MUMBAI (Reuters) - Lupin Ltd, India's third-largest drugmaker by sales, reported a 21 percent jump in its quarterly profit, beating analysts' estimates, helped by higher sales in its largest market - the United States.
Net profit for the third quarter rose to 6.33 billion rupees ($94.44 million) from 5.25 billion rupees a year ago. Analysts on average expected a profit of 6.29 billion rupees, according to Thomson Reuters I/B/E/S.
Lupin, the world's seventh-largest generic drugs maker, said its sales in North America, which accounts for more than 45 percent of the company's overall revenue, rose nearly 58 percent in the quarter. The company launched four products in the United States over the three months ended December.
In India, Lupin's second-largest market, quarterly sales rose 12 percent.
Shares of the company were up about 1 percent at 0829 GMT in Mumbai, while the broader index was almost unchanged.
($1 = 67.0250 Indian rupees)
More From This Section
(Reporting by Zeba Siddiqui in Mumbai; Editing by Himani Sarkar)