Abbott India Shares Surge 9% as Q3 Earnings Impress: Net Profit Up 26%

2 Feb 2024 , 01:31 PM

Abbott India’s shares surged by 9% during morning trade on February 2 following the release of robust earnings for the December quarter.

The company reported a net profit of ₹311 crore in Q3, marking a notable 26% increase year-on-year. Revenue also saw a significant uptick of nearly 9%, reaching  ₹1,437 crore, while EBITDA experienced a substantial rise of 24.2% to ₹387.6 crore.

Despite certain key drugs being included in the government’s essential medicines list, which limits their pricing and poses challenges, Abbott India managed to achieve growth in revenue.

Furthermore, the company demonstrated improved operational performance in the quarter, with the EBITDA margin expanding to 27% from 23.6% in the corresponding quarter of the previous fiscal year.

Abbott India’s portfolio includes popular drugs such as antacid Digene and hypothyroidism treatment tablets Thyronorm.

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