----

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| DELAWARE                                                      |                                                    | 13-4306188                        |
|---------------------------------------------------------------|---------------------------------------------------------|-----------------------------------|
| (State or Other Jurisdiction ofIncorporation or Organization) |                                                    | I.R.S. EmployerIdentification No. |
|                                                          | 2275 Research Blvd., Suite 500Rockville, Maryland 20850 |                              |
| (Address of Principal Executive Offices, Zip Code)            |
|                                                          |
| (301) 840-3888                                                |
| (Registrant’s Telephone Number, Including Area Code)    |

----

----

----

| Item 1. Financial Statements (unaudited)                                                            | 1      |
|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                |   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 13     |
|                                                                                                |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                  | 20     |
|                                                                                                |   |
| Item 4. Controls and Procedures                                                                     | 20     |
|                                                                                                |   |
| PART II                                                                                             |
|                                                                                                |   |
| Item 1. Legal Proceedings                                                                           | 20     |
|                                                                                                |   |
| Item 1A. Risk Factors                                                                               | 20     |
|                                                                                                |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                 | 21     |
|                                                                                                |   |
| Item 3. Defaults Upon Senior Securities                                                             | 21     |
|                                                                                                |   |
| Item 4. (Removed and Reserved)                                                                      | 21     |
|                                                                                                |   |
| Item 5. Other Information                                                                           | 21     |
|                                                                                                |   |
| Item 6. Exhibits                                                                                    | 21     |
|                                                                                                |   |
| Signatures                                                                                          | 22     |

----

|                                                                                                                                           |   | June 30, 2010                         |    |   | March 31, 2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|--------|----------------|--------|
|                                                                                                                                           |   | (in thousands,except share par value) |    |
| ASSETS                                                                                                                                         |   |                                  |    |   |           |   |
| Current Assets:                                                                                                                                |   |                                  |    |   |           |   |
| Cash and cash equivalents                                                                                                                      |   | $                                     | 105,464 |   |           | $      | 48,693 |   |
| Restricted cash                                                                                                                                |   |                                  | 40,841  |   |           |   | 33,384 |   |
| Accounts receivable, net of allowance of $4,859 and $4,355, respectively                                                                       |   |                                  | 41,671  |   |           |   | 26,013 |   |
| Inventories                                                                                                                                    |   |                                  | 57,089  |   |           |   | 52,134 |   |
| Due from related parties                                                                                                                       |   |                                  | 9,153   |   |           |   | 8,111 |   |
| Income tax receivable                                                                                                                          |   |                                  | — |   |           |   | 523 |   |
| Receivable from assets disposal                                                                                                                |   |                                  | 5,315   |   |           |   | 5,879 |   |
| Prepaid expenses and other current assets                                                                                                      |   |                                  | 9,040   |   |           |   | 8,209 |   |
| Deferred tax assets                                                                                                                            |   |                                  | 33,574  |   |           |   | 33,390 |   |
| Total current assets                                                                                                                           |   |                                  | 302,147 |   |           |   | 216,336 |   |
|                                                                                                                                           |   |                                  |    |   |           |   |   |   |
| Property, plant and equipment, net                                                                                                             |   |                                  | 109,042 |   |           |   | 110,037 |   |
| Land use rights, net                                                                                                                           |   |                                  | 5,992   |   |           |   | 5,996 |   |
| Intangible assets, net                                                                                                                         |   |                                  | 3,141   |   |           |   | 3,394 |   |
| Goodwill                                                                                                                                       |   |                                  | — |   |           |   | 1,437 |   |
| Receivable from assets disposal                                                                                                                |   |                                  | — |   |           |   | 4,404 |   |
| Other assets                                                                                                                                   |   |                                  | 3,355   |   |           |   | 3,575 |   |
| Deferred tax assets                                                                                                                            |   |                                  | 4,183   |   |           |   | 4,178 |   |
| TOTAL ASSETS                                                                                                                                   |   | $                                     | 427,860 |   |           | $      | 349,357 |   |
| LIABILITIES AND EQUITY                                                                                                                         |   |                                  |    |   |           |   |   |   |
| Current Liabilities:                                                                                                                           |   |                                  |    |   |           |   |   |   |
| Short-term debt                                                                                                                                |   | $                                     | 80,336  |   |           | $      | 98,069 |   |
| Long-term debt due within one year                                                                                                             |   |                                  | 49,726  |   |           |   | 61,194 |   |
| Accounts payable                                                                                                                               |   |                                  | 49,211  |   |           |   | 49,947 |   |
| Due to related parties                                                                                                                         |   |                                  | 2,604   |   |           |   | 2,670 |   |
| Advances from customers                                                                                                                        |   |                                  | 7,553   |   |           |   | 9,375 |   |
| Income tax payable                                                                                                                             |   |                                  | 3,086   |   |           |   | — |   |
| Other current liabilities                                                                                                                      |   |                                  | 21,796  |   |           |   | 22,674 |   |
| Total current liabilities                                                                                                                      |   |                                  | 214,312 |   |           |   | 243,929 |   |
| Long-term debt                                                                                                                                 |   |                                  | 79,518  |   |           |   | 41,018 |   |
| Deferred revenue                                                                                                                               |   |                                  | 4,712   |   |           |   | 4,688 |   |
| Capital lease obligations                                                                                                                      |   |                                  | 5,394   |   |           |   | 5,372 |   |
| Other long-term liabilities                                                                                                                    |   |                                  | 1,432   |   |           |   | 1,419 |   |
| Total liabilities                                                                                                                              |   |                                  | 305,368 |   |           |   | 296,426 |   |
| Equity:                                                                                                                                        |   |                                  |    |   |           |   |   |   |
| Synutra International, Inc. shareholders’ equity                                                                                         |   |                                  |    |   |           |   |   |   |
| Common stock, $.0001 par value: 250,000 authorized; 57,301 and 54,001 issued and outstanding at June 30, 2010 and March 31, 2010, respectively |   |                                  | 6       |   |           |   | 5 |   |
| Additional paid-in capital                                                                                                                     |   |                                  | 135,440 |   |           |   | 76,607 |   |
| Accumulated deficit                                                                                                                            |   |                                  | (38,183 | )      |           |   | (48,289 | ) |
| Accumulated other comprehensive income                                                                                                         |   |                                  | 24,592  |   |           |   | 24,015 |   |
| Total Synutra common shareholders’ equity                                                                                                |   |                                  | 121,855 |   |           |   | 52,338 |   |
| Noncontrolling interest                                                                                                                        |   |                                  | 637     |   |           |   | 593 |   |
| Total equity                                                                                                                                   |   |                                  | 122,492 |   |           |   | 52,931 |   |
| TOTAL LIABILITIES AND EQUITY                                                                                                                   |   | $                                     | 427,860 |   |           | $      | 349,357 |   |

