Sigachi Laboratories Limited, in a communication dated May 25, 2024, to the Metropolitan Stock Exchange of India Limited, submitted the Audited Financial Results of the Company for the quarter and year ended March 31, 2024, along with the audit report, referencing disclosure under Regulation 30 & 33 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Board of Directors, in their meeting held on May 25, 2024, approved:
1. The Audited financial results for the quarter and year ended March 31, 2024, including Segment Results, Statement of Assets and Liabilities, and Cash Flow Statement as at 31.3.2024.
2. The Audited Financial statements for the Year ended March 31st, 2024.
3. The reappointment of Sri. Tunuguntla Raja Sekhar (DIN: 02943146), as Whole Time Director (KMP) in the capacity and designation of Executive Director of the Company with effect from 11-6-2024 for a period of three years, subject to shareholder approval at the AGM.
The Audit Report was issued by M/s. NSVR & Associates LLP, Chartered Accountants Hyderabad, Statutory Auditors of the Company, on the financial results for the quarter and year ended March 31st, 2024, with an unmodified opinion. The company also declared that Reg. 52(4) & 52(6) and Reg. 54(2)/(3) SEBI (LODR) Regulations, 2015 are not applicable as they do not have Non-convertible Instruments (Debt) or any security cover created for such instruments. Disclosures pursuant to regulation 30 and other applicable SEBI regulations are attached as 'Annexure'. The meeting commenced at 4:00 PM and concluded at 6:45 PM.
**Annexure: Reappointment of Sri. Tunuguntla Raja Sekhar**
Sri. Tunuguntla Raja Sekhar, Executive Director, will complete his tenure as Whole Time Director on 10.6.2024. The Board reappointed him as Whole Time Director (KMP) and Executive Director for three years from 11.6.2024, pending member approval at the AGM. He was initially appointed on 11/06/2018, and reappointed on 11/06/2021. This reappointment was made on 25.5.2024. Sri T. Raja Sekhar, aged about 41 years, holds degrees from the USA, has been a director for 11 years, and has 6 years as Executive Director, alongside 7 years of other work experience. Sri. T. Adinarayana, Director/Chairman, is the father of Sri. Tunuguntla Raja Sekhar.
**Financial Results**
The statement of Audited Financial Results for the Quarter and Year Ended 31st March, 2024, indicates the following (all figures in lakhs):
* **Income:** Total income for the year ended March 31, 2024, was Rs. 436.00, compared to Rs. 244.96 for the year ended March 31, 2023. Revenue from operations was Rs. 374.14 for the year ended 31.03.2024 and Rs. 194.70 for the year ended 31.03.2023.
* **Expenses:** Total expenses for the year ended March 31, 2024, were Rs. 154.41, compared to Rs. 71.72 for the year ended March 31, 2023.
* **Profit Before Tax:** Profit before tax for the year ended March 31, 2024, was Rs. 281.59.
* **Tax Expense:** Tax expense for the year ended March 31, 2024, was Rs. 84.13.
* **Net Profit:** Profit/(Loss) for the Period (7-8) was Rs. 197.46 for the year ended 31.03.2024 and Rs. 131.00 for the year ended 31.03.2023.
* **Other Comprehensive Income (OCI):** Total OCI for the year ended March 31, 2024, was Rs. 329.48.
* **Total Comprehensive Income:** Total comprehensive income (9+10) was Rs 526.94 for the year ended 31.03.2024.
* **Equity Share Capital:** Paid-up Equity Share Capital (Face Value Rs. 10/- per share) remained constant at Rs. 675.31.
* **Earnings per Share:** Earnings per equity share (of Rs. 10/- each) were Rs. 2.92 (Basic) and Rs. 2.92 (Diluted) for the year ended March 31, 2024.
**Segment-Wise Revenue, Results, and Capital Employed**
The company's revenue is divided into Bulk Drugs and Intermediates and Investments. For the year ended March 31, 2024, total segment revenue was Rs. 436.00 lakhs. Profit before tax from segments totaled Rs. 411.57 lakhs. Capital employed was Rs. 3,600.90 lakhs.
**Assets and Liabilities**
* **Total Assets:** Total assets were reported at Rs. 3,734.46 lakhs.
* **Total Equity:** Total equity was reported at Rs. 3,600.90 lakhs.
* **Total Equity and Liabilities:** Total equity and liabilities amounted to Rs. 3,734.46 lakhs.
**Cash Flow Statement:**
Net cash from operating activities (A) was (Rs. 190.35) lakhs, net cash used in investing activities (B) was (Rs. 136.37) lakhs, resulting in a net decrease in cash and cash equivalents of (Rs. 326.72) lakhs.
**Auditor's Report:**
The Independent Auditor's Report from NSVR & Associates LLP expresses an unmodified opinion on the financial results. The report confirms that the financial results are presented in accordance with Regulation 33 of the Listing Regulations and give a true and fair view of the company's financial performance. The auditors conducted the audit in accordance with the Standards on Auditing (SAs) and are independent of the Company, fulfilling their ethical responsibilities.
Sigachi Laboratories Limited also declares and confirms that the Statutory Auditors have issued their Audit Report with an unmodified opinion on the Audited Financial Results of the Company for the quarter and financial year ended 31st March, 2024, in compliance with Regulation 33(3)(d) of the SEBI (LODR) Regulations, 2015.
