Lupin Q2 profit up 54% as US, India sales rise

Beats analyst estimates, shares down 1%

Generic drugmaker Lupin reported a 54% jump in second-quarter profit beating analysts estimates, helped by robust sales in its domestic business and the United States, its largest market.

Lupin, India's second-largest drugmaker by market value, posted a net profit of Rs 630 crore ($102.7 million) for the quarter ended Sept 30, compared with Rs 406 crore a year earlier.

Analysts on average were expecting a profit of Rs 585 crore, according to Thomson Reuters I/B/E/S.

Lupin is trying to expand its business in the United States, and it had said that it was actively scouting for acquisitions.

Sources told Reuters earlier this month that Lupin was among a bunch of companies preparing to bid for a range of older drugs being auctioned by British drugmaker GlaxoSmithKline . Lupin has previously declined to comment on specific targets.

Lupin shares were down 1% in Mumbai at 1:46 pm on Tuesday, while the Nifty was up 0.22%.

($1 = 61.3250 rupees)