Shares of Abbott India have gained 4.57% since the pharma firm announced its Q4 earnings on May 9. The multibagger stock rose over 1% to Rs 26,725 in early deals on BSE today amid a crash in the broader market. Abbott India reported a 24% rise in net profit for March 2024 quarter. Net profit rose 24 percent to Rs 287 crore in Q4 from Rs 231 crore in the corresponding quarter of the previous fiscal. The company reported better-than-expected earnings for the March quarter. Revenue in Q4 climbed 7.1 percent on year to Rs 1,439 crore from Rs 1343 crore recorded in Q4 of FY23.
The company rolled out its highest ever dividend payout. The drugmaker's board approved a final dividend of Rs 410 per share for FY24 on May 9 after market hours.
The pharma firm's quarter-on-quarter (Q-o-Q) net profit slipped 7.7 per cent, while revenue grew by just 0.13 per cent. The stock rallied 5% in the previous trading session post Q4 and fiscal earnings.
In the last fiscal, the company's profit after tax rose 26% to Rs 1,201 crore in FY24 against Rs 949 crore in the previous financial year. Revenue from operations climbed to Rs 5,848.91 crore in FY24 compared to Rs 5,348.73 crore in the year-ago period.
Abbott India announced a total dividend of Rs 325 per share for 2022-23 financial year. The dividend payment was Rs 275 per share for FY 2021-22.
In the current session, market cap of Abbott India rose to Rs 56,671 crore on BSE. A total of 635 shares of the firm changed hands amounting to a turnover of Rs 1.67 crore. It has gained 266% in five years and climbed 1456% in 10 years.
The pharma sector stock has gained 17.33% in 2024 and risen 26% in a year. In terms of technicals, the relative strength index (RSI) of Abbott India stock stands at 50.6, signaling the stock is trading neither in the oversold nor in the overbought zone. Abbott India shares stand higher than the 50 day, 100 day, 200 day but lower than the 5 day, 10 day, 20 day, 30 day moving averages. The stock has a one-year beta of 0.3, indicating very low volatility during the period.
Mumbai-based Abbott India Limited manufactures and markets medicines in multiple therapeutic categories such as women's health, gastroenterology, cardiology, metabolic disorders and primary care.