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Highlights:
Net profit at Rs 1349.21Mil for the financial year ended March 31st 2004, an increase of 80 per cent over the preceding year.
Diluted Earnings Per Share (EPS) for the year at Rs 107.84, as against Rs 73.74 in the previous year.
Total number of DMFs filed with US FDA increased to 15 at the end of the financial year, 4 DMFs filed in the fourth quarter alone. Number of products for which DMFs filed with European Regulatory Authorities increased to 18 at the end of the year.
Executed first commercial order for Citalopram for US market.
Commissioned new unit built at Kazipally, near Hyderabad, as per US FDA standards with an investment of about Rs 400 Mil.
Summary:
Matrix Laboratories Limited has reported a net profit (profit after tax) of Rs 1349.21 Mil for the financial year ended March 31st 2004, an increase of 80 per cent over the Rs 751.45 Mil net profit recorded during the preceding financial year. Gross sales for the year increased by 34.41 per cent at Rs 5604.27 Mil, as compared with that of Rs 4169.27 Mil in the preceding year.
"Significant increase in sales and profitability for the year, despite higher R&D expenditure, depreciation and taxation, was made possible due to good contribution from various new products, besides continued growth of regular products," said Mr. N Prasad, the Chairman & CEO of Matrix Laboratories.
"The company has also achieved major milestones in implementing the de-risking strategy in the year in terms of products, markets and manufacturing locations," Mr. Prasad added.
While Citalopram contributed 33 per cent to the sales during the year, as against 50 per cent in the preceding year, the contribution of ARVs (anti-AIDS products) increased to 24 per cent during the year. Eleven newly introduced products have contributed significantly to the balance sales.
While exports account for 55 per cent of the total sales, of this regulated markets contributed to the extent of around 90 per cent. Exports to the US market increased to 18 per cent during the year from that of 7 per cent in the previous year. The company has executed first commercial order for Citalopram for US market. The company has added 11 new customers from the regulated markets during the financial year.
The company has filed four DMFs with US FDA during the last quarter, taking the total number of DMFs filed with US FDA to 15. The company is working on a target to file at least 18 DMFs with the US FDA during the current financial year (2004-05). As far as European markets are concerned, the company has filed DMFs for 18 products so far, of which four are in the last quarter.
The company has spent Rs 110.52 Mil on R&D activity during the year, a significant increase from Rs 65.98 Mil in the previous year.
The company has formally commissioned a new unit built as per cGMP standards at Kazipally, near Hyderabad, with an investment of about Rs 400 Mil. Once this unit goes for US FDA inspection during the next one year, the company will have one of the largest API manufacturing capacities in India to meet the regulatory market requirements. The company already has three US FDA approved sites, including that of Vera Laboratories, which is being merged with the company.
Pursuant to the definitive agreements that the company had entered into with India Newbridge Investments Limited (an investment vehicle of US-based Newbridge Capital) and Maxwell (Mauritius) Pte Limited (an investment vehicle of the Singapore Government-owned Temasek Holdings) for the issue of 11,25,000 equity shares each at a price of Rs 1,500 per share on preferential basis, the two strategic investors have announced an open offer to the shareholders of the company to acquire up to 20 per cent of the post issue equity of the company at the same price, in accordance with the SEBI Regulations.
Place : Hyderabad,
Dated: 24th April, 2004.
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