Matrix Laboratories Ltd, the Hyderabad-based pharmaceutical company, has made a record growth of around 2,330 per cent in net profit and over 186 per cent in net sales during 2002-03. According to the unaudited financial results for the year, the sales turnover was Rs 266.88 crore as against Rs 93.2 crore in the previous year and the net profit was Rs 108.93 crore against Rs 4.48 crore in 2001-02, yielding an EPS of 143.37 (Rs 10,38) on an expanded equity base of Rs 9.72 crore (Rs 7.19 crore).

For the quarter ended March 31, 2003, the sales turnover was Rs 83.32 crore as against Rs 25.67 crore in the corresponding quarter of the previous year and net profit was Rs 33.72 crore against Rs 66.42 lakh, yielding an EPS of Rs 44.38. It may be recalled that the company is in the process of merging with itself the Ranbaxy-owned Vorin Laboratories and the Chennai-based Medicorp Technologies from the Shriram Group. Pending written orders from the High Court of Chennai and other statutory formalities, the financial results of the amalgamating companies were not consolidated with Matrix.

However, net sales for the year was far above the combined sales of the three companies in the previous year. According to N Prasad, managing director and chief executive officer, Matrix had acquired 33.89 per cent of the equity capital of Medicorp. Further, 21 per cent equity capital of Medicorp was being acquired from Shriram Group and the transfer of shares was currently in progress.

The High Courts of Hyderabad and Chennai had approved the amalgamation scheme of Vorin Laboratories and Medicorp Technologies with Matrix Laboratories from April 1, 2002, following which two shares of Rs 10 each of Matrix Labs would be issued for every 13 shares held by the shareholders of Vorin and Medicorp.