Abbott India Q3 Profit Beats Estimates, Propels Shares Over 9% To Record High
The pharmaceutical company's consolidated net profit rose 26% year-on-year to Rs 311 crore in the quarter ended December, beating Bloomberg's estimate of Rs 289.7 crore.
Shares of Abbott India Ltd. surged over 9% to an all-time high on Friday after its third-quarter profit jumped beating analysts' estimates.
The pharmaceutical company's consolidated net profit rose 26% year-on-year to Rs 311 crore in the quarter ended December, according to an exchange filing on Thursday. Analysts polled by Bloomberg had projected a consensus estimate of Rs 289.7 crore.
Abbott Q3 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 8.7% at Rs 1,437.1 crore. (Bloomberg estimate Rs 1,480 crore).
Ebitda up 24% at Rs 387.6 crore. (Bloomberg estimate Rs 368.7 crore).
Margin expands 335 basis points to 26.96%. (Bloomberg estimate 24.9%).
Net profit up 26% at Rs 311 crore. (Bloomberg estimate Rs 289.7 crore).
Abbott's stock rose as much as 9.24% during the day to Rs 28,280.20 apiece on the NSE. It was trading 8.03% higher at Rs 27,965.10 apiece compared to a 1.1% advance in the benchmark Nifty 50 at 10:28 a.m.
The share price has risen 36.88% in the last 12 months. The total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 77.35, implying that the stock is overbought.
Six out of nine analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 7.9%.