----

|                                                                              |   | Three Months Ended June 30,                   |   |
|-----------------------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                              |   | 2010                                          |   |   | 2009 |   |
|                                                                              |   | (in thousands except earnings per share data) |   |
| Net sales                                                                         |   | $                                             | 83,787 |   |   | $ | 47,350 |   |
| Cost of sales                                                                     |   |                                          | 37,426 |   |   |   | 27,778 |   |
| Gross profit                                                                      |   |                                          | 46,361 |   |   |   | 19,572 |   |
|                                                                              |   |                                          |   |   |   |   |   |   |
| Selling and distribution expenses                                                 |   |                                          | 12,626 |   |   |   | 10,477 |   |
| Advertising and promotion expenses                                                |   |                                          | 10,002 |   |   |   | 15,145 |   |
| General and administrative expenses                                               |   |                                          | 7,516  |   |   |   | 4,641 |   |
| Other operating income, net                                                       |   |                                          | 73     |   |   |   | 117 |   |
| Income (loss) from operations                                                     |   |                                          | 16,290 |   |   |   | (10,574 | )  |
|                                                                              |   |                                          |   |   |   |   |   |   |
| Interest expense                                                                  |   |                                          | 2,662  |   |   |   | 2,378 |   |
| Interest income                                                                   |   |                                          | 108    |   |   |   | 518 |   |
| Other income (expense), net                                                       |   |                                          | 167    |   |   |   | (784 | )  |
| Income (loss) before income tax expense (benefit)                                 |   |                                          | 13,903 |   |   |   | (13,218 | ) |
| Income tax expense (benefit)                                                      |   |                                          | 3,795  |   |   |   | (3,223 | )  |
| Net income (loss)                                                                 |   |                                          | 10,108 |   |   |   | (9,995 | )  |
|                                                                              |   |                                          |   |   |   |   |   |   |
| Net income (loss) attributable to the noncontrolling interest                     |   |                                          | 2      |   |   |   | (49 | )  |
| Net income (loss) attributable to Synutra International, Inc. common shareholders |   | $                                             | 10,106 |   |   | $ | (9,946 | ) |
|                                                                              |   |                                          |   |   |   |   |   |   |
| Earnings (loss) per share – basic                                           |   | $                                             | 0.19   |   |   | $ | (0.18 | )  |
| Earnings (loss) per share – diluted                                         |   | $                                             | 0.19   |   |   | $ | (0.18 | )  |
| Weighted average common shares outstanding – basic                          |   |                                          | 54,037 |   |   |   | 54,001 |   |
| Weighted average common shares outstanding – diluted                        |   |                                          | 54,274 |   |   |   | 54,001 |   |

