MUMBAI, July 30 (Reuters) - Lupin Ltd, India’s fourth-largest drugmaker by sales, reported a higher-than-expected profit in the first quarter, helped mainly by higher sales in the United States and India, and lower expenses.
Net income for the quarter ended June was 6.25 billion rupees ($103.92 million), compared with 4.01 billion rupees a year earlier. Analysts on average expected a profit of 5.10 billion rupees, according to Thomson Reuters data. Net sales rose 36 percent to 32.84 billion rupees.
Lupin is among a bunch of firms that are planning to bid for a portfolio of older drugs being auctioned by Britain’s GlaxoSmithKline, sources familiar with the matter told Reuters last week.
Chief Executive Vinita Gupta has said for some months that Lupin is keen on acquisitions to expand its branded generics business in the United States.
Lupin’s shares were up 2 percent at 1,137 rupees at 0802 GMT in Mumbai. ($1 = 60.1400 Indian Rupees)
Reporting by Zeba Siddiqui in Mumbai; Editing by Anupama Dwivedi