Abbott India soars 20% on strong Q2 results

The stock was locked in upper circuit of 20% at Rs 5,401, also its 52-week high on the BSE.

Abbott India was locked in upper circuit of 20% at Rs 5,401, also its 52-week high on the BSE, after the pharmaceutical company reported a 83% year on year growth in net profit at Rs 137 crore in September 2017 quarter (Q2FY18).

It had reported a profit of Rs 75 crore in the same quarter year ago, and Rs 48 crore in previous quarter. Revenue from the operations grew 29% to Rs 931 crore in Q2FY18 from Rs 721 crore in the corresponding quarter of previous quarter.

Abbott India said the current quarter includes significant recovery of the trade destocking that took place in the prior quarter due to the Goods and Services Tax (GST) implementation. For the six month period (April to September) of the current financial year 2017-18 (FY18), the company posted net profit of Rs 186 crore, up 25% against Rs 149 crore in the same period last fiscal.

Till 12:57 PM; a combined 114,473 shares changed hands and there were pending buy orders for 9,865 shares on the BSE and NSE.