Abbott India trades lower after Q2 results, CLSA downgrades stock to outperform

Analysts at CLSA have downgraded the stock to outperform from Buy and have raised the target price to Rs 27,500 per share.

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Shares of Abbott India fell nearly 3 percent during early trades on November 13, after the pharma major reported a 17 percent year-on-year increase in net profit in Q2FY24. The results were announced on November 10. At 11:15 am on November 13, the stock was trading on the NSE at Rs 23,197.05.

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In a regulatory filing, Abbott India reported an 8.31 percent increase in net sales on a year-on-year basis to Rs 1,4914 crore in the quarter ending September 2023. Quarterly Net Profit grew 17.86 percent for the same period to Rs. 312.94 crore. Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the same period was Rs 436.39 crore in September 2023, up 15.81 percent from the previous fiscal.

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Analysts at CLSA have downgraded the stock to outperform from Buy and have raised the target price to Rs 27,500 per share. According to the brokerage, top brands and new launches will drive growth going forward and will help sustain a double-digit revenue growth.

Abbott India is the Indian Subsidiary of Abbott Laboratories and specialises in manufacturing of therapeutic drugs for women’s health, gastroenterology, cardiology, metabolic disorders and primary care.

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