----

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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)    |

----

| Large accelerated filer o | Accelerated filer x | Non-accelerated filer o | Smaller reporting company o |
|---------------------------|---------------------|-------------------------|-----------------------------|

----

----

| Item 1. Financial Statements (unaudited)                                                            | 1      |
|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                |   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 12     |
|                                                                                                |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                  | 20     |
|                                                                                                |   |
| Item 4. Controls and Procedures                                                                     | 20     |
|                                                                                                |   |
| PART II                                                                                             |
|                                                                                                |   |
| Item 1. Legal Proceedings                                                                           | 21     |
|                                                                                                |   |
| Item 1A. Risk Factors                                                                               | 21     |
|                                                                                                |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                 | 22     |
|                                                                                                |   |
| Item 3. Defaults Upon Senior Securities                                                             | 22     |
|                                                                                                |   |
| Item 4. (Removed and Reserved)                                                                      | 22     |
|                                                                                                |   |
| Item 5. Other Information                                                                           | 22     |
|                                                                                                |   |
| Item 6. Exhibits                                                                                    | 22     |
|                                                                                                |   |
| Signatures                                                                                          | 23     |

----

|                                                                                                                                           |   | June 30, 2011                         |    |   | March 31, 2011 |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|--------|----------------|
|                                                                                                                                           |   | (in thousands,except share par value) |    |
| ASSETS                                                                                                                                         |   |                                  |    |   |           |   |
| Current Assets:                                                                                                                                |   |                                  |    |   |           |   |
| Cash and cash equivalents                                                                                                                      |   | $                                     | 27,537  |   |           | $ | 48,741 |   |
| Restricted cash                                                                                                                                |   |                                  | 52,778  |   |           |   | 37,690 |   |
| Accounts receivable, net of allowance of $10,676 and $8,779, respectively                                                                      |   |                                  | 27,609  |   |           |   | 46,021 |   |
| Inventories                                                                                                                                    |   |                                  | 94,780  |   |           |   | 67,372 |   |
| Due from related parties                                                                                                                       |   |                                  | 3,666   |   |           |   | 13,708 |   |
| Income tax receivable                                                                                                                          |   |                                  | 3,347   |   |           |   | 259 |   |
| Receivable from assets disposal                                                                                                                |   |                                  | 1,736   |   |           |   | 1,714 |   |
| Prepaid expenses and other current assets                                                                                                      |   |                                  | 20,900  |   |           |   | 11,562 |   |
| Deferred tax assets                                                                                                                            |   |                                  | 21,216  |   |           |   | 20,922 |   |
| Total current assets                                                                                                                           |   |                                  | 253,569 |   |           |   | 247,989 |   |
|                                                                                                                                           |   |                                  |    |   |           |   |   |   |
| Property, plant and equipment, net                                                                                                             |   |                                  | 113,528 |   |           |   | 109,811 |   |
| Land use rights, net                                                                                                                           |   |                                  | 6,138   |   |           |   | 6,096 |   |
| Intangible assets, net                                                                                                                         |   |                                  | 3,149   |   |           |   | 3,140 |   |
| Other assets                                                                                                                                   |   |                                  | 3,656   |   |           |   | 4,022 |   |
| Deferred tax assets                                                                                                                            |   |                                  | 27,976  |   |           |   | 27,646 |   |
| TOTAL ASSETS                                                                                                                                   |   | $                                     | 408,016 |   |           | $ | 398,704 |   |
| LIABILITIES AND EQUITY                                                                                                                         |   |                                  |    |   |           |   |   |   |
| Current Liabilities:                                                                                                                           |   |                                  |    |   |           |   |   |   |
| Short-term debt                                                                                                                                |   | $                                     | 111,424 |   |           | $ | 124,281 |   |
| Long-term debt due within one year                                                                                                             |   |                                  | 67,989  |   |           |   | 38,131 |   |
| Accounts payable                                                                                                                               |   |                                  | 61,028  |   |           |   | 52,923 |   |
| Due to related parties                                                                                                                         |   |                                  | 2,166   |   |           |   | 2,330 |   |
| Advances from customers                                                                                                                        |   |                                  | 11,580  |   |           |   | 4,890 |   |
| Other current liabilities                                                                                                                      |   |                                  | 23,320  |   |           |   | 25,913 |   |
| Total current liabilities                                                                                                                      |   |                                  | 277,507 |   |           |   | 248,468 |   |
| Long-term debt                                                                                                                                 |   |                                  | 51,182  |   |           |   | 62,722 |   |
| Deferred revenue                                                                                                                               |   |                                  | 4,450   |   |           |   | 4,456 |   |
| Capital lease obligations                                                                                                                      |   |                                  | 5,605   |   |           |   | 5,540 |   |
| Other long-term liabilities                                                                                                                    |   |                                  | 1,619   |   |           |   | 1,592 |   |
| Total liabilities                                                                                                                              |   |                                  | 340,363 |   |           |   | 322,778 |   |
| Equity:                                                                                                                                        |   |                                  |    |   |           |   |   |   |
| Synutra International, Inc. stockholders’ equity                                                                                         |   |                                  |    |   |           |   |   |   |
| Common stock, $.0001 par value: 250,000 authorized; 57,301 and 57,301 issued and outstanding at June 30, 2011 and March 31, 2011, respectively |   |                                  | 6       |   |           |   | 6 |   |
| Additional paid-in capital                                                                                                                     |   |                                  | 135,440 |   |           |   | 135,440 |   |
| Accumulated deficit                                                                                                                            |   |                                  | (97,953 | )      |           |   | (88,357 | ) |
| Accumulated other comprehensive income                                                                                                         |   |                                  | 29,353  |   |           |   | 28,204 |   |
| Total Synutra common stockholders’ equity                                                                                                |   |                                  | 66,846  |   |           |   | 75,293 |   |
| Noncontrolling interest                                                                                                                        |   |                                  | 807     |   |           |   | 633 |   |
| Total equity                                                                                                                                   |   |                                  | 67,653  |   |           |   | 75,926 |   |
| TOTAL LIABILITIES AND EQUITY                                                                                                                   |   | $                                     | 408,016 |   |           | $ | 398,704 |   |

