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