Abbott India posts 41% rise in Q1 profit on strong sales

Abbott India

09/08/2023 14:42

BENGALURU, Aug 9 (Reuters) - Abbott India  ABOT.NS , the Indian arm of U.S. healthcare firm Abbott
Laboratories  ABT.N , reported a 41% rise in its first-quarter profit on Wednesday, driven by strong sales in its
mainstay pharmaceuticals segment.
    The company, which makes pain-reliever ibuprofen under the brand name Brufen, said its profit rose to 2.90
billion rupees ($35.02 million), compared with 2.06 billion rupees a year earlier. 
    Revenue from operations rose 13.4% to 14.79 billion rupees for the quarter. 
    For further earnings highlights, click here.
    
    KEY CONTEXT 
    
    Abbott India, for which the pharmaceutical segment is the sole revenue generator, develops and distributes over
600 products in India, including vitamins, anti-allergic drugs and consumer care.
    The company has reported a double-digit growth in its revenue for the past three quarters, led by falling
operating expenses and steady sales. 
    Last month, peer GlaxoSmithKline Pharmaceuticals  GLAX.NS  posted an 11% rise in its first-quarter profit,
helped by a steady vaccines business.  
    
    PEER COMPARISON
    
    
                                 Valuation (next    Estimates (next 12         Analysts' sentiment         
                                    12 months)           months)                                           
                      RIC        PE     EV/EBITDA  Revenue     Profit    Mean     # of      Stock to       Div
                                                   growth      growth    rating*  analysts  price          yield
                                                                                            target**       (%)
 Abbott India Ltd      ABOT.NS   44.63      32.59    13.06      14.87    Buy             7      1.06           0.76
 GlaxoSmithKline       GLAX.NS   37.12      26.54     5.72       4.93    Buy             6      0.98           2.28
 Pharmaceuticals Ltd                                                                                       
 Pfizer Ltd            PFIZ.NS   27.24      18.29     6.85       5.45    Strong          5      0.87           0.89
                                                                         Buy                               
 Cipla Ltd             CIPL.NS   24.69      15.76    10.82      19.32    Buy            38      1.09           0.67
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above
the PT
    
    APRIL TO JUNE STOCK PERFORMANCE 
  
  
    -- All data from Refinitiv
    -- $1 = 82.8150 Indian rupees

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APRIL TO JUNE STOCK PERFORMANCE    https://tmsnrt.rs/3s91Chv
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 (Reporting by Kashish Tandon and Biplob Kumar Das in Bengaluru; Editing by Janane Venkatraman)
 ((Kashish.Tandon@thomsonreuters.com;))