----

|                                                                              |   | Three Months Ended June 30,                   |    |
|-----------------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                              |   | 2011                                          |    |   | 2010 |   |
|                                                                              |   | (in thousands except earnings per share data) |    |
| Net sales                                                                         |   | $                                             | 43,757  |   |   | $ | 83,787 |   |
| Cost of sales                                                                     |   |                                          | 27,678  |   |   |   | 37,426 |   |
| Gross profit                                                                      |   |                                          | 16,079  |   |   |   | 46,361 |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Selling and distribution expenses                                                 |   |                                          | 12,461  |   |   |   | 12,626 |   |
| Advertising and promotion expenses                                                |   |                                          | 7,008   |   |   |   | 10,002 |   |
| General and administrative expenses                                               |   |                                          | 6,579   |   |   |   | 6,076 |   |
| Impairment of goodwill                                                            |   |                                          | — |   |   |   | 1,440 |   |
| Other operating income, net                                                       |   |                                          | 110     |   |   |   | 73 |   |
| Income (loss) from operations                                                     |   |                                          | (9,859  | )  |   |   | 16,290 |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Interest expense                                                                  |   |                                          | 3,412   |   |   |   | 2,662 |   |
| Interest income                                                                   |   |                                          | 311     |   |   |   | 108 |   |
| Other income, net                                                                 |   |                                          | 465     |   |   |   | 167 |   |
| Income (loss) before income tax expense (benefit)                                 |   |                                          | (12,495 | )  |   |   | 13,903 |   |
| Income tax expense (benefit)                                                      |   |                                          | (3,049  | )  |   |   | 3,795 |   |
| Net income (loss)                                                                 |   |                                          | (9,446  | )  |   |   | 10,108 |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Net income attributable to the noncontrolling interest                            |   |                                          | 150     |   |   |   | 2 |   |
| Net income (loss) attributable to Synutra International, Inc. common stockholders |   | $                                             | (9,596  | )  |   | $ | 10,106 |   |
|                                                                              |   |                                          |    |   |   |   |   |   |
| Earnings (loss) per share – basic                                           |   | $                                             | (0.17   | )  |   | $ | 0.19 |   |
| Earnings (loss) per share – diluted                                         |   | $                                             | (0.17   | )  |   | $ | 0.19 |   |
| Weighted average common shares outstanding – basic                          |   |                                          | 57,301  |   |   |   | 54,037 |   |
| Weighted average common shares outstanding – diluted                        |   |                                          | 57,301  |   |   |   | 54,274 |   |

