CORRECTED - Lupin Q2 profit lags estimates

(Corrects profit increase to 57.6 pct from 62 percent in paragraph 1)

MUMBAI (Reuters) - Lupin Ltd, India's third-largest drugmaker by sales, reported a 57.6 percent jump in quarterly profit, but missed analysts' expectations.

The Mumbai-based company, founded by billionaire Desh Bandhu Gupta, said net profit rose to 6.62 billion rupees ($99.62 million) from 4.20 billion rupees a year earlier.

That compares with an average estimate of a 7.16 billion rupees profit drawn from analysts polled by Thomson Reuters I/B/E/S.

($1 = 66.4500 Indian rupees)

(Reporting by Zeba Siddiqui in Mumbai; Editing by Edwina Gibbs and Subhranshu Sahu)