(Reuters) - Indian drugmaker Cipla Ltd posted quarterly profit well above analysts' expectations, helped by strong growth in the domestic market.
Net profit rose 10.4 percent from a year earlier to 4.51 billion rupees ($65.67 million) in the first quarter ended June 30, the country's third-largest drugmaker by market capitalisation said on Wednesday.
This compared with an average analyst expectation of 3.91 billion rupees, according to Thomson Reuters I/B/E/S.
Net sales rose 12 percent to 38.46 billion rupees, the company said in a statement https://www.bseindia.com/xml-data/corpfiling/AttachLive/cd22e4bc-c6ea-4b53-b09b-2bfff73549e9.pdf.
Revenue from India, which accounted for more than a third of the total revenue, jumped 22 percent to 15.44 billion rupees.
North America business posted 4 percent growth, Cipla said https://www.bseindia.com/xml-data/corpfiling/AttachLive/fb2f4ca8-4162-46a0-b974-1136b4a486e5.pdf.
The company has appointed R. Ananthanarayanan as global chief operating officer to oversee its businesses in North America, Europe and emerging markets.
Shares in Cipla closed 0.5 percent higher in a Mumbai market that rose 0.5 percent.
($1 = 68.6725 Indian rupees)
(Reporting by Krishna V Kurup in Bengaluru, Editing by Sherry Jacob-Phillips)
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