----

|                                                                                        |   |   Three Months Ended June 30, |
|---------------------------------------------------------------------------------------------|--------|------------------------------------|
|                                                                                        |   |                               | 2011 |   |   |   | 2010 |   |
|                                                                                        |   |                               | (in thousands) |   |
| Net income (loss)                                                                           |   | $                                  | (9,446 | )  |   | $ | 10,108 |   |
| Currency translation adjustments                                                            |   |                               | 1,154 |   |   |   | 579 |   |
| Total comprehensive income (loss)                                                           |   |                               | (8,292 | )  |   |   | 10,687 |   |
| Less: Comprehensive income attributable to noncontrolling interest                          |   |                               | 155 |   |   |   | 4 |   |
| Comprehensive income (loss) attributable to Synutra International, Inc. common stockholders |   | $                                  | (8,447 | )  |   | $ | 10,683 |   |

----

|                             |   | Synutra International, Inc. Common Stockholders |    |   |   |   |    |                       |   |
|----------------------------------|--------|-------------------------------------------------|---------|--------|--------|--------|---------|----------------------------|--------|
|                             |   | 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, 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 |   |
|                             |   |                                            |    |   |   |   |    |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2011          |   |                                            | 57,301  |   |   | $      | 6       |                       |   | $ | 135,440 |   |   | $ | (88,357 | ) |   | $ | 28,204 |   |   | $ | 633 |   |   | $ | 75,926 |   |
| Net income                       |   |                                            | — |   |   |   | — |                       |   |   | — |   |   |   | (9,596 | )  |   |   | — |   |   |   | 150 |   |   |   | (9,446 | )  |
| Currency translation adjustments |   |                                            | — |   |   |   | — |                       |   |   | — |   |   |   | — |   |   |   | 1,149 |   |   |   | 5 |   |   |   | 1,154 |   |
| Other                            |   |                                            | — |   |   |   | — |                       |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 19 |   |   |   | 19 |   |
| Balance, June 30, 2011           |   |                                            | 57,301  |   |   | $      | 6       |                       |   | $ | 135,440 |   |   | $ | (97,953 | ) |   | $ | 29,353 |   |   | $ | 807 |   |   | $ | 67,653 |   |

