Lupin's Q3 profit meets estimates as India sales rise

Lupin Ltd, India's third-largest drugmaker, reported a 12 percent fall in third-quarter profit that was in line with analysts' expectations, as strong sales in domestic market partially offset weak performance in the United States.

Net profit for the quarter ended Dec. 31 was Rs 530 crore ($78.3 million), down from Rs 601 crore a year earlier.

Sales in its largest market, the United States, were $208 million, down 4% from a year earlier.

Lupin said it launched four new products in the United States in the quarter and got U.S. approval for nine products.

In India, from where the company gets about a quarter of its revenue, sales grew 17%.

Lupin shares rose as much as 7.6% in Mumbai, while the broader market was up 0.8%.

($1 = 67.6900 Indian rupees)