-controlling interests	0	0
21	Details of equity share capital
	Paid-up equity share capital	377000000	377000000
	Face value of equity share capital	10	10
27	Details of debt securities
22	Reserves excluding revaluation reserve		14006800000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	-43.3	-41.72
	Diluted earnings (loss) per share from continuing operations	-43.3	-41.72
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	-43.3	-41.72
	Diluted earnings (loss) per share from continuing and discontinued operations	-43.3	-41.72
24	Debt equity ratio
25	Debt service coverage ratio
26	Interest service coverage ratio
27	Disclosure of notes on financial results		1.These financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of Sundrop Brands Limited the Parent Company or the Company at their meetings held on May 19, 2025. 2. These results have been prepared in accordance with Indian Accounting Standards Ind AS prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder and are as per Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, as amended. The statutory auditors have carried out an audit of these results for the year ended March 31, 2025 and a limited review for the quarter ended March 31, 2025 and have issued an unmodified report on the results for the quarter and year ended March 31, 2025. 3. Pursuant to previously submitted Public Announcement of Open Offer made on the February 29, 2024 and a copy of Detailed Public Statement made on March 7, 2024, the change in control of Sundrop Brands Limited, the Company has occurred through the indirect acquisition of the Company by Zest Holding Investments Limited by way of acquisition of shares from CAG Tech Mauritius Limited, Holding Company or Promoter of the Company. Post this transaction Zest Holding Investments Limited holds 100 percent of the issued and paid up share capital of CAG Tech Mauritius Limited, i.e. w.e.f August 28, 2024. Subsequently, on February 6, 2025, the Company acquired 100 percent equity shares of Del Monte Foods Private Limited as detailed in Note 4 below. This resulted in reduction of shareholding by CAG Tech Mauritius Limited. As per Article of Association of the Company, CAG Tech Mauritius Limited has right to appoint upto 50 percent of directors in the Board of the Company and is largest shareholder of the Company. Considering this CAG Tech Mauritius Limited has continued to be disclosed as Holding Company of the Company. 4.During the current year, the Company had entered into Share Purchase Agreement and Share Subscription Agreement on November 11, 2024 with the shareholders of Del Monte Foods Private Limited, DMFPL, for acquisition of 10 percent equity shares of DMFPL. Post obtaining relevant regulatory approvals, the Company acquired 100 percent equity shares and voting interest of DMFPL on February 6, 2025, being acquisition date. The Company allotted its 1,33,27,589 equity shares to the shareholders of DMFPL towards purchase consideration. The preferential issue price per equity share as per SEBI Substantial Acquisition of Shares and Takeovers regulations, 2011 was determined at Rs. 975.5 per equity share . However, for the purpose of accounting of business combination, the Company has considered fair value of Rs. 792.75 per equity share at the date of the acquisition i.e. February 6, 2025. As per Ind AS 103, purchase consideration has been allocated basis the fair value of the acquired assets and liabilities carried out by an independent valuation expert. Accordingly, the Group has recognised goodwill of Rs. 58,199 lakhs primarily due to the expected synergies from the combined operations, customer relationship of Rs. 494 lakhs and favorable contract brand amounting of Rs. 2,523 lakhs. The amount of goodwill and identified intangible assets are not expected to be deductible for the tax purposes. DMFPL is also primarily engaged in the business of manufacturing and trading of food products. The acquisition is expected to achieve synergy by integrating acquired assets into the Company existing business and help in exploring untapped geographies and product categories in food business. The Company also expects to reduce costs through economies of scale. Consolidated financial results includes financial results of DMFPL and its subsidiary from the date of acquisition. It has contributed revenue for two months i.e Feb and March 2025 of Rs. 10,444 lakhs to the consolidated revenue of the Group. 5. The consolidated financial results include the results of the Company and its wholly owned subsidiaries i Sundrop Foods India Private Limited, India ii Agro Tech Foods Bangladesh Pvt. Ltd., Bangladesh iii Sundrop Foods Lanka Private Limited, Sri Lanka iv Del Monte Foods Private Limited, India and its step down wholly owned subsidiary v Del Monte Foods India North Private Limited, India together referred to as the Group. 6. In the context of Indian Accounting Standard Ind AS 108 Operating Segments, Foods, is considered as the operating segment of the Group since the Chief Operating Decision Maker CODM, reviews business performance at an overall Group level as one segment. 7. a. Exceptional items for the quarter and year ended 31 March 2025 include following, i. The Company has accrued provision for impairment of Rs. 7,057 lakhs related to identified three cash generated units CGUs and impairment provision of Rs. 6,547 lakhs related to specified property, plant and equipments pertaining to certain products not expected to continue and where the Management will initiate process of disposal in due course ii. The Company has incurred business acquisition related costs of Rs. 516 lakhs Rs. 138 lakhs for the quarter ended March 31, 2025 on legal and professional, due diligence costs and other fees. iii. Provision for duty paid under protest for Custom Duty related litigation of Rs. 555 lakhs. b. Exceptional items for the quarter ended and year ended March 31, 2024 includes the interest of Rs. 268 lakhs on income tax refund orders relating to earlier years. 8.Based on the experience in the current year related to level of sales returns on account of damage and expiry and considering current market situation, the Company undertook a detailed review of its accounting estimate for refund liability which resulted in a change in the measurement of estimate for refund liability. As a result, sales returns for which refund liability is being accrued in the books of account as at the year end are expected to increase, the effect of which has resulted in higher provision for refund liability by Rs. 743 lakhs. 9.In the previous year, the Company received an amount of Rs. 113 lakhs in respect of the Business Interruption claim made by it in relation to the fire incident at one of the manufacturing locations of the Company in the earlier years. This insurance claim received by the Company has been included and disclosed as Other Income in the financial results for the year ended March 31, 2024. 10.The figures for the current quarter and quarter ended March 31, 2024 are balancing figures between audited figures of the full financial year ended March 31, 2025 and March 31, 2024 respectively, and the published year to date figures up to third quarter ended December 31, 2024 and December 31, 2023 respectively.

