Bengaluru: Cipla Ltd, India’s third-largest drugmaker by market capitalisation, posted a more than 10% rise in its first-quarter profit on Wednesday, well above analysts’ expectations.

Net profit rose 10.4% from a year earlier to 451 crore ($65.67 million) in the first quarter ended 30 June, the drugmaker said on Wednesday.

This compared with an average analyst expectation of 391crore, according to Thomson Reuters I/B/E/S.

Net sales rose 12% to 3,846 crore, the company said in a statement.

Revenue from India, which accounted for more than a third of the total revenue, jumped 22% to 1,544 crore.

North America business posted 4% growth, Cipla said.

The company has appointed R. Ananthanarayanan as global chief operating officer to oversee its businesses in North America, Europe and emerging markets.

Shares in Cipla closed 0.5% higher in a Mumbai market that rose 0.5%.