Abbott India shares rally up to 5% on strong Q4 results, record dividend announcement

Abbott India Ltd shares hit a high of ₹26,800 per piece on the NSE, up by 4.84% from the previous close. Abbott India shares were trading 2.7% higher at ₹26,475 apiece on NSE at 12:00 pm.

Abbott India announced a 24% jump in profit after tax for the March quarter to ₹287 crore compared to ₹231 crore for the March quarter of 2022-23. The profit numbers were better than street estimates.

Its revenue from operations rose by 7% to ₹1,439 crore in the March quarter of FY24 compared to ₹1,343 crore in the March quarter of FY23.

For the full fiscal, the company reported around 26% growth in profit after tax to ₹1,201 crore in FY24 against ₹949 crore in the previous financial year. Revenue from operations rose to ₹5,848.91 crore in the 2023-24 financial year compared to ₹5,348.73 crore in the year-ago period.

Abbott India announces ₹410 per share dividend

The board of directors of Abbott India has recommended a final dividend payment of ₹410 per equity share of ₹10 each for the year ended March 31, 2024. The record date for consideration of eligibility of shareholders to get the dividend is July 19, 2024.

The dividend payments by the company in the past five years have outpaced the profit growth numbers.

Abbott India had announced a total dividend of ₹325 per share for 2022-23 financial year. The dividend payment was ₹275 per share for FY 2021-22.

Mumbai-based Abbott India Limited manufactures and markets medicines in multiple therapeutic categories such as women's health, gastroenterology, cardiology, metabolic disorders and primary care.