By Aayush Khanna
Abbott India (NS:ABOT) witnessed a remarkable 9% surge in its share price during morning trading on February 2 following the release of its impressive earnings report for the December quarter.
In Q3, the company posted a net profit of INR 311 crore, marking a substantial 26% increase compared to the previous year. Revenue also saw a notable uptick of nearly 9%, reaching INR 1,437 crore, while EBITDA surged by 24.2% to INR 387.6 crore.
Despite certain key drugs being included in the government's essential medicines list, impacting pricing, Abbott India managed to maintain revenue growth. The stock, trading at INR 28,100 on the NSE at 11:16 am, also experienced a significant increase in trading volume, with 70,000 shares changing hands compared to the one-month daily average of 25,000 shares.
Additionally, the company's operational performance saw improvement, with the EBITDA margin expanding to 27% from 23.6% in the same quarter of the previous fiscal year.
Noteworthy drugs in Abbott India's portfolio include the popular antacid Digene and hypothyroidism treatment tablets Thyronorm.
-----------------------------------------------------------------
X (formerly, Twitter) - aayushxkhanna
SPECIAL NEW YEAR SALE: You can avail InvestingPro+ at a massive 82% discount now. Claim your offer for the 2-year plan by clicking "here", and for the 1-year plan "here". The offer is open for a limited time!
To know more about InvestingPro+, here's the video: