Matrix Laboratories Ltd
Quarterly results - audited - 2009 - 10 Q1
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Matrix Laboratories Limited New Document
 
   

MATRIX LABORATORIES LIMITED
1-1-151/1, IV FLOOR, SAIRAM TOWERS, ALEXANDER ROAD SECUNDERABAD- 500 003
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 3OTH JUNE 2009

(Rs.in Lakhs )
Sl. No Particulars Quarter ended
30th June
Year ended
31st March
2009
(Unaudited)
2008
(Unaudited)
2009
(Audited)
1.







2.











3.

4.
5.
6.
7.
8.
9.
10.

11.
12.



13.


14.
a) Net Sales / Income from Operations
    - Exports
    - Domestic
b) Other Operating Income
    - Other Income from Operations
    - Income from potential patent infringement suit
Total

Expenditure
a) (Increase) / decrease in stock in trade and work       in progress
b) Materials Consumed
c) Purchase of traded goods
d) Employee cost
e) Research and Development Expenditure      (including depreciation & amortization)
f) Depreciation & Amortization (excluding R & D)
g)Other expenditure
Total

Profit from Operations before Other Income, Interest (1-2)
Other Income
Profit before Interest (3+4)
Interest and Finance Cost
Profit after Interest but before tax (5-6)
Tax expense
Net Profit after tax (7-8)
Paid-up equity share capital (Face value - Rs.2/- each)
Reserves excluding revaluation reserves
Earning Per Share (EPS) (Not annualised)
   On Profit after Tax :
      - Basic (Rs.)
      - Diluted (Rs.)
Public Shareholding :
    - Number of shares
    - Percentage of shareholding
Promoters and Promoter Group Shareholding :
a) Pledged / Encumbered
    - Number of Shares
    - Percentage of shares (as a % of the total        shareholding of the Promoter and Promoter        group)
    - Percentage of shares (as a % of the total        share capital of the company)
b) Non - encumbered
    - Number of Shares
    - Percentage of shares (as a % of the total        shareholding of the Promoter and Promoter        group)
    - Percentage of shares (as a % of the total        share capital of the company)

35,884
4,671

444
-
40,999


(1,783)

21,640
520
3,595
6,298

992
5,969
37,231

3,768

154
3,922
1,238
2,684
1,028
1,656
3,127

-


1.07
1.07

11,582,943
7.41%


-
-


-


144,755,868
100.00%


92.59%

23,732
7,974

180
669
32,555


711

13,875
662
2,431
4,623

834
4,487
27,623

4,932

458
5,390
1,045
4,345
1,108
3,237
3,092

-


2.09
2.09

36,903,471
23.87%


-
-


-


117,702,452
100.00%


76.13%

123,998
23,905

965
1,346
150,214


(6,663)

74,800
2,336
9,701
17,765

3,558
19,513
121,010

29,204

2,185
31,389
5,692
25,697
6,802
18,895
3,092

83,840


12.22
12.22

36,911,189
23.87%


-
-


-


117,702,452
100.00%


76.13%
Notes :
1.

The above results were subjected to a limited review by the Auditors, reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 29th July 2009.

2.

The activities of the Company relate to only one business segment i.e. Pharmaceuticals.

3.

Tax expense includes Current tax Rs.378 lakhs (Quarter ended 30th June 2008 Rs.489 lakhs), Deferred Tax Rs.298 lakhs (Quarter ended 30th June 2008 Rs.648 lakhs), Fringe benefit tax Rs.352 lakhs (Quarter ended 30th June 2008 Rs.27 lakhs) and is net of MAT credit available of Rs.Nil (Quarter ended 30th June 2008 Rs.56 lakhs).

4.

As part of the process for delisting of the Equity shares of the Company, the employee stock option plans ("ESOP Plans") have been modified, to provide for immediate vesting of outstanding stock options and revision of exercise price. Consequent to the modifications to the ESOP Plans, a total charge of Rs. 1,131 lakhs has been recorded in the current quarter ended June 09, of which Rs. 802 lakhs is included in Employee cost and Rs. 329 lakhs being Fringe Benefit Tax thereon included in Tax Expense.

5.

MP Laboratories (Mauritius) Limited (MP Laboratories), a wholly owned subsidiary of Mylan Inc., and one of the Promoters of the Company had initiated voluntary delisting of the shares of the Company from the Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE) (together “Stock Exchanges”) in accordance with the Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003 (‘the Delisting Offer’). Accordingly, the Company, on 26th June, 2009, made requisite applications to the stock exchanges for delisting of the Equity shares of the Company. Approval from the stock exchanges is awaited.

6.

Matrix Laboratories Limited ("Matrix") had entered into agreements in October 2008 for the termination of the joint venture agreements with Aspen Pharmacare Holdings Limited (“Aspen”). The Astrix Laboratories Limited ("Astrix") and Fine Chemicals Corporation (Pty) Limited ("FCC") joint ventures were held 50:50 by Aspen and Matrix along with their respective subsidiaries. Under the terms of the termination agreements, 50% Matrix's stake in FCC has been bought by Aspen. 50% Aspen's stake in Astrix has been assigned by Matrix to its parent company to the extent of 49% and the balance 1% to a fellow subsidiary. The transaction has been closed with effect from May 31, 2009.

7.

The figures for the previous year / period have been rearranged/regrouped wherever necessary to conform to current period's presentation.

8.

"Summary of Investor Complaints :
Opening : nil Received during the quarter : 2 Resolved : 2 Closing : nil"

9.

The Board of Directors of the Company on 21st June 2009 allotted 17,25,170 Equity Shares of Rs.2/- each to Matrix ESOP Trust.

For and on behalf of the Board
place: New York , USA S.Srinivasan
Date: 29th July 2009 Chief Executive Officer & Managing Director