Sharekhan's research report on Abbott India
Operational profitability beat expectations; even as gross margin stayed flat y-o-y at 45.5%, EBITDA margin rose to a record high of ~25.5%, rising ~60 bps y-o-y. We believe Abbott‘s strong market leadership in key therapies such as Women‘s health, gastro and continuous double-digit product launches every year would continue to result in healthy operations. A 65% y-o-y rise in other income and 21% y-o-y fall in interest expenses led to ~18% y-o-y growth in PAT to Rs. 312.8 crore, 14% above our expectation of ~Rs. 274 crore.
Outlook
We maintain Buy with an increased PT of Rs 26,723. Stock currently trades at36.6.x/31.3x its FY2025E/FY2026E EPS.
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