The Hyderabad-based Matrix Laboratories has announced an additional 50 per cent of dividend to the shareholders, taking the total dividend payable to 100 per cent for the year 2002-03. In November 2002, the company had paid an interim dividend of 50 per cent following impressive financial performance and the amalgamation process.

The Board of Directors of Matrix Laboratories Ltd (MLL), the merged entity of Matrix Labs, the Ranbaxy group's Vorin Labs and Chennai-based Sriram group's Medicorp Technologies, at its meeting on Friday, recommended a final dividend of 50 per cent for the year, in addition to the 50 per cent interim dividend. The Board also allotted 25.79 lakh equity shares to the shareholders of Vorin Laboratories and Medicorp Technologies, the two companies got merged with Matrix Labs with retrospective effect from April 2002, at a ratio of two equity shares of Matrix for every 13 shares of Vorin and Medicorp. The shareholders of the two merged companies are also eligible for the 50 per cent dividend.

With the allotment of shares, the paid-up capital of Matrix had gone up to Rs 12.30 crore and the company had become one of the major bulk drug players in the country.

As per the annual audited accounts, the turnover of the company during the year was Rs 417.69 crore, compared to Rs 104.06 crore in the previous fiscal, at a growth rate of more than 400 per cent, and the net profit was Rs 75.05 crore against Rs 4.48 crore in 2001-02. However, the turnover is the combined revenue of all the three companies merged into one.

The company has set to achieve a turnover of over Rs 500 crore for the current fiscal. The merged company has now six manufacturing units. While Matrix Labs' units produce anti-AIDS drugs, anti-depressants, anti-bacterials and anti-histamines. Medicorp has a US FDA approved facility for Acyclovir and its product range includes anti-virals, anti-fungals, anti-ulcers and cardiac drugs. Vorin has a strong presence in products such as Ciprofloxacin, Enrofloxacin and anti-AIDS drugs.

The company is planning an aggressive business strategy to make its presence in the regulated markets.