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Matrix Laboratories: Bulk drugs focus

Nov 28, 2003

Matrix Laboratories recently announced its 2QFY04 results. On a YoY basis, the company reported a strong 136% growth in topline and 33% growth in bottomline. However, in view of the acquisitions in FY03, the two periods are not comparable. Hence for our analysis, we have done a QoQ comparison.

Results at a glance ...
(Rs m) 1QFY04 2QFY04 Change 1HFY04
Net Sales 1,211 1,364 12.7% 2,575
Other Income 9 22 132.0% 31
Expenditure 821 938 14.2% 1,760
Operating Profit (EBDIT) 390 426 9.3% 816
Operating Profit Margin (%) 32.2% 31.2%   31.7%
Interest 20 24 17.8% 45
Depreciation 22 28 28.9% 49
Profit before Tax 357 396 10.8% 753
Tax 50 75 50.0% 125
Profit after Tax/(Loss) 307 321 4.4% 628
Net profit margin (%) 25.4% 23.5%   24.4%
No. of Shares 10 12.3   12.3
Diluted Earnings per share* 99.8 104.3   102.1
P/E Ratio   10.5   10.7
(* annualised)        

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