Abbott India's Q3 results beat Street's estimate; stock hits all-time high

Abbott India share price: Shares of Abbott India zoomed in morning deals on Friday (February 2) and clocked an all-time high on the BSE at Rs 28,286.55 apiece. The upward movement in the stock can be attributed to the company's third-quarter (Q3 FY24) results beating analysts' estimates.

At around 10:58 a.m., shares of Abbott India traded 8.5 per cent, or Rs 2,202.85, higher at Rs 28,119.95 apiece. The market capitalisation of the company at around the same time stood at Rs 59,752.93 crore.

How did Abbott India fare in Q3?

The pharmaceutical company posted a consolidated profit after tax (PAT) of Rs 311 crore in the December quarter, the company said on Thursday after market hours, which was estimated at Rs 296 crore. The company had posted a profit of Rs 247 crore in the year-ago period. Revenue for the company grew 9 per cent in the third quarter of the ongoing fiscal to Rs 1,437 crore from Rs 1,322 crore a year ago.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 388 crore against Rs 312 crore a year ago. The margin stood at 27 per cent against the estimate of 25 per cent.

JP Morgan maintained an 'overweight' rating on the stock and raised the target to Rs 29,500 from Rs 26,000 apiece.

Abbott is a global healthcare leader, and its portfolio includes healthcare, with leading businesses and products in diagnostics, medical devices, nutritional, and branded generic medicines.

Abbott India share price: Past performance 

In a year, shares of Abbott India have gained over 37 per cent against the Nifty 50's rise of 24 per cent.

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.