Drugmaker Aurobindo Pharma Ltd reported a 11 percent fall in quarterly profit, hurt by lower sales from its formulations business in the U.S. and pre-launch disruptions of a pan-India tax reform.
Profit for the three months ended June 30 fell to 5.19 billion rupees ($81.15 million) from 5.85 billion rupees a year earlier, the company, which is engaged in producing oral and injectable generic formulations, said on Wednesday. http://bit.ly/2uoZDr2
Analysts on average expected Aurobindo to post a profit of 5.67 billion rupees, Thomson Reuters data showed.
U.S. formulations sales, which accounted for 46 percent of total revenue, fell 0.5 percent to 16.95 billion rupees.
Revenue from Active Pharmaceuticals Ingredients (API) business was down about 15 percent, impacted by tax reforms in India and deferment of certain products sale, India's third largest drugmaker by sales said in a statement.
Shares of the company closed 5.9 percent lower at 683.60 rupees ahead of the results.
($1 = 63.8300 rupees)
(Reporting by Vishal Sridhar in Bengaluru, editing by David Evans)