Lupin Ltd, India's third-largest drugmaker, reported a 12 per cent 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 31 December was Rs 5.30 billion ($78.3 million), down from Rs 6.01 billion a year earlier.
Sales in its largest market, the United States, were $208 million, down 4 percent from a year earlier.
Lupin said it launched four new products in the United States in the quarter and got US approval for nine products.
In India, from where the company gets about a quarter of its revenue, sales grew 17 percent.
Lupin shares rose as much as 7.6 per cent in Mumbai, while the broader market was up 0.8 per cent.
(Reuters)
