Lupin Ltd, one of India’s top five drug makers 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 per cent to Rs 409 crore ($62.97 million). That was much below the Rs 568 crore analysts on average estimated, according to Thomson Reuters data.
US sales fell about 9 per cent to Rs 1,155 crore.
Lupin’s performance has been hurt in recent quarters by lower number of generic drug approvals by the US 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.