Shares of Abbott India soared 9 percent in the morning trade on February 2 after the company reported a solid set of earnings for the December quarter.
The company recorded a net profit of Rs 311 crore in Q3, up 26 percent on year. Revenue rose nearly 9 percent to Rs 1,437 crore, while EBITDA increased 24.2 percent to Rs 387.6 crore.
The rise in revenue was despite adverse impact from the inclusion of some of the company's key drugs in the government's essential medicines list, which caps their pricing.
At 11.16 am, Abbott India was trading at Rs 28,100 on the NSE. The strong quarterly performance of the company also led to a spike in volumes in the counter. As many as 70,000 shares changed hands on exchanges, significantly higher than the one-month daily traded average of 25,000 shares.
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The company's operational performance also improved in the quarter. The EBITDA margin expanded to 27 percent 23.6 percent in the same quarter of the last fiscal.
Some of the company's popular drugs include antacid Digene and hypothyroidism treatment tablets Thyronorm.
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