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Our Bureau

Mumbai , Oct. 26

MATRIX Laboratories Ltd, the Hyderabad-based bulk drugs and intermediates company, has declared it's first bonus issue in the ratio of 1:1.

The company is also in the process of setting up a new plant at Hyderabad to fortify its plans for the global regulated markets.

The Chairman and Chief Executive Officer of Matrix, Mr N. Prasad, told mediapersons, after the company's board meeting here today, that the Board had also recommended the sub division of equity shares into a face value of Rs 2 each, as against the current face value of Rs 10 each.

The proposals would be subject to shareholder approval at the annual general meeting in December.

Matrix posted a net profit of Rs 42 crore, up 30.79 per cent, for the second quarter ended September 30, 2004. Gross sales in the quarter grew by about 20 per cent at Rs 170.9 crore.

Elaborating on plans for the geenfield manufacturing plant for medicines in their finished form, Mr Prasad said the plant, at an estimated project cost of Rs 75 crore, would be commissioned by the last quarter of 2006.

"We don't want to compete with our customers," he said and added that the company had tied-up with a multinational company for 20 products from the new facility. Meanwhile, the company also announced the appointment of Dr Michael Wooldrige, Australia's former health minister, on it's board. Given the company's focus on developed markets, including Australia, Dr Woolridge's appointment would be significant, he said.

The company had adopted a de-risking strategy and reduced its dependence on anti-depressant drug citalopram.

Nevertheless, the drug still contributed about 27 per cent of the company's turnover in the first six months of the financial year.

The anti-AIDs drugs segment would also continue to be a focus area, he said and added that it contributed about 24 per cent to the company's business in the first six months.

For the six months ended September 2004 (HI), Matrix recorded a net profit of Rs 82.7 crore, up 31.68 per cent over the corresponding period last year. Gross sales in the same period stood at Rs 334 crore, up 24.09 per cent over the same period last year. Exports accounted about 54 per cent of sales.

Matrix has filed eight drug master files with the US regulatory authorities in HI, taking the total number of DMFs filed up to 27 in September 2004.

The company expects to end the year with about 40 DMFs. Marix has also filed 34 invention patents for 21 products, up to September 2004, he said.

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