MUMBAI (Reuters) - Lupin Ltd, one of India's top five drugmakers by sales, reported second-quarter net profit much below market estimates, due to lower revenue from its largest market, the United States.
Net profit for the July-September quarter slumped 35 percent to 4.09 billion rupees ($62.97 million). That was much below the 5.68 billion rupees analysts on average estimated, according to Thomson Reuters data.
U.S. sales fell about 9 percent to 11.55 billion rupees.
Lupin's performance has been hurt in recent quarters by lower number of generic drug approvals by the U.S. Food and Drug Administration.
"A lack of material (drug) launches continued to dampen growth" in the second quarter, Lupin's Managing Director Nilesh Gupta said in a statement on Tuesday.
($1 = 64.9550 rupees)
(Reporting by Zeba Siddiqui in Mumbai; Editing by Gopakumar Warrier)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app