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UPDATE 1-India drugmaker Lupin profit misses estimates on higher taxes
July 24, 2012 / 9:43 AM / 5 years ago

UPDATE 1-India drugmaker Lupin profit misses estimates on higher taxes

* Net profit at $50.07 mln, up 33 pct

* U.S. sales surge 40 pct in dlr terms, India biz grows 25 pct (Adds details, quotes, shares)

MUMBAI, July 24 (Reuters) - Lupin, India’s fourth-largest drugmaker by sales, reported a quarterly profit that missed street estimates as higher taxes and financing costs offset surging U.S. sales.

Lupin, along with rivals Ranbaxy Laboratories, Cipla, Dr Reddy’s Laboratories and Sun Pharmaceutical Industries, competes for a share of the generics market in developed countries. Lupin’s U.S. sales jumped 40 percent in dollar terms in the April to June quarter.

Consolidated net profit rose 33 percent to 2.80 billion rupees ($50.07 million) in the quarter from 2.10 billion rupees a year earlier. Analysts estimated a profit of 2.87 billion rupees, according to Thomson Reuters I/B/E/S.

The Mumbai-based company’s sales were offset by the payment of 1.21 billion rupees in taxes in the quarter, compared with 286 million rupees a year earlier. Interest and finance costs nearly doubled to 101 million rupees.

Shares in Lupin, valued $4.61 billion, were flat at 570.45 rupees as of 0900 GMT. The broader Mumbai market rose 0.4 percent. ($1 = 55.92 rupees) (Reporting by Kaustubh Kulkarni; Editing by Ryan Woo)

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