Abbott India posts 15% rise in Q2 profit on strong demand, price hikes

Abbott, which makes the antacid Digene, reported a profit of 3.59 billion rupees ($42.6 million) for the quarter ended Sept. 30, up nearly 15 percent from last year.

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Drugmaker Abbott India reported a rise in second-quarter profit on November 7, helped by strong demand for its gastrointestinal and anti-infective medications.

The company, which makes the antacid Digene, reported a profit of 3.59 billion rupees ($42.6 million) for the quarter ended Sept. 30, up nearly 15 percent from last year.

Revenue from operations climbed 9.3 percent to 16.33 billion rupees.

KEY CONTEXT

Drugmakers such as Abbott India and rival GlaxoSmithKline Pharmaceuticals, who earn most of their revenue from India, have hiked prices of certain drugs not included in the Indian government's price-capped 'essential medicines list' to boost their earnings, analysts have said.

Abbott India continued to benefit from anti-infectives and medications for gastrointestinal conditions, the company said in its latest annual report.

Last week, rival GlaxoSmithKline Pharma reported higher second-quarter profit, boosted by demand for generic drugs and vaccines.