----

|                                                                                        |   |   | Three Months Ended June 30, |   |
|---------------------------------------------------------------------------------------------|--------|--------|-----------------------------|--------|
|                                                                                        |   |   | 2010                        |   |   |   | 2009 |   |
|                                                                                        |   |   | (in thousands)              |   |
| Net income (loss)                                                                           |   | $      | 10,108                      |   |   | $ | (9,995 | ) |
| Currency translation adjustments                                                            |   |   | 579                         |   |   |   | 70 |   |
| Total comprehensive income (loss)                                                           |   |   | 10,687                      |   |   |   | (9,925 | ) |
| Less: Comprehensive income (loss) attributable to noncontrolling interest                   |   |   | 4                           |   |   |   | (49 | ) |
| Comprehensive income (loss) attributable to Synutra International, Inc. common shareholders |   | $      | 10,683                      |   |   | $ | (9,876 | ) |

----

|                             |   |   | Common Stock   |   |   |   |    |   |   |   |                       |   |   |   |                                    |    |   |   |                                   |   |   |   |                    |    |
|----------------------------------|--------|--------|----------------|--------|--------|--------|---------|--------|--------|--------|----------------------------|--------|--------|--------|-----------------------------------------|---------|--------|--------|----------------------------------------|--------|--------|--------|-------------------------|---------|
|                             |   |   | Shares         |   |   |   | Amount  |   |   |   | Additional paid-in capital |   |   |   | Retained earnings (accumulated deficit) |    |   |   | Accumulated other comprehensive income |   |   |   | Noncontrolling Interest |    |   |   | Total equity |   |
|                             |   |   | (in thousands) |   |
| Balance, March 31, 2009          |   |   | 54,001         |   |   | $      | 5       |   |   | $      | 76,607                     |   |   | $      | (23,674                                 | )  |   | $      | 23,921                                 |   |   | $      | 537                     |    |   | $ | 77,396 |   |
| Net loss                         |   |   | —        |   |   |   | — |   |   |   | —                    |   |   |   | (9,946                                  | )  |   |   | —                                |   |   |   | (49                     | )  |   |   | (9,995 | )  |
| Currency translation adjustments |   |   | —        |   |   |   | — |   |   |   | —                    |   |   |   | —                                 |    |   |   | 70                                     |   |   |   | —                 |    |   |   | 70 |   |
| Other                            |   |   | —        |   |   |   | — |   |   |   | —                    |   |   |   | —                                 |    |   |   | —                                |   |   |   | 83                      |    |   |   | 83 |   |
| Balance, June 30, 2009           |   |   | 54,001         |   |   | $      | 5       |   |   | $      | 76,607                     |   |   | $      | (33,620                                 | )  |   | $      | 23,991                                 |   |   | $      | 571                     |    |   | $ | 67,554 |   |
|                             |   |   |           |   |   |   |    |   |   |   |                       |   |   |   |                                    |    |   |   |                                   |   |   |   |                    |    |   |   |   |   |
| Balance, March 31, 2010          |   |   | 54,001         |   |   | $      | 5       |   |   | $      | 76,607                     |   |   | $      | (48,289                                 | )       |   | $      | 24,015                                 |   |   | $      | 593                     |    |   | $ | 52,931 |   |
| Net income                       |   |   | —        |   |   |   | — |   |   |   | —                    |   |   |   | 10,106                                  |    |   |   | —                                |   |   |   | 2                       |    |   |   | 10,108 |   |
| Issuance of common stock         |   |   | 3,300          |   |   |   | 1       |   |   |   | 58,833                     |   |   |   | —                                 |    |   |   | —                                |   |   |   | —                 |    |   |   | 58,834 |   |
| Currency translation adjustments |   |   | —        |   |   |   | — |   |   |   | —                    |   |   |   | —                                 |    |   |   | 577                                    |   |   |   | 2                       |    |   |   | 579 |   |
| Other                            |   |   | —        |   |   |   | — |   |   |   | —                    |   |   |   | —                                 |    |   |   | —                                |   |   |   | 40                      |    |   |   | 40 |   |
| Balance, June 30, 2010           |   |   | 57,301         |   |   | $      | 6       |   |   | $      | 135,440                    |   |   | $      | (38,183                                 | )  |   | $      | 24,592                                 |   |   | $      | 637                     |    |   | $ | 122,492 |   |