----

|                                                                                      |   | Three Months Ended June 30, |    |
|-------------------------------------------------------------------------------------------|--------|-----------------------------|---------|
|                                                                                      |   | 2011                        |    |   | 2010 |   |
|                                                                                      |   | (in thousands)              |    |
| Operating activities:                                                                     |   |                        |    |   |   |   |
| Net income (loss)                                                                         |   | $                           | (9,446  | ) |   | $ | 10,108 |   |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |   |                        |    |   |   |   |   |   |
| Amortization of debt issuance costs                                                       |   |                        | — |   |   |   | 175 |   |
| Depreciation and amortization                                                             |   |                        | 2,835   |   |   |   | 2,471 |   |
| Bad debt expense                                                                          |   |                        | 2,060   |   |   |   | 473 |   |
| Goodwill and intangible asset impairment                                                  |   |                        | — |   |   |   | 1,700 |   |
| Gain on disposal of property, plant and equipment                                         |   |                        | — |   |   |   | (29 | ) |
| Deferred income tax                                                                       |   |                        | 7       |   |   |   | 6 |   |
| Other compensation expense                                                                |   |                        | 19      |   |   |   | 40 |   |
| Changes in assets and liabilities:                                                        |   |                        |    |   |   |   |   |   |
| Accounts receivable                                                                       |   |                        | 17,223  |   |   |   | (15,965 | ) |
| Inventories                                                                               |   |                        | (26,912 | ) |   |   | (4,681 | ) |
| Due from related parties                                                                  |   |                        | 9,973   |   |   |   | (1,202 | ) |
| Prepaid expenses and other current assets                                                 |   |                        | (16,732 | ) |   |   | (594 | ) |
| Accounts payable                                                                          |   |                        | 7,033   |   |   |   | (1,366 | ) |
| Due to related parties                                                                    |   |                        | 388     |   |   |   | 212 |   |
| Advances from customers                                                                   |   |                        | 6,718   |   |   |   | (1,865 | ) |
| Income tax receivable                                                                     |   |                        | (3,128  | )  |   |   | 524 |   |
| Income tax payable                                                                        |   |                        | — |   |   |   | 3,078 |   |
| Deferred revenue                                                                          |   |                        | (66     | )  |   |   | — |   |
| Other liabilities                                                                         |   |                        | 1,939   |   |   |   | (934 | ) |
| Net cash used in operating activities                                                     |   | $                           | (8,089  | ) |   | $ | (7,849 | ) |
|                                                                                      |   |                        |    |   |   |   |   |   |
| Investing activities:                                                                     |   |                        |    |   |   |   |   |   |
| Acquisition of property, plant and equipment                                              |   |                        | (2,050  | ) |   |   | (278 | ) |
| Change in restricted cash                                                                 |   |                        | (14,801 | ) |   |   | (7,265 | ) |
| Proceeds from assets disposal                                                             |   |                        | — |   |   |   | 4,824 |   |
| Net cash used in investing activities                                                     |   | $                           | (16,851 | ) |   | $ | (2,719 | ) |
|                                                                                      |   |                        |    |   |   |   |   |   |
| Financing activities:                                                                     |   |                        |    |   |   |   |   |   |
| Proceeds from short-term debt                                                             |   |                        | 80,467  |   |   |   | 31,369 |   |
| Repayment of short-term debt                                                              |   |                        | (95,247 | ) |   |   | (49,511 | ) |
| Proceeds from long-term debt                                                              |   |                        | 34,928  |   |   |   | 49,902 |   |
| Repayment of long-term debt                                                               |   |                        | (17,347 | ) |   |   | (23,500 | ) |
| Proceeds from issuance of common stock                                                    |   |                        | — |   |   |   | 62,700 |   |
| Issuance costs for common stock issuance                                                  |   |                        | — |   |   |   | (3,866 | ) |
| Net cash provided by financing activities                                            |   | $                           | 2,801   |   |   | $ | 67,094 |   |
|                                                                                      |   |                        |    |   |   |   |   |   |
| Effect of exchange rate changes on cash and cash equivalents                              |   | $                           | 935     |   |   | $ | 245 |   |
|                                                                                      |   |                        |    |   |   |   |   |   |
| Net change in cash and cash equivalents                                                   |   |                        | (21,204 | )  |   |   | 56,771 |   |
| Cash and cash equivalents, beginning of year                                              |   | $                           | 48,741  |   |   | $ | 48,693 |   |
| Cash and cash equivalents, end of year                                                    |   | $                           | 27,537  |   |   | $ | 105,464 |   |
|                                                                                      |   |                        |    |   |   |   |   |   |
| Supplemental cash flow information:                                                       |   |                        |    |   |   |   |   |   |
| Interest paid                                                                             |   |                        | 3,260   |   |   |   | 2,492 |   |
| Income tax paid                                                                           |   |                        | — |   |   |   | 166 |   |
|                                                                                      |   |                        |    |   |   |   |   |   |
| Non-cash investing and financing activities:                                              |   |                        |    |   |   |   |   |   |
| Purchase of property, plant and equipment by accounts payable                             |   |                        | 568     |   |   |   | 347 |   |
| Assets disposal by other receivable                                                  |   |                        | — |   |   |   | 5,315 |   |

