Matrix Laboratories' net profit has taken a quantum jump of 80 per cent despite higher R&D expenditure, depreciation and taxation during the year ended March 2004. Net profit went up to Rs 134.92 crore from Rs 75.14 crore in the previous year. Its gross sale also increased by 34.4 per cent to Rs 560.42 crore from Rs 416.92 crore mainly on account of higher contribution from new products.
The company has also achieved major milestones in implementing the de-risking strategy in the year in terms of products, markets and manufacturing locations. The company has spent Rs 11.05 crore on R & D activity during the year, an increase from Rs 6.6 crore in the previous year.
Citalopram contributed 33 per cent to the sales during the year, as against 50 per cent in the previous financial year. And the contribution of anti-retrovirals increased to 24 per cent during the year. Eleven new products h have contributed significantly to the remaining sales.
The exports accounted to 55 per cent of the total sales, of this regulated markets contributed to the extent of about 90 per cent. Exports to the US market increased to 18 per cent during the year compared to seven per cent last year. The company has executed the first commercial order for Citalopram for the US market. And 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). In the case of European market, the company has filed DMFs for 18 products so far, of which four had been filed in the last quarter.
The company has reported a 14 per cent increase in its net profit and a 70 per cent increase in net sales for the fourth quarter ended March 31, 2004. It has registered a domestic sale of Rs 62.57 crore for the quarter as against Rs 12.73 crore for the corresponding period last year. The export sales increased by 16 per cent and touched Rs 84.50 crore as compared to Rs 72 54 crore for the corresponding period last year.