----

|                                                                                      |   | Three Months Ended June 30, |    |
|-------------------------------------------------------------------------------------------|--------|-----------------------------|---------|
|                                                                                      |   | 2010                        |    |   |   | 2009 |   |
|                                                                                      |   | (in thousands)              |    |
| Operating activities:                                                                     |   |                        |    |   |   |   |   |
| Net income (loss)                                                                         |   | $                           | 10,108  |   |   |   | $ | (9,995 | ) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |   |                        |    |   |   |   |   |   |   |
| Amortization of debt issuance costs                                                       |   |                        | 175     |   |   |   |   | 80 |   |
| Depreciation and amortization                                                             |   |                        | 2,471   |   |   |   |   | 2,588 |   |
| Bad debt expense (reversal)                                                               |   |                        | 473     |   |   |   |   | (403 | ) |
| Goodwill and intangible asset impairment                                                  |   |                        | 1,700   |   |   |   |   | — |   |
| Loss (gain) on disposal of property, plant and equipment                                  |   |                        | (29     | ) |   |   |   | 13 |   |
| Deferred income tax                                                                       |   |                        | 6       |   |   |   |   | (6 | ) |
| Other compensation expense                                                                |   |                        | 40      |   |   |   |   | 83 |   |
| Changes in operating assets and liabilities:                                              |   |                        |    |   |   |   |   |   |   |
| Accounts receivable                                                                       |   |                        | (15,965 | ) |   |   |   | 662 |   |
| Inventories                                                                               |   |                        | (4,681  | ) |   |   |   | (20,593 | ) |
| Due from related parties                                                                  |   |                        | (1,202  | ) |   |   |   | (760 | ) |
| Prepaid expenses and other current assets                                                 |   |                        | (594    | ) |   |   |   | 2,208 |   |
| Accounts payable                                                                          |   |                        | (1,366  | ) |   |   |   | (14,727 | ) |
| Due to related parties                                                                    |   |                        | 212     |   |   |   |   | (2,464 | ) |
| Advances from customers                                                                   |   |                        | (1,865  | ) |   |   |   | (1,047 | ) |
| Income tax receivable                                                                     |   |                        | 524     |   |   |   |   | (3,592 | ) |
| Income tax payable                                                                        |   |                        | 3,078   |   |   |   |   | — |   |
| Deferred revenue                                                                          |   |                        | — |   |   |   |   | (270 | ) |
| Product recall provision                                                                  |   |                        | — |   |   |   |   | (1,345 | ) |
| Current and non-current other liabilities                                                 |   |                        | (934    | ) |   |   |   | (333 | ) |
| Net cash used in operating activities                                                     |   | $                           | (7,849  | ) |   |   | $ | (49,901 | ) |
|                                                                                      |   |                        |    |   |   |   |   |   |   |
| Investing activities:                                                                     |   |                        |    |   |   |   |   |   |   |
| Acquisition of property, plant and equipment                                              |   |                        | (278    | ) |   |   |   | (2,172 | ) |
| Change in restricted cash                                                                 |   |                        | (7,265  | ) |   |   |   | (19,728 | ) |
| Payment for business acquisitions                                                         |   |                        | — |   |   |   |   | (1,468 | ) |
| Proceeds from assets disposal                                                             |   |                        | 4,824   |   |   |   |   | — |   |
| Net cash used in investing activities                                                     |   | $                           | (2,719  | ) |   |   | $ | (23,368 | ) |
|                                                                                      |   |                        |    |   |   |   |   |   |   |
| Financing activities:                                                                     |   |                        |    |   |   |   |   |   |   |
| Proceeds from short-term debt                                                             |   |                        | 31,369  |   |   |   |   | 118,111 |   |
| Repayment of short-term debt                                                              |   |                        | (49,511 | ) |   |   |   | (60,346 | ) |
| Proceeds from long-term debt                                                              |   |                        | 49,902  |   |   |   |   | 7,324 |   |
| Repayment of long-term debt                                                               |   |                        | (23,500 | ) |   |   |   | — |   |
| Proceeds from issuance of common stock                                                    |   |                        | 62,700  |   |   |   |   | — |   |
| Issuance costs for common stock issuance                                                  |   |                        | (3,866  | ) |   |   |   | — |   |
| Net cash provided by (used in) financing activities                                       |   | $                           | 67,094  |   |   |   | $ | (65,089 | ) |
|                                                                                      |   |                        |    |   |   |   |   |   |   |
| Effect of exchange rate changes on cash and cash equivalents                              |   | $                           | 245     |   |   |   | $ | 23 |   |
|                                                                                      |   |                        |    |   |   |   |   |   |   |
| Net change in cash and cash equivalents                                                   |   |                        | 56,771  |   |   |   |   | (8,157 | ) |
| Cash and cash equivalents, beginning of year                                              |   | $                           | 48,693  |   |   |   | $ | 37,736 |   |
| Cash and cash equivalents, end of year                                                    |   | $                           | 105,464 |   |   |   | $ | 29,579 |   |
|                                                                                      |   |                        |    |   |   |   |   |   |   |
| Supplemental cash flow information:                                                       |   |                        |    |   |   |   |   |   |   |
| Interest paid                                                                             |   |                        | 2,492   |   |   |   |   | 2,419 |   |
| Income tax paid                                                                           |   |                        | 166     |   |   |   |   | 335 |   |
|                                                                                      |   |                        |    |   |   |   |   |   |   |
| Non-cash investing and financing activities:                                              |   |                        |    |   |   |   |   |   |   |
| Purchase of property, plant and equipment by accounts payable                             |   |                        | 347     |   |   |   |   | 923 |   |
| Assets disposal by other receivable                                                  |   |                        | 5,315   |   |   |   |   | — |   |

