 "pharmaceutical sector, pharma sector, medicines, meds")
Shares of Abbott India rose as much as 4.05 per cent to hit an intraday high of Rs 26,593.75 apiece.
The surge came after the pharmaceutical company announced a strong set of numbers in the quarter-ending March (Q4FY24) earnings.
Abbott India’s profit jumped 24.1 per cent to Rs 287.1 crore in the March quarter of FY24 (Q4FY24), from Rs 231.4 crore in the March quarter of FY23 (Q4FY23).
The pharmaceutical company’s topline grew a little over 7 per cent to Rs 1,438.6 crore in the March quarter of FY24, from Rs 1,343.1 crore in the same quarter previous fiscal.
Its earnings before interest, taxes, depreciation and amortisation (Ebitda), meanwhile, rose 17.6 per cent on a year-on-year (Y-o-Y) basis to Rs 329.5 crore in Q4FY24, from Rs 280.1 crore in the same quarter a year ago.
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Abbott India’s margin zoomed 200 basis points (bps) to 22.9 per cent in the March quarter of financial year 2024, as opposed to 20.9 per cent in the March quarter of financial year 2023.
The Board of Directors also recommended a final dividend of Rs 410 per share of Rs 10 each for the year ended March 31, 2024, subject to approval of the shareholders.
The record date for determining members' entitlement to the final dividend for FY24 has been set as July 19, 2024.
Based in Mumbai, Abbott India Limited provides medications across various therapeutic areas including women's health, gastroenterology, cardiology, metabolic disorders, and primary care.
The 52-week high of Abbott India share is Rs 29,628.15 while its 52-week low is Rs 20,594.25 apiece.
The market capitalisation of Abbott India is Rs 56,359.42 crore, according to Bombay Stock Exchange (BSE).
At 9:53 AM, shares of Abbott India were trading 3.61 per cent high at Rs 26,479.30 per share. By comparison, S&P BSE Sensex was trading 0.60 per cent higher at 72,835.55 levels.
