Matrix Laboratories, a subsidiary of Mylan Inc, has successfully turned the corner during the year ended March 2009 and earned a consolidated net profit of Rs 30 crore as against a huge net loss of Rs 457 crore in the previous year on account extra ordinary provision for impairment of goodwill of Rs 487 crore. The company's consolidate net sales has taken a quantum jump of 31.6 per cent to Rs 2,274 crore from Rs 1,728 crore in the previous year.
Matrix's pharmaceutical sales increased by 32.1 per cent to Rs 2074 crore from Rs 1570 crore in the previous year. Its sales of medical supplies moved up to Rs 199.52 crore from Rs 157.40 crore, registering a growth of 26.8 per cent.
The earning before interest, depreciation, taxation and extra-ordinary items moved up by 43.9 per cent to Rs 339.63 crore from Rs 236.09 crore in the previous year. The company's interest cost increased sharply by 52.4 per cent to Rs 147.10 crore from Rs 96.54 crore. Its investment in R&D activities also increased by 50.5 per cent to Rs 24.23 crore from Rs 142.33 crore and employees cost increased by 29 per cent to Rs 242.93 crore from Rs 188.25 crore.
As against the equity capital of Rs 30.92 crore, the company's reserves and surplus amounted to Rs 621.75 crore from Rs 621.75 crore in the previous year. MP laboratories (Mauritius) Ltd, a wholly owned subsidiary of Mylan Inc, has acquired addition 27,053,416 equity shares, thereby increasing the promoters shareholding to 93.63 per cent of the paid-up capital. The company is now planning to delist its shares from BSE and NSE.