India's Zydus Lifesciences Q2 profit plunges on rising costs
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Zydus Lifesciences on Friday reported an 82.6% slump in second-quarter profit hit by rising expenses, sending its shares down 1.5%.
Consolidated profit for the three months ended Sept. 30 was 5.23 billion Indian rupees ($64.69 million), compared with 30.02 billion rupees a year ago, the company said in an exchange filing.
Analysts on average had expected a profit of 5.52 bln rupees, according to Refinitiv IBES data.
The Ahmedabad-based company's total expenses climbed 15.3% to 35.36 billion rupees from a year ago.
Earnings before interest, taxes, depreciation and amortization (EBITDA) shrank 9.4% to 8.15 bln rupees a year ago.
The company will "steadily" improve profitability going ahead, and remain on track to deliver 20% plus EBITDA margin in this fiscal, Managing Director Sharvil Patel said.
Overall revenue from operations climbed 9.97% to 41.35 bln rupees.
Shares of the company were trading at 427.70 rupees, down 1.4% at 0847 GMT.
