 "Gland Pharma")
(Reuters) - Indian generic injectables maker Gland Pharma reported a 7 per cent rise in third-quarter profit on Monday, as lower expenses helped mitigate the impact from production issues at its French unit Cenexi.
The company reported consolidated net profit of 2.05 billion rupees ($23.5 million) for the quarter ended Dec. 31, in-line with analysts' estimates of 2.04 billion rupees, as per data compiled by LSEG.
Revenue from operations declined 10.4 per cent to 13.84 billion rupees, falling short of analysts' expectations. However, its total expenses also dropped 11 per cent due to lower inventory costs.
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Production setbacks at Cenexi's sites in Paris and Belgium and hurt revenue, Gland Pharma said in a press release.
Sales from Gland Pharma's Europe business fell 19 per cent, while US sales dropped 11 per cent.
Most Indian generic drugmakers derive a significant share of revenue from the US, where intensifying competition has proven a drag on their earnings.
Rivals Sun Pharma and Cipla beat third-quarter profit estimates, while Dr Reddy's missed expectations. All three drugmakers saw muted growth in the North American market, including the US.
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