----

| 1.  | ORGANIZATION AND PRINCIPAL ACTIVITIES |
|----------|---------------------------------------|

| 2.  | BASIS OF PRESENTATION |
|----------|-----------------------|

| 3.  | ISSUANCE OF COMMON STOCK |
|----------|--------------------------|

----

| 4.  | FAIR VALUE MEASUREMENTS |
|----------|-------------------------|

| Description                 |   | Amount         |    |   | Quoted Prices in Active Markets for Identical Assets(Level 1) |   |   | SignificantOtherObservable Inputs(Level 2) |                           | SignificantUnobservable Inputs(Level 3) |   |    | TotalLoss |   |
|-----------------------------|--------|----------------|---------|--------|---------------------------------------------------------------|--------|--------|--------------------------------------------|--------------------------------|-----------------------------------------|--------|---------|-----------|--------|
|                        |   | (In thousands) |    |
| June 30, 2010:              |   |           |    |   |                                                          |   |   |                                       |                           |                                    |   |    |      |   |
| Goodwill                    |   | $              | — |   |                                                          |   |   |                                       |                           |                                    | $      | — |      |   | $ | 1,440 |   |
| Intangible asset (know-how) |   | $              | — |   |                                                          |   |   |                                       |                           |                                    | $      | — |      |   | $ | 260 |   |
|                        |   |           |    |   |                                                          |   |   |                                       |                           |                                    |   |    |      |   |   |   |   |
| March 31, 2010:             |   |           |    |   |                                                          |   |   |                                       |                           |                                    |   |    |      |   |   |   |   |
| Assets held for sale        |   | $              | 30,211  |   |                                                          |   |   | $                                     |     30,211 |                                    |   |    |      |   | $ | 5,894 |   |

