Bengaluru: indian generic injection the creator Gland Pharma informed of fourth quarter profit lower than expected on Wednesday as it was rising rapidly Employee Expenses There was strong demand in its key markets.

It reported a consolidated net profit Rs 1.92 billion It stood at $2.3 million for the quarter ended March 31, below analysts’ average estimate of Rs 2.41 billion, according to LSEG data.

The company had reported a profit of Rs 786.8 million in the same period last year, with one time loss Fee of Rs 564.6 million.

Its income from operations rose nearly 96 per cent to Rs 15.37 billion, higher than analysts’ estimate of Rs 15.23 billion, driven by an eight-fold jump in sales in Europe and an 83 per cent rise in sales in the US.

Together, these markets account for approximately 75 percent of the company’s total revenue.

The acquisition by Glan Pharma also boosted revenues. French pharmaceutical group Senexi Excluding this income, its revenue grew 50 per cent to Rs 11.74 billion.

Sales in the company’s other key markets such as Canada, Australia and New Zealand grew 58 per cent to Rs 578 million.

However, this was offset by a 95 per cent rise in its expenses to Rs 12.81 billion, mainly due to a more than three-fold increase in employee-related costs and higher raw material prices.

Its tax expense also more than tripled to Rs 1.06 billion.

Last week, rival Dr Reddy’s reported better-than-expected fourth-quarter results. Strong demand in the USWhile Cipla missed revenue estimates due to weakness in its Indian consumer segment.

earlier in the day, sun pharma Fourth quarter revenue was reported below estimates and profit above estimates.

Apart from this, the company also declared a dividend of Rs 20 per share.

($1 = 83.2760 Indian rupees) (Reporting by Kashish Tandon in Bengaluru; Editing by Varun HK)