5002152025-01-012025-03-315002152025-03-315002152024-03-315002152024-04-012025-03-315002152025-01-012025-03-31in-capmkt:OtherExpenses1Member5002152025-01-012025-03-31in-capmkt:OtherExpenses2Member5002152024-04-012025-03-31in-capmkt:OtherExpenses1Member5002152024-04-012025-03-31in-capmkt:OtherExpenses2Member5002152025-01-012025-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15002152024-04-012025-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15002152025-01-012025-03-31AuditorDomain1iso4217:INRiso4217:INRxbrli:shares500215SUNDROPNOTLISTEDINE209A01019Sundrop Brands LimitedMain BoardEquity2024-04-012025-03-312025-05-192025-05-13INRLakhsQuarterlyFourth quarterSingle segmentFOOD BUSINESS2025-05-1917:30:002025-05-1918:15:00trueCash Flow IndirectDeclaration of unmodified opinion2025-01-012025-03-31AuditedConsolidated30387000001610000030548000001747000000189300000459000003016000002800000934000007585000003138500000-83700000-1429700000-1513400000-300000-372600000-3729000000-11405000000000-1140500000-4100000-1144600000-11446000000-1144600000037700000010-43.3-43.300-43.3-43.31.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.2024-04-012025-03-31AuditedConsolidated8988700000232000009011900000546000000018950000058000000808900000173000002575000002209400000900060000011300000-1467500000-14562000002200000-359500000-3573000000-10989000000000-1098900000-11600000-1110500000-11105000000-111050000003770000001014006800000-41.72-41.7200-41.72-41.72Advertisement and sales promotion expense232500000Other expenses526000000Advertisement and sales promotion expense422100000Other expenses17873000004017000000155000000581990000031501000000001100000004990000051000000467000008318000001393200000019462000000979800000470700000125000000210000001484000000050980000039400000000017872000000377000000140068000001438380000001438380000000001117000001117000009080000095100000000115350000001007000001679900000178060000035910000021397000001141000006300000017900000023347000000034882000001787200000017300000326900000-33000000-103100000002150000003255000000-53000000257500000020500000000-4100000076000000-12400000000142190000002255300000799100000000-45100000084420000000000000200000210900000000000000000000000580000007000000-197900000000000004728000000506300000023400000731000001600000000-447500000198800000-4600000194200000276500000470700000Remeasurement of the net defined benefit obligation-2200000-2200000Remeasurement of the net defined benefit obligation-2200000-2200000-600000-600000250000010000000-4100000-11600000AuditedtrueB S R And Cotrue2026-04-30