----

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

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

| 3. | INVENTORIES |
|----|-------------|

|             |   | June 30, 2011  |   |   | March 31, 2011 |
|------------------|--------|----------------|--------|--------|----------------|
|             |   | (In thousands) |   |
| Raw materials    |   | $              | 68,702 |   |           | $ | 52,817 |   |
| Work-in-progress |   |           | 5,260  |   |           |   | 4,262 |   |
| Finished goods   |   |           | 20,818 |   |           |   | 10,293 |   |
| Total            |   | $              | 94,780 |   |           | $ | 67,372 |   |

----

| 4. | DUE FROM (TO) RELATED PARTIES AND RELATED PARTY TRANSACTIONS |
|----|--------------------------------------------------------------|

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

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

|                                                  |   | June 30, 2011  |    |   | March 31, 2011 |
|-------------------------------------------------------|--------|----------------|---------|--------|----------------|
|                                                  |   | (In thousands) |    |
| Sheng Zhi Da Dairy Group Corporation                  |   | $              | 1,823   |   |           | $ | 1,800 |   |
| Beijing Honnete Dairy Co., Ltd.                       |   |           | 406     |   |           |   | 7,419 |   |
| St. Angel (Beijing) Business Service Co. Ltd.         |   |           | 1,437   |   |           |   | 528 |   |
| Beijing Dongan Hengxin Property Development Co., Ltd. |   |           | — |   |           |   | 3,961 |   |
| Total                                                 |   | $              | 3,666   |   |           | $ | 13,708 |   |

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

|                                               |   | June 30, 2011  |   |   | March 31, 2011 |
|----------------------------------------------------|--------|----------------|--------|--------|----------------|
|                                               |   | (In thousands) |   |
| Sheng Zhi Da Dairy Group Corporation               |   | $              | 1,487  |   |           | $ | 1,639 |   |
| Beijing Honnete Dairy Co., Ltd.                    |   |           | 523    |   |           |   | 534 |   |
| Beijing St. Angel Cultural Communication Co., Ltd. |   |           | 156    |   |           |   | 157 |   |
| Total                                              |   | $              | 2,166  |   |           | $ | 2,330 |   |

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

|                                           |   |   | Three Months Ended June 30, |   |
|------------------------------------------------|--------|--------|-----------------------------|--------|
|                                           |   |   | 2011                        |   |   |   | 2010 |   |
|                                           |   |   | (In thousands)              |   |
| Beijing Honnete Dairy Co., Ltd.                |   | $      | 368                         |   |   | $ | 172 |   |
| St. Angel (Beijing) Business Service Co., Ltd. |   |   | 46                          |   |   |   | 150 |   |
| Total                                          |   | $      | 414                         |   |   | $ | 322 |   |

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

|                                              |   |   | Three Months Ended June 30, |   |
|---------------------------------------------------|--------|--------|-----------------------------|--------|
|                                              |   |   | 2011                        |   |   |   | 2010 |   |
|                                              |   |   | (In thousands)              |   |
| Beijing St. Angel Cultural Communication Co. Ltd. |   | $      | 165                         |   |   | $ | 52 |   |

