MUMBAI (Reuters) - Lupin Ltd, one of India's top five drugmakers by sales, reported second-quarter net profit much below market estimates, due to lower revenue from its largest market, the United States.
Net profit for the July-September quarter slumped 35 percent to 4.09 billion rupees ($62.97 million). That was much below the 5.68 billion rupees analysts on average estimated, according to Thomson Reuters data.
U.S. sales fell about 9 percent to 11.55 billion rupees.
Lupin's performance has been hurt in recent quarters by lower number of generic drug approvals by the U.S. Food and Drug Administration.
"A lack of material (drug) launches continued to dampen growth" in the second quarter, Lupin's Managing Director Nilesh Gupta said in a statement on Tuesday.
($1 = 64.9550 rupees)
(Reporting by Zeba Siddiqui in Mumbai; Editing by Gopakumar Warrier)
