 "An extra dose of tax on medicines")
Drugmaker Lupin Ltd reported its quarterly net profit nearly halved from a year ago, falling far short of analysts' expectations, as sales at its top market the United States slumped while the company's costs jumped.
The Mumbai-based firm posted a net profit of Rs 380 crore ($58.63 million) for the fourth quarter ended March, below Rs 748 crore a year ago.
Manufacturing costs and other expenses for the world's No.7 generic drugs maker rose about 30% in the quarter, during which Lupin worked on upgrading its Goa manufacturing plant that is under US Food and Drug Administration scrutiny for quality standards violations.
Sales from its largest market, North America, slumped 13%, chiefly due to loss of market share to competitors in its key portfolio of generic forms of the diabetes drugs Glumetza and Fortamet.
The company's overall sales rose about 1.3%, helped by a nearly 14% rise in revenue from India, Lupin's second-largest market, the company said in a press release.
Lupin's shares fell as much as 7% to their lowest in nearly three years after the earnings report on Wednesday.