| 5.  | INVENTORIES |
|----------|-------------|

|              |   | June 30, 2010  |   |   | March 31, 2010 |   |
|-------------------|--------|----------------|--------|--------|----------------|--------|
|              |   | (In thousands) |   |
| Raw materials     |   | $              | 40,609 |   |           | $      | 35,667 |   |
| Work-in-progress  |   |           | 8,068  |   |           |   | 10,893 |   |
| Finished goods    |   |           | 8,412  |   |           |   | 5,574 |   |
| Total Inventories |   | $              | 57,089 |   |           | $      | 52,134 |   |

----

| 6.  | DUE FROM (TO) RELATED PARTIES AND RELATED PARTY TRANSACTIONS |
|----------|--------------------------------------------------------------|

| A.  | Classification of related party balances by name |
|----------|--------------------------------------------------|

| a.  | Due from related parties |
|----------|--------------------------|

|                                                         |   | June 30, 2010  |   |   | March 31, 2010 |   |
|--------------------------------------------------------------|--------|----------------|--------|--------|----------------|--------|
|                                                         |   | (In thousands) |   |
| Sheng Zhi Da Dairy Group Corporation                         |   | $              | 1,737  |   |           | $      | 1,728 |   |
| Beijing Honnete Dairy Co., Ltd.                              |   |           | 6,442  |   |           |   | 5,476 |   |
| St. Angel (Beijing) Business Service Co. Ltd.                |   |           | 973    |   |           |   | 907 |   |
| Qingdao Lvyin Waste Disposal Investment Management Co., Ltd. |   |           | 1      |   |           |   | — |   |
| Total                                                        |   | $              | 9,153  |   |           | $      | 8,111 |   |

| b.  | Due to related parties |
|----------|------------------------|

|                                               |   | June 30, 2010  |    |   | March 31, 2010 |   |
|----------------------------------------------------|--------|----------------|---------|--------|----------------|--------|
|                                               |   | (In thousands) |    |
| Sheng Zhi Da Dairy Group Corporation               |   | $              | 2,040   |   |           | $      | 2,098 |   |
| Beijing Honnete Dairy Co., Ltd.                    |   |           | 564     |   |           |   | 568 |   |
| Beijing St. Angel Cultural Communication Co., Ltd. |   |           | — |   |           |   | 4 |   |
| Total                                              |   | $              | 2,604   |   |           | $      | 2,670 |   |

| B.  | Sales to related parties |
|----------|--------------------------|

|                                           |   |   | Three Months Ended June 30, |   |
|------------------------------------------------|--------|--------|-----------------------------|--------|
|                                           |   |   | 2010                        |   |   |   | 2009 |   |
|                                           |   |   | (In thousands)              |   |
| Beijing Honnete Dairy Co., Ltd.                |   | $      | 172                         |   |   | $ | 2,239 |   |
| St. Angel (Beijing) Business Service Co., Ltd. |   |   | 150                         |   |   |   | — |   |
| Total                                          |   | $      | 322                         |   |   | $ | 2,239 |   |

----

| C.  | Purchases from related parties |
|----------|--------------------------------|

