Matrix Laboratories, a Rs 1700 crore plus Secunderabad based subsidiary of Mylan Inc., has suffered heavy setback during the third quarter ended December 2008 on account of significant higher interest charges and R&D expenditure. It incurred a consolidated net loss of Rs 32.92 crore as against a net profit of Rs 15.45 crore in the corresponding period of last year. The company's consolidated net sales increased by 30.5 per cent to Rs 580.65 crore from Rs 444.94 crore.
Matarix's R&D expenditure for the quarter increased by 55.8 per cent to Rs 53.30 crore from Rs 34.20 crore. Further, its interest cost went up by 53.4 per cent to Rs 41.04 crore from Rs 26.75 crore.
The pharmaceutical sales increased to Rs 528.19 crore during the third quarter of 2008-09 from Rs 404.09 crore, a growth of 30.7 per cent. Similarly, its sales of medical supplies moved up to Rs 52.46 crore from Rs 40.85 crore.
For the first nine months ended December 2008, Matrix's net sales touched to Rs 1,628 crore from Rs 1268 crore in the corresponding period of last year, representing a growth of 28.4 per cent. Its net loss for the quarter amounted to Rs 20.31 crore as compared to a net profit of Rs 32.39. The R&D expenditure for the three quarters worked out to Rs 162.02 crore as against Rs 98.15 crore. The interest cost went up by 56.3 per cent to Rs 111.07 crore from Rs 71.06 crore.
The company's standalone net sales for the quarter and first nine months ended December 2008 increased by 50.3 per cent and 53.8 per cent to Rs 394.15 crore and Rs 1036 crore respectively. Its exports have taken strong jump of 98.3 per cent during the quarter to Rs 339.83 crore from Rs 171.10 crore in the third quarter of 2007-08. Domestic sales, however, declined sharply by 42.3 per cent to Rs 54.32 crore from Rs 94.18 crore. Exports for the nine months went up by 104 per cent to Rs 862.77 crore, but its domestic sales declined by 30.7 per cent to Rs 173.27 crore. The net profit for the quarter and nine months improved by 5.2 per cent and 60.2 per cent to Rs 36.14 crore and Rs 118.17 crore respectively.