MUMBAI, May 24 (Reuters) - Lupin Ltd, India’s second-largest drugmaker by sales, reported that its quarterly net profit nearly halved from a year ago, coming in well below analysts’ expectations as sales slumped in its largest market the United States.
The Mumbai-based company reported a net profit of 3.80 billion rupees ($58.63 million) for the fourth quarter ended March, versus 7.48 billion rupees a year ago. This was significantly below an average estimate of 6.45 billion rupees from 24 analysts polled by Thomson Reuters.
Analysts expect the company to have lost market share to competitors in its key diabetes drugs portfolio in the United States over the quarter. ($1 = 64.8175 Indian rupees) (Reporting by Zeba Siddiqui in Mumbai; Editing by Himani Sarkar)