----

| 5. |  PREPAID EXPENSES AND OTHER CURRENT ASSETS |
|----|-------------------------------------------------|

|                 |   | June 30, 2011  |   |   | March 31, 2011 |   |
|----------------------|--------|----------------|--------|--------|----------------|--------|
|                 |   | (In thousands) |   |
| Prepaid expense      |   | $              | 3,973  |   |           | $      | 3,573 |   |
| Prepaid other taxes  |   |           | 14,712 |   |           |   | 6,781 |   |
| Advance to suppliers |   |           | 1,139  |   |           |   | 396 |   |
| Other                |   |           | 1,076  |   |           |   | 812 |   |
| Total                |   | $              | 20,900 |   |           | $      | 11,562 |   |

| 6. | PROPERTY, PLANT AND EQUIPMENT, NET |
|----|------------------------------------|

|                                 |   | June 30, 2011  |    |   | March 31, 2011 |   |
|--------------------------------------|--------|----------------|---------|--------|----------------|--------|
|                                 |   | (In thousands) |    |
| Property, plant and equipment, cost: |   |           |    |   |           |   |
| Capital lease of building            |   | $              | 5,636   |   |           | $      | 5,563 |   |
| Buildings                            |   |           | 53,631  |   |           |   | 52,686 |   |
| Plant and machinery                  |   |           | 79,389  |   |           |   | 78,015 |   |
| Office equipment and furnishings     |   |           | 3,512   |   |           |   | 3,431 |   |
| Motor vehicles                       |   |           | 2,640   |   |           |   | 2,606 |   |
| Others                               |   |           | 497     |   |           |   | 437 |   |
| Total cost                           |   | $              | 145,305 |   |           | $      | 142,738 |   |
| Less: Accumulated depreciation:      |   |           |    |   |           |   |   |   |
| Capital lease of building            |   |           | 411     |   |           |   | 371 |   |
| Buildings                            |   |           | 9,702   |   |           |   | 8,947 |   |
| Plant and machinery                  |   |           | 27,285  |   |           |   | 25,070 |   |
| Office equipment and furnishings     |   |           | 2,315   |   |           |   | 2,139 |   |
| Motor vehicles                       |   |           | 1,578   |   |           |   | 1,472 |   |
| Others                               |   |           | 385     |   |           |   | 371 |   |
| Total accumulated depreciation       |   |           | 41,676  |   |           |   | 38,370 |   |
| Construction in progress             |   |           | 9,899   |   |           |   | 5,443 |   |
| Property, plant and equipment, net   |   | $              | 113,528 |   |           | $      | 109,811 |   |

----

| 7. | DEBT |
|----|------|

| 8. | OTHER CURRENT LIABILITIES |
|----|---------------------------|

|                                       |   | June 30, 2011  |   |   | March 31, 2011 |   |
|--------------------------------------------|--------|----------------|--------|--------|----------------|--------|
|                                       |   | (In thousands) |   |
| Accrued sales deduction                    |   | $              | 2,459  |   |           | $      | 3,898 |   |
| Payroll and bonus payables                 |   |           | 5,330  |   |           |   | 5,193 |   |
| Accrued selling and marketing expenses     |   |           | 1,309  |   |           |   | 1,486 |   |
| Accrued advertising and promotion expenses |   |           | 10,575 |   |           |   | 11,726 |   |
| Accrued pre-maturity related research fund |   |           | 960    |   |           |   | 1,174 |   |
| Others                                     |   |           | 2,687  |   |           |   | 2,436 |   |
| Total                                      |   | $              | 23,320 |   |           | $      | 25,913 |   |

