India's Cipla Q1 net profit lags estimates as higher costs hurt

MUMBAI Thu Aug 14, 2014 8:19am EDT

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MUMBAI Aug 14 (Reuters) - Cipla Ltd, India's fourth-largest drugmaker by sales, on Thursday reported first-quarter profit that was much lower than expectations due to higher employee costs and other expenses.

Cipla's April-June net profit fell to 2.95 billion rupees($48.6 million) from 4.85 billion rupees a year earlier.

Analysts on average expected a profit of 3.65 billion rupees, according to data compiled by Thomson Reuters.

Net sales rose 14 percent to 26.47 billion rupees.

($1 = 61.76 rupees) (Reporting by Zeba Siddiqui in Mumbai; Editing by Prateek Chatterjee)