Pharmaceutical company Matrix Laboratories Limited posted a 48.8 per cent decline in net profit at Rs 16.56 crore in the first quarter ended June 30, 2009 compared with Rs 32.37 crore recorded during the corresponding period last year. Revenues grew by 25.9 per cent to Rs 409.99 crore from Rs 325.55 crore during the same period.
The company, which is in the process of delisting its equity shares from stock exchanges, has modified employee stock option plans to provide for immediate vesting of outstanding stock options and revision of exercise price.
Consequently, it has recorded a total charge of Rs 11.31 crore during the quarter under consideration. Of this, Rs 8.02 crore has been included in employee cost and Rs 3.29 crore being the fringe benefit tax has been included in tax expense.
Matrix stated that it has filed applications to the stock exchanges for delisting on June 26, 2009 and was awaiting their approval. The company's scrip on BSE was trading at Rs 208.25, down 0.79 per cent over the previous day's close of Rs 209.90.
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