May 24, 2016 / 1:11 PM / a year ago

India drugmaker Cipla profit falls short of forecast, down 69 pct

MUMBAI, May 24 (Reuters) - Cipla Ltd, India’s fifth-largest drugmaker by sales, reported a fall of 69 percent in its quarterly earnings on Tuesday, far short of analysts’ forecasts.

Net profit for the January-March quarter was 808.7 million rupees ($12 million), compared with 2.60 billion rupees a year earlier. The average of forecasts by analysts polled by Thomson Reuters was for a profit of 3.79 billion rupees.

A company statement did not provide a reason for the profit fall, but said domestic sales for the quarter had risen about 16 percent in the quarter and contributed 40 percent to overall sales in fiscal 2016.

$1 = 67.7027 Indian rupees Reporting by Zeba Siddiqui in Mumbai; Editing by Alexander Smith

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