(Reuters) - Cipla Ltd, India’s fourth-largest drugmaker by revenue, said third-quarter net profit rose 7 percent on strong domestic sales, but fell short of analysts’ estimates.
Net profit attributable to shareholders climbed to 4.01 billion rupees ($62.54 million) in the quarter ended Dec. 31, from 3.75 billion rupees a year earlier. bit.ly/2C1Sg7w
That compared with an average estimate of 4.44 billion rupees in profit drawn from 18 analysts polled by Thomson Reuters I/B/E/S.
Including a one-off positive impact of 1.07 billion rupees due to recalculation of deferred tax assets and liabilities on account of the tax reforms in the United States, profit rose about 25 percent from a year earlier, the company said.
Revenue from India, its biggest market, rose 15 percent to 16.01 billion rupees. Domestic revenue accounted for more than a third of the total revenue, which rose 7 percent to 39.14 billion rupees.
Revenue from North America fell 2 percent due to ongoing pricing pressures in the generics market because of increased competition.
($1 = 64.1150 Indian rupees)
Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Christopher Cushing and Subhranshu Sahu