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Consolidated
	Assets
1	Non-current assets
	Property, plant and equipment	4017000000
	Capital work-in-progress	15500000
	Investment property	0
	Goodwill	5819900000
	Other intangible assets	3150100000
	Intangible assets under development	0
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	0
	Non-current financial assets
	Non-current investments	1100000
	Trade receivables, non-current	0
	Loans, non-current	0
	Other non-current financial assets	49900000
	Total non-current financial assets	51000000
	Deferred tax assets (net)	46700000
	Other non-current assets	831800000
	Total non-current assets	13932000000
2	Current assets
	Inventories	1946200000
	Current financial asset
	Current investments	0
	Trade receivables, current	979800000
	Cash and cash equivalents	470700000
	Bank balance other than cash and cash equivalents	12500000
	Loans, current	0
	Other current financial assets	21000000
	Total current financial assets	1484000000
	Current tax assets (net)	0
	Other current assets	509800000
	Total current assets	3940000000
3	Non-current assets classified as held for sale	0
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	17872000000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	377000000
	Other equity	14006800000
	Total equity attributable to owners of parent	14383800000
	Non controlling interest	0
	Total equity	14383800000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	0
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	0
	Total Trade payable	0
	Other non-current financial liabilities	111700000
	Total non-current financial liabilities	111700000
	Provisions, non-current	90800000
	Deferred tax liabilities (net)	951000000
	Deferred government grants, Non-current	0
	Other non-current liabilities	0
	Total non-current liabilities	1153500000
	Current liabilities
	Current financial liabilities
	Borrowings, current	0
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	100700000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	1679900000
	Total Trade payable	1780600000
	Other current financial liabilities	359100000
	Total current financial liabilities	2139700000
	Other current liabilities	114100000
	Provisions, current	63000000
	Current tax liabilities (Net)	17900000
	Deferred government grants, Current	0
	Total current liabilities	2334700000
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	3488200000
	Total equity and liabilites	17872000000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Consolidated	Consolidated
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
	Total Segment Revenue
	Less: Inter segment revenue
	Revenue from operations
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
	Total Profit before tax
	i. Finance cost
	ii. Other Unallocable Expenditure net off Unallocable income
	Profit before tax
3	(Segment Asset - Segment Liabilities)
	Segment Asset
	Total Segment Asset
	Un-allocable Assets	null	null
	Net Segment Asset	null	null
4	Segment Liabilities
	Segment Liabilities
	Total Segment Liabilities
	Un-allocable Liabilities	null	null
	Net Segment Liabilities	null	null
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Remeasurement of the net defined benefit obligation	-2200000	-2200000
	Total Amount of items that will not be reclassified to profit and loss	-2200000	-2200000
2	Income tax relating to items that will not be reclassified to profit or loss	-600000	-600000
3	Amount of items that will be reclassified to profit and loss
	Total Amount of items that will be reclassified to profit and loss
4	Income tax relating to items that will be reclassified to profit or loss	2500000	10000000
5	Total Other comprehensive income	-4100000	-11600000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Consolidated
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			-1456200000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			17300000
	Adjustments for decrease (increase) in inventories			326900000
	Adjustments for decrease (increase) in trade receivables, current			-3300000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			-103100000
	Adjustments for decrease (increase) in other non-current assets			0
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			21500000
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			325500000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			-5300000
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			257500000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			20500000
	Adjustments for provisions, non-current			0
	Adjustments for other financial liabilities, current			0
	Adjustments for other financial liabilities, non-current			0
	Adjustments for unrealised foreign exchange losses gains			-4100000
	Adjustments for dividend income			0
	Adjustments for interest income			7600000
	Adjustments for share-based payments			0
	Adjustments for fair value losses (gains)			-12400000
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			0
	Other adjustments to reconcile profit (loss)			0
	Other adjustments for non-cash items			1421900000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			2255300000
	Net cash flows from (used in) operations			799100000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			-45100000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			844200000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			0
	Other cash receipts from sales of equity or debt instruments of other entities			0
	Other cash payments to acquire equity or debt instruments of other entities			0
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			200000
	Purchase of property, plant and equipment			210900000
	Proceeds from sales of investment property			0
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			0
	Interest received			5800000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			7000000
	Net cash flows from (used in) investing activities	-197900000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			0
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			4728000000
	Repayments of borrowings			5063000000
	Payments of lease liabilities			23400000
	Dividends paid			73100000
	Interest paid			16000000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) financing activities			-447500000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			198800000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			-4600000
	Net increase (decrease) in cash and cash equivalents			194200000
	Cash and cash equivalents cash flow statement at beginning of period			276500000
	Cash and cash equivalents cash flow statement at end of period			470700000