Mumbai: Lupin Ltd, India's third largest drug maker, posted a 55 per cent rise in quarterly profit, but shares fell as some analysts noted the jump was driven in part by a lower tax rate.
Net profit came in at Rs 882 crore ($131.76 million) for the April-June quarter, compared with Rs 569 crore a year earlier, as per the new Indian Accounting Standard under which Lupin reported.
Lupin shares fell as much as 5.6 per cent to a one-month low of Rs 1,598, in late afternoon trading in Mumbai.
An HDFC Securities analyst noted that Lupin's net profit was in line with the bank's estimate, but that margins were off 2.5 per cent, due to higher employee costs.
Sales in North America, Lupin's largest market, surged 82.3 per cent, helped by sales of products bought via the acquisition of Gavis in July, and higher sales of its generic version of diabetes drug Glumetza.
Sales in Japan rose 31 per cent, while those in India, Lupin's second largest market, grew 5.2 per cent, the company said in a statement.
($1 = Rs 66.94)
Net profit came in at Rs 882 crore ($131.76 million) for the April-June quarter, compared with Rs 569 crore a year earlier, as per the new Indian Accounting Standard under which Lupin reported.
Lupin shares fell as much as 5.6 per cent to a one-month low of Rs 1,598, in late afternoon trading in Mumbai.
An HDFC Securities analyst noted that Lupin's net profit was in line with the bank's estimate, but that margins were off 2.5 per cent, due to higher employee costs.
Sales in North America, Lupin's largest market, surged 82.3 per cent, helped by sales of products bought via the acquisition of Gavis in July, and higher sales of its generic version of diabetes drug Glumetza.
Sales in Japan rose 31 per cent, while those in India, Lupin's second largest market, grew 5.2 per cent, the company said in a statement.
($1 = Rs 66.94)
© Thomson Reuters 2016
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