Matrix Laboratories Limited has reported a net profit of Rs.407.41 Million for the first quarter of current financial year, an increase of 32.66% over corresponding quarter last year. This works out to be an annualised diluted earnings per share (EPS) of Rs 119.56 on the expanded capital base of Rs 145.54 Million.

Gross sales for the quarter stood at Rs.1631.52 Million, as against Rs.1270.27 Million in the same period of previous year, an increase of 28.43%. Exports contributed 56% to the gross sales during the quarter.

"The company has filed four Drug Master Files (DMFs) with US FDA during the first quarter. We are on track to file at least 18 US DMFs during the current financial year, as targeted earlier," said N Prasad, the Chairman and CEO of Matrix.

With the latest, the total number of DMFs filed with US FDA so far has gone up to 24. This includes five DMFs filed by Vera Laboratories, the company that is being merged with Matrix. Recently, Vera Laboratories received US FDA approval for its DMF for the anti-depressant drug Trazodone.

The Company has filed a total number of 12 process patents during the first quarter of this financial year.

The Board of Directors at its meeting held on July 17, 2004 has taken in-principle decision to introduce Employee Stock Option Scheme (ESOS). The matter has been referred to the Remuneration Committee of the Board for working out the details.

The paid up share capital of the company has increased by Rs.22.50 Million to Rs.145.54 Million consequent to the issue of 22, 50,000 equity shares of Rs.10 each at a price of Rs.1500 per share on preferential basis to India Newbridge Investments Ltd (an investment vehicle of Newbridge capital, US) and Maxwell (Mauritius) Pte Ltd (an investment vehicle of the Singapore Government owned Temasek Holdings).

With the share premium that was paid by the two strategic investors, the net worth of the company increased to Rs.6075 Million as on June 30, 2004, reflecting a book value of Rs.417 per share.

The new unit set up at Kazipally, near Hyderabad, with an investment of about Rs 400 Million and was commissioned at the end of last financial year has since commenced commercial operations.