Lupin Ltd, India's third-largest drugmaker, has reported a 48 per cent rise in quarterly net profit, outpacing analysts’ estimates mainly due to higher drug sales in its largest market, the United States.
Net profit for the January-March quarter was Rs 807 crore ($119.91 million), compared with Rs 547 crore a year earlier. Analysts polled by Thomson Reuters expected an average profit of Rs 678 crore.
Lupin has benefitted in recent months from a steady pace of new drug approvals in the United States at a time when most of its peers have been facing delays in getting approvals due to regulatory troubles.