May 13 (Reuters) – Cipla, India’s third-largest drugmaker by revenue, reported a weaker-than-expected fourth-quarter profit on Wednesday, dragged by weak sales amid stiff competition in its key U.S. market.
The drugmaker’s consolidated net profit fell 54.6% year-on-year to 5.55 billion rupees ($58 million) in the quarter ended March 31, missing analysts’ average estimate of 7.05 billion rupees, according to data compiled by LSEG.
($1 = 95.6700 Indian rupees)
(Reporting by Bipasha Dey in Bengaluru; Editing by Mrigank Dhaniwala)
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