News

Published: February 2, 2024
Updated: February 2, 2024

Insights into Abbott's Strong Performance: Q3 2023 Financial Results Impressive

Impressive Growth:

Abbott India Ltd, a prominent pharmaceutical player, has reported stellar financial results for the third quarter ending December 31, 2023. The company showcased a remarkable 26% year-on-year (YoY) surge in net profit, reaching ₹311 crore.

Financial Highlights:

1.Profit Surge:

In comparison to the corresponding quarter last year, Abbott India's net profit soared from ₹246.8 crore to ₹311 crore, as revealed in a regulatory filing.

2. Revenue Boost:

The company's revenue from operations witnessed a robust 8.7% increase, reaching ₹1,437 crore compared to ₹1,322.2 crore in the same period of the previous fiscal.

3. EBITDA Margin Expansion:

The EBITDA margin expanded to 27% in the reporting quarter, a notable rise from 23.6% in Q3 of FY22-23. EBITDA represents earnings before interest, tax, depreciation, and amortization.

Market Response:

After the market hours, the results impacted Abbott India Ltd's shares positively. Closing at ₹25,945.75, the stock experienced an uptick of ₹71.90, reflecting a 0.28% increase on the BSE.

Firm Financial Footing:

Abbott India's Q3 performance underscores its financial resilience and strategic prowess. With substantial growth in net profit, revenue, and EBITDA margin, the company solidifies its position as a key player in the pharmaceutical landscape. Investors and stakeholders are likely to view this robust performance favorably. Accordingly, Abbott stands on a firm financial footing, poised for continued success in the evolving market landscape.