India's Zydus Lifesciences Q2 profit plunges on rising costs

BENGALURU (Reuters) - 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.

($1 = 80.8450 Indian rupees)

(Reporting by Akansha Victor in Bengaluru; Editing by Dhanya Ann Thoppil)