| 7.  |  PROPERTY, PLANT AND EQUIPMENT, NET |
|----------|------------------------------------------|

|                                 |   | June 30, 2010  |    |   | March 31, 2010 |   |
|--------------------------------------|--------|----------------|---------|--------|----------------|--------|
|                                 |   | (In thousands) |    |
| Property, plant and equipment, cost: |   |           |    |   |           |   |
| Buildings                            |   | $              | 49,768  |   |           | $      | 49,351 |   |
| Plant and machinery                  |   |           | 65,659  |   |           |   | 63,547 |   |
| Office equipment and furnishings     |   |           | 3,365   |   |           |   | 3,314 |   |
| Motor vehicles                       |   |           | 2,557   |   |           |   | 2,590 |   |
| Others                               |   |           | 394     |   |           |   | 392 |   |
| Total cost                           |   | $              | 121,743 |   |           | $      | 119,194 |   |
| Less: Accumulated depreciation:      |   |           |    |   |           |   |   |   |
| Buildings                            |   |           | 6,950   |   |           |   | 6,353 |   |
| Plant and machinery                  |   |           | 18,674  |   |           |   | 17,065 |   |
| Office equipment and furnishings     |   |           | 1,785   |   |           |   | 1,634 |   |
| Motor vehicles                       |   |           | 1,149   |   |           |   | 1,099 |   |
| Others                               |   |           | 336     |   |           |   | 329 |   |
| Total accumulated depreciation       |   |           | 28,894  |   |           |   | 26,480 |   |
| Construction in progress             |   |           | 16,193  |   |           |   | 17,323 |   |
| Property, plant and equipment, net   |   | $              | 109,042 |   |           | $      | 110,037 |   |

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| 8.  | DEBT |
|----------|------|

| 9.  | INCOME TAXES |
|----------|--------------|

| 10.  | EARNINGS (LOSS) PER SHARE |
|-----------|---------------------------|

|                                                  |   | Three Months Ended June 30,              |   |
|-------------------------------------------------------|--------|------------------------------------------|--------|
|                                                  |   | 2010                                     |   |   | 2009 |   |
|                                                  |   | (In thousands except for per share data) |   |
| Net income (loss) attributable to common shareholders |   | $                                        | 10,106 |   |   | $ | (9,946 | ) |
| Basic weighted average common shares outstanding      |   |                                     | 54,037 |   |   |   | 54,001 |   |
| Dilutive potential common shares from warrants        |   |                                     | 237    |   |   |   | — |   |
| Diluted weighted average shares outstanding           |   |                                     | 54,274 |   |   |   | 54,001 |   |
| Earnings (loss) per share-basic                       |   | $                                        | 0.19   |   |   | $ | (0.18 | ) |
| Earnings (loss) per share-diluted                     |   | $                                        | 0.19   |   |   | $ | (0.18 | ) |

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| 11.  | SEGMENT REPORTING |
|-----------|-------------------|

|                                              |   | Three Months Ended June 30, |    |
|---------------------------------------------------|--------|-----------------------------|---------|
|                                              |   | 2010                        |    |   | 2009 |   |
|                                              |   | (In thousands)              |    |
| NET SALES TO EXTERNAL CUSTOMERS                   |   |                        |    |   |   |   |
| Powdered formula                                  |   | $                           | 79,244  |   |   | $ | 42,470 |   |
| Baby food                                         |   |                        | 82      |   |   |   | 343 |   |
| Nutritional ingredients and supplements           |   |                        | — |   |   |   | 56 |   |
| All other                                         |   |                        | 4,461   |   |   |   | 4,481 |   |
| Net sales                                         |   | $                           | 83,787  |   |   | $ | 47,350 |   |
| INTERSEGMENT SALES                                |   |                        |    |   |   |   |   |   |
| Powdered formula                                  |   | $                           | — |   |   | $ | 4 |   |
| Baby food                                         |   |                        | 74      |   |   |   | 232 |   |
| Nutritional ingredients and supplements           |   |                        | 3,734   |   |   |   | 1,522 |   |
| All other                                    |   |                        | 472     |   |   |   | 8 |   |
| Intersegment sales                                |   | $                           | 4,280   |   |   | $ | 1,766 |   |
| GROSS PROFIT                                      |   |                        |    |   |   |   |   |   |
| Powdered formula                                  |   | $                           | 45,054  |   |   | $ | 20,201 |   |
| Baby food                                         |   |                        | (9      | )  |   |   | 132 |   |
| Nutritional ingredients and supplements           |   |                        | — |   |   |   | (648 | )  |
| All other                                    |   |                        | 1,316   |   |   |   | (113 | )  |
| Gross profit                                      |   | $                           | 46,361  |   |   | $ | 19,572 |   |
| Selling and distribution expenses                 |   |                        | 12,626  |   |   |   | 10,477 |   |
| Advertising and promotion expenses                |   |                        | 10,002  |   |   |   | 15,145 |   |
| General and administrative expenses               |   |                        | 7,516   |   |   |   | 4,641 |   |
| Other operating income, net                       |   |                        | 73      |   |   |   | 117 |   |
| Income (loss) from operations                     |   |                        | 16,290  |   |   |   | (10,574 | )  |
| Interest expense                                  |   |                        | 2,662   |   |   |   | 2,378 |   |
| Interest income                                   |   |                        | 108     |   |   |   | 518 |   |
| Other income (expense), net                       |   |                        | 167     |   |   |   | (784 | ) |
| Income (loss) before income tax expense (benefit) |   | $                           | 13,903  |   |   | $ | (13,218 | )  |