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

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

|                                                  |   | Three Months Ended June 30,              |    |
|-------------------------------------------------------|--------|------------------------------------------|---------|
|                                                  |   | 2011                                     |    |   | 2010 |   |
|                                                  |   | (In thousands except for per share data) |    |
| Net income (loss) attributable to common stockholders |   | $                                        | (9,596  | )  |   | $ | 10,106 |   |
| Basic weighted average common shares outstanding      |   |                                     | 57,301  |   |   |   | 54,037 |   |
| Dilutive potential common shares from warrants        |   |                                     | — |   |   |   | 237 |   |
| Diluted weighted average shares outstanding           |   |                                     | 57,301  |   |   |   | 54,274 |   |
| Earnings (loss) per share-basic                       |   | $                                        | (0.17   | )  |   | $ | 0.19 |   |
| Earnings (loss) per share-diluted                     |   | $                                        | (0.17   | )  |   | $ | 0.19 |   |

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

|                                              |   | Three Months Ended June 30, |    |
|---------------------------------------------------|--------|-----------------------------|---------|
|                                              |   | 2011                        |    |   | 2010 |   |
|                                              |   | (In thousands)              |    |
| NET SALES TO EXTERNAL CUSTOMERS                   |   |                        |    |   |   |   |
| Powdered formula                                  |   | $                           | 40,163  |   |   | $ | 79,244 |   |
| Baby food                                         |   |                        | 65      |   |   |   | 82 |   |
| Nutritional ingredients and supplements           |   |                        | 453     |   |   |   | — |   |
| All other                                         |   |                        | 3,076   |   |   |   | 4,461 |   |
| Net sales                                         |   | $                           | 43,757  |   |   | $ | 83,787 |   |
| INTERSEGMENT SALES                                |   |                        |    |   |   |   |   |   |
| Powdered formula                                  |   | $                           | — |   |   | $ | — |   |
| Baby food                                         |   |                        | 119     |   |   |   | 74 |   |
| Nutritional ingredients and supplements           |   |                        | 2,179   |   |   |   | 3,734 |   |
| All other                                    |   |                        | 516     |   |   |   | 472 |   |
| Intersegment sales                                |   | $                           | 2,814   |   |   | $ | 4,280 |   |
| GROSS PROFIT                                      |   |                        |    |   |   |   |   |   |
| Powdered formula                                  |   | $                           | 16,936  |   |   | $ | 45,054 |   |
| Baby food                                         |   |                        | (256    | )  |   |   | (9 | )  |
| Nutritional ingredients and supplements           |   |                        | (132    | )  |   |   | — |   |
| All other                                    |   |                        | (469    | )  |   |   | 1,316 |   |
| Gross profit                                      |   | $                           | 16,079  |   |   | $ | 46,361 |   |
| Selling and distribution expenses                 |   |                        | 12,461  |   |   |   | 12,626 |   |
| Advertising and promotion expenses                |   |                        | 7,008   |   |   |   | 10,002 |   |
| General and administrative expenses               |   |                        | 6,579   |   |   |   | 6,076 |   |
| Impairment of goodwill                            |   |                        | — |   |   |   | 1,440 |   |
| Other operating income, net                       |   |                        | 110     |   |   |   | 73 |   |
| Income (loss) from operations                     |   |                        | (9,859  | )  |   |   | 16,290 |   |
| Interest expense                                  |   |                        | 3,412   |   |   |   | 2,662 |   |
| Interest income                                   |   |                        | 311     |   |   |   | 108 |   |
| Other income, net                                 |   |                        | 465     |   |   |   | 167 |   |
| Income (loss) before income tax expense (benefit) |   | $                           | (12,495 | )  |   | $ | 13,903 |   |

|                                    |   | June 30, 2011  |     |   | March 31, 2011 |   |
|-----------------------------------------|--------|----------------|----------|--------|----------------|--------|
|                                    |   | (In thousands) |     |
| TOTAL ASSETS                            |   |           |     |   |           |   |
| Powdered formula                        |   | $              | 406,647  |   |           | $      | 398,801 |   |
| Baby food                               |   |           | 27,677   |   |           |   | 26,991 |   |
| Nutritional ingredients and supplements |   |           | 30,633   |   |           |   | 32,637 |   |
| All other                               |   |           | 148,140  |   |           |   | 138,385 |   |
| Intersegment elimination                |   |           | (205,081 | )      |           |   | (198,110 | ) |
| Total                                   |   | $              | 408,016  |   |           | $      | 398,704 |   |

