Matrix nets Rs 33 crore in Q3

Matrix Laboratories has posted a net profit of Rs 33.4 crore for the quarter ended December, as against Rs 30.8 crore registered for the corresponding period last fiscal. The net sales have increased by about 80 per cent to Rs 138.45 crore from Rs 76.8 crore.

The increase in profit was despite a higher depreciation which was at Rs 3.2 crore (Rs 60 lakh) and tax provisions which were at Rs7 crore (Rs 2.6 crore).

Sequentially, the company's profit and sales grew from Rs 32 crore and Rs 136.42 crore respectively during the quarter ended September, to Rs 33.4 crore and Rs 138.45 crore.

The board of directors has approved an interim dividend of Rs 5 per share and fixed the record date as February 3.

The board has also approved of the preferential issue of 22,50,000 equity shares of Rs 10 each at a price of Rs 1,500 to Newbridge Investments and Maxwell (Mauritius).

For the nine months ended December, Matrix posted a net profit of Rs 96.2 crore on a sales revenue of Rs 396 crore. On annualised-basis, the earnings per share (EPS) works out to Rs 104.3.

Citalaprom contributed 36 per cent to the nine months' sales while anti-retrovial (anti HIV) drugs contributed about 20 per cent.

In another significant development, the European generic companies, which use Matrix's active pharmaceutical ingredients (API), won the patent related case against innovator "� Lundbeck, Denmark.

This was only the second instance in Denmark, where generic companies have won a case against innovator, a Matrix source said.

"The judgement, which was pronounced on January 26, would help the company in further capturing the European markets," N Prasad, the chairman of the company, said in a press release.