Lupin Q3 Profit Up 21%, Beats Estimates

Mumbai: 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 Rs 633 crore from Rs 525 crore a year ago. Analysts on average expected a profit of Rs 629 crore, 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 2:18 pm in Mumbai, while the broader index was almost unchanged.