The Hindu Business Line : Matrix Labs posts Rs 40.7-cr net in Q1

MATRIX Laboratories Ltd has registered a growth of 28.43 per cent in gross sales and 32.66 per cent in net profit for the first quarter of the current fiscal ended June 30, 2004.

According to the unaudited financial results taken on record by the company's board here on Saturday, the Rs 560-cr Matrix Labs posted a net profit of Rs 40.74 crore compared with Rs 30.7 crore in the corresponding quarter of last fiscal on a gross sales turnover of Rs 163.15 crore (Rs 127.02 crore).

This works out to an annualised diluted EPS of Rs 119.56 (Rs 99.80) on the expanded equity base of Rs 14.55 crore (Rs 9.71 crore).

According to the Chairman and Managing Director, Mr N. Prasad, pending approval for the scheme of amalgamation of Vera Laboratories, Fine Drugs and Chemicals, Medikon Laboratories and Calibre Engineering, from January 1, 2004 with the company, the financial results of these four companies were not taken into consideration for the quarter under review.

However, diluted EPS has been computed taking into account the equity shares to be issued to the shareholders of amalgamating companies as per the scheme, he said.

The paid-up capital has increased by Rs 2.25 crore and security premium by Rs 335.25 crore consequent to the issue of 22.5-lakh equity shares of Rs 10 each at a price of Rs 1,500 per share on a preferential offer basis to India Newbridge Investments Ltd and Maxwell (Mauritius) Pte Ltd.

With the share premium paid by the two strategic investors, the net worth of Matrix Labs has increased to Rs 607.5 crore as on June 30, 2004, reflecting a book value of Rs 417 per share.

According to Mr Prasad, the company has filed four drug master files (DMFs) with the USFDA during the first quarter of current fiscal.