|                                    |   | June 30, 2010  |     |   | March 31, 2010 |   |
|-----------------------------------------|--------|----------------|----------|--------|----------------|--------|
|                                    |   | (In thousands) |     |
| TOTAL ASSETS                            |   |           |     |   |           |   |
| Powdered formula                        |   | $              | 361,283  |   |           | $      | 333,975 |   |
| Baby food                               |   |           | 26,490   |   |           |   | 35,115 |   |
| Nutritional ingredients and supplements |   |           | 46,903   |   |           |   | 37,879 |   |
| All other                               |   |           | 175,051  |   |           |   | 115,787 |   |
| Intersegment elimination                |   |           | (181,867 | )      |           |   | (173,399 | ) |
| Total                                   |   | $              | 427,860  |   |           | $      | 349,357 |   |

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| 12.  | CONTINGENCIES |
|-----------|---------------|

| 13.  | SUBSEQUENT EVENTS |
|-----------|-------------------|

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|  | Powdered formula segment: Powdered formula segment covers the sale of powdered infant and adult formula products. It includes the brands of Super, U-Smart, Mingshan and Helanruniu;                                                                                                                            |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                                                                                                                                                            |
|  | Baby food segment: Baby food segment covers the sale of prepared baby food for babies and children. It includes the brand of Huiliduo;                                                                                                                                                                          |
|     |                                                                                                                                                                                                                                                                                                            |
|  | Nutritional ingredients and supplements segment: Nutritional ingredients and supplements segment covers the production and sale of nutritional ingredients and supplements such as chondroitin sulfate, and microencapsulated Docosahexanoic Acid (“DHA”) and Arachidonic Acid (“ARA”). |

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|   |  | Sales volume of powdered formula products increased by 67.4% to 8,364 tons for the fiscal quarter ended June 30, 2010 from 4,996 tons for the same period in the previous year, due primarily to us regaining market share following the melamine contamination incident, and the expanding powdered formula market in China. We are recovering from the melamine contamination incident, and the sales volume increased steadily for the recent quarters. |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  | The average selling price of our powdered formula products for the fiscal quarter ended June 30, 2010 increased by 11.5% to $9,474 per ton from $8,501 per ton for the same period in the previous year. Our revenue mix is shifting to higher-priced products, such as the Super series. We believe the average selling price is returning to pre-recall levels. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                |   | Three Months Ended June 30, |           |
|---------------------------------------------------------------------|--------|-----------------------------|----------------|
|                                                                |   | 2010                        |           |   | 2009 |   |
|                                                                |   |                        | (in thousands) |   |
| Net cash used in operating activities                               |   | $                           | (7,849         | ) |   | $ | (49,901 | ) |
| Net cash used in investing activities                               |   |                        | (2,719         | )  |   |   | (23,368 | ) |
| Net cash provided by financing activities                           |   |                        | 67,094         |   |   |   | 65,089 |   |
| Effect of foreign currency translation on cash and cash equivalents |   |                        | 245            |   |   |   | 23 |   |
| Net cash flow                                                       |   | $                           | 56,771         |   |   | $ | (8,157 | )  |

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|  Exhibit Number |   |  Description                                                                                                                                                 |
|----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1                 |   | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended |
| 31.2                 |   | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended |
| 32.1                 |   | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer)                  |
| 32.2                 |   | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer)                  |

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|   |           | SYNUTRA INTERNATIONAL, INC. |   |
|--------|----------------|-----------------------------|--------|
|   |           |                        |   |
|   |           |                        |   |
| Date:  | August 9, 2010 |                        | By:    | /s/ Liang Zhang |   |
|   |           |                        |   | Name: | Liang Zhang |   |
|   |           |                        |   | Title: | Chief Executive Officer and Chairman |   |

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