The Hindu Business Line : Matrix Labs clocks Rs 33.8 cr net profit

Matrix Laboratories Ltd has posted consolidated net profit of Rs 33.8 crore on consolidated net sales of Rs 442.2 crore for the first quarter ended June.

In the corresponding previous period, the company had recorded net income of Rs 25.3 crore on sales of Rs 154.3 crore (which are on stand-alone basis).

The results for the first quarter of the current fiscal include the financials of its subsidiaries Docpharma NV, Mchem Group, China and Concord Biotech Ltd, as well as joint ventures Astrix Laboratories Ltd, India and Fine Chemicals Corporation, South Africa, the company said in a release.

As per the unaudited consolidated financial results approved by the board of directors which met today, the EPS on consolidated basis worked out to Rs 8.80 annualised (basic) on paid-up equity capital of Rs 30.7 crore with face value of Rs 2 per share.

In the note, the board said that the previous quarter figures were not given as they were not applicable.

Business segment wise, the company has shown robust growth in the anti-retrovirals (ARVs) and contract research and manufacturing services (CRAM) and marginal slippage in APIs (active pharmaceutical ingredients) during the quarter under review.

It also went through a successful audit of its Unit VIII located at Visakhapatnam by the US Federal Drug Authority and finalised a supply agreement for finished dosage forms with a US generic company.

The company is in the process of working with Aspen for filing for regulatory approvals for Atazanavir, a product in licensed from BMS during the current year.

During the quarter, the company filed 4 DMFs (drug master files) in the US, taking the total tally to 64. In addition, European DMFs have been filed for three APIs.

Mr Rajiv Malik, CEO, said: "In 2006-07, the company is focusing on consolidation and has initiated various measures for capturing synergies that would arise from the strategic initiatives completed in the previous year."