Abbott India Shares At Record High After Q1 Profit Beats Estimates

The pharmaceutical firm's first-quarter profit rose 41% YoY to Rs 290.2 crore, beating Bloomberg estimate of Rs 249.7 crore.

<div class="paragraphs"><p>(Source: Abbott India website)</p></div>
(Source: Abbott India website)

Shares of Abbott India Ltd. hit an all-time high on Thursday after its first-quarter profit jumped 41% beating analysts estimates.

The pharmaceutical firm's profit rose 41% year-on-year to Rs 290.2 crore in the June quarter, according to an exchange filing on Wednesday. That compares with the Rs 249.7 crore consensus estimate of analysts tracked by Bloomberg.

Abbott India Q1 FY24 Highlights (Consolidated, YoY)

  • Revenue up 13% at Rs 1,479 crore. (Bloomberg estimate: Rs 1,429.4 crore)

  • Ebitda up 31% at Rs 355 crore. (Bloomberg estimate: Rs 325.3 crore)

  • Ebitda margin at 24% vs 20.72% (Bloomberg estimate: 22.8%)

  • Net profit up 41% at Rs 290.2 crore. (Bloomberg estimate: Rs 249.7 crore)

Shares of Abbott India were trading 0.76% higher at Rs 23,930.35 apiece, compared to a 0.63% decline in the benchmark NSE Nifty 50 at 10:32 a.m. The stock hit an intra-day high of 4.19% at Rs 24,744.25 per share.

It has risen nearly 13.87% year-to-date. The total traded volume so far in the day stood at 24.4 times its 30-day average. The relative strength index was at 59.47.

Five out of the eight analysts tracking Abbott India maintain a 'buy' rating on the stock, one suggests a 'hold', and two recommend 'sell'. The average of 12-month analyst price targets implies a potential downside of 2.5%.

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