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

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

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| o      | Powdered formula segment: Powdered formula segment covers the sale of powdered infant and adult formula products. It includes the brands of Super, U-Smart, My Angel, Mingshan and Helanruniu;                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                            |
| o      | Baby food segment: Baby food segment covers the sale of prepared baby food for babies and children. It includes the brand of Huiliduo;                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                            |
| o      | 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”). |

|                            |   | Fiscal Year 2011 |   |   | Fiscal Year 2012 |   |
|---------------------------------|--------|------------------|--------|--------|------------------|--------|
|                            |   | First            |   |   | Second           |   |   | Third |   |   | Fourth |   |   | First |   |
|                            |   | (in thousands)   |   |
| Powdered formula segment        |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |
| - Net sales                     |   | $                | 79,244 |   |             | $      | 37,285 |   |   | $ | 20,722 |   |   | $ | 48,318 |   |   | $ | 40,163 | *  |
| - Gross profit                  |   |             | 45,054 |   |             |   | 10,645 |   |   |   | 3,332 |   |   |   | 19,280 |   |   |   | 16,936 |   |
| - Gross margin                  |   |             | 56.9%  |   |             |   | 28.6% |   |   |   | 16.1% |   |   |   | 39.9% |   |   |   | 42.2% |   |
|                            |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Overall                         |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - Income (loss) from operations |   |             | 16,290 |   |             |   | (26,101 | ) |   |   | (24,100 | ) |   |   | (6,431 | ) |   |   | (9,859 | ) |

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|   | · | Sales volume of powdered formula products decreased by 46.0% to 4,513 tons for the fiscal quarter ended June 30, 2011 from 8,364 tons for the same period in the previous year, due primarily to the reduction in consumer demand caused by the prematurity event, and delayed delivery of certain powdered formula products discussed above. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The average selling price of our powdered formula products for the fiscal quarter ended June 30, 2011 decreased by 6.1% to $8,899 per ton from $9,474 per ton for the same period in the previous year. The decrease in average selling price is mainly due to the prematurity event. While we provided discounts to our distributors at a pre-event level, since our sales volume decreased after the event, it resulted in a reduction in the average selling price. As we recover from the prematurity event, the discounts have decreased as a percentage of sales, our average selling price has been improving and is returning to nearly the level before the prematurity event. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                |   | Three Months Ended June 30, |           |
|---------------------------------------------------------------------|--------|-----------------------------|----------------|
|                                                                |   | 2011                        |           |   | 2010 |   |
|                                                                |   |                        | (in thousands) |   |
| Net cash used in operating activities                               |   | $                           | (8,089         | ) |   | $ | (7,849 | ) |
| Net cash used in investing activities                               |   |                        | (16,851        | )  |   |   | (2,719 | )  |
| Net cash provided by financing activities                           |   |                        | 2,801          |   |   |   | 67,094 |   |
| Effect of foreign currency translation on cash and cash equivalents |   |                        | 935            |   |   |   | 245 |   |
| Net cash flow                                                       |   | $                           | (21,204        | )  |   | $ | 56,771 |   |

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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, 2011 |   | By:                         | /s/ Liang Zhang |   |
|                       |   |                        |            | Name: | Liang Zhang |   |
|                       |   |                        |            | Title: | Chief Executive Officer and Chairman |   |
|                       |   |                        |            |   |   |
|                       |   |                        | By:             | /s/ Donghao Yang |   |
|                       |   |                        |            | Name: | Donghao Yang |   |
|                       |   |                        |            | Title: | Chief Financial Officer |   |

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