Tag: Abbott India

Abbott India doles out three-fourths of its profit as dividend since FY20

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug maker Abbott India announced its highest ever divided of ₹410 per share for the financial year 2024. The declared dividend is 73% of its full year profit, which stood at ₹1,201 crore. The net profit of Abbott India increased by 26.5% in FY24, whereas its payout also swelled at similar magnitude during the year.

Interestingly, the company had distributed 90% of its profit as dividend in FY20 and 85% in FY21, taking the average payout since FY20 to a handsome 79%.

However, over the last five years, the dividend payout of the company has outpaced its profit growth. While the net profit grew at a compounded rate of 22% between FY20-FY24, the dividend per share (DPS) grew at a compound annual growth rate (CAGR) of 45% during the same period. That compares with close to 10% growth recorded in revenues during the same period.

Also read: BPCL Q4 net profit rises 24% over December quarter but misses estimates

While the company announced same dividends of ₹275 per share in both FY21 and FY22, it further upped the payout by ₹50 to ₹325 in FY23 and again by ₹85 in FY24. To be sure, the DPS includes both final and special dividend declared in a given financial year. The company has been announcing special dividends in every year since FY18.

Abbott India, a unit of Abbott Laboratories has been trying to mitigate the impact of pricing curbs due to inclusion of some of its medicine in the government’s essential medicines list in September 2022. The company has been pushing up sales while containing its expenses.

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The maker of the popular antacid medicine Digene on Thursday reported better-than-expected earnings for the March quarter. Its net profit for the quarter came in at ₹287 crore, up 24% year-on-year. A Bloomberg consensus estimates had pegged a profit of ₹278 crore for the quarter. The revenue for the three months ended March 2024 increased by 7.1% to ₹1,439 crore.

Ahead of the March quarter results, shares of Abbott India closed 1.4% lower at 25,562.40 on the NSE. The stock of the company has rallied as much as 12% so far in 2024 against a marginal gain clocked by the Nifty50. The benchmark index is up just 1% since January this year.

Also read: BPCL to give ₹21 dividend per share, offers bonus issue in 1:1 ratio

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Abbott India declares dividend of ₹410, Q4 net profit rises 24%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug major Abbott India Ltd on Thursday (May 9) reported a 24.1% year-on-year (YoY) jump in net profit at ₹287.1 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Abbott India posted a net profit of ₹231.4 crore, the company said in a regulatory filing. The company’s revenue from operations increased 7.1% to ₹1,438.6 crore against ₹1,343.1 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA rose 17.6% to ₹329.5 crore in the fourth quarter of this fiscal over ₹280.1 crore in the corresponding period in the previous fiscal.

Also Read: Tata Power Q4 Results | Net profit jumps 15% to ₹895 crore, declares dividend of ₹2

The EBITDA margin stood at 22.9% in the reporting quarter compared to 20.9% in the year-ago period. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors has recommended payment of a final dividend of ₹410 per equity share of ₹10 each for the year ended March 31, 2024, subject to the approval of the shareholders at the ensuing 80th annual general meeting of the company.

The company has fixed Friday, July 19, 2024, as the record date for determining entitlement of members to the final dividend for the financial year ended March 31, 2024.

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The results came after the close of the market hours. Shares of Abbott India Ltd ended at ₹25,606.55, down by ₹ 339.05, or 1.31%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Abbott India jumps 9% to hit all-time high on strong growth in Q3 profit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of drug maker Abbott India Ltd surged more than 9% to an all-time high on Friday, February 2, after the company posted a 26% year-on-year (YoY) growth in net profit at ₹311 crore for the December quarter.

The stock opened higher at ₹26,498.65 apiece on the BSE on Friday, up 2.24% from the previous close. The positive momentum continued and the stock hit its 52-week high of ₹28,286.55 apiece on the BSE in morning trade.

The pharma stock has gained 42% from its 52-week low of ₹19,900, which it touched on February 1, 2023.

Market experts attributed the rise in the share price to strong growth in revenue and net profit for the December quarter. The company released its quarterly earnings report for the quarter under revniew on February 1, after market hours.

Abbott India’s net profit for the third quarter surged 26% year-on-year to ₹311 crore, compared to ₹246.8 crore in the same period a year ago.

The company’s revenue from operations rose nearly 9% to ₹1,437 crore compared to ₹1,322.2 crore in the corresponding period of the previous fiscal year.

In the reporting quarter, the earnings before interest, tax, depreciation, and amortisation. (EBITDA) margin was 27%, an improvement from 23.6% in the third quarter of FY23.

At 10.37am, shares of Abbott India were trading 8.11% higher at ₹28,018.5 apiece on BSE.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Abbott Q3 Results | Net profit grows 26% to ₹311 crore, revenue up 9%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug maker Abbott India Ltd on Thursday (February 1) reported a 26% year-on-year (YoY) growth in net profit at ₹311 crore for the third quarter that ended December 31, 2023.

In the corresponding quarter last year, Abbott India posted a net profit of ₹246.8 crore, the company said in a regulatory filing. The company’s revenue from operations increased 8.7% to ₹1,437 crore against ₹1,322.2 crore in the corresponding period of the preceding fiscal, Abbott India Ltd said.

The EBITDA margin stood at 27% in the reporting quarter compared to 23.6% in the Q3 of FY22-23. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The results came after the close of the market hours. Shares of Abbott India Ltd ended at ₹25,945.75, up by ₹71.90, or 0.28%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Abbott India managing director Vivek V Kamath resigns

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug maker Abbott India Ltd on Tuesday (December 19) said Vivek V. Kamath, the managing director and director of the company, has tendered his resignation.

The announcement is effective as of the close of business hours on March 18, 2024. Kamath has cited the pursuit of new opportunities outside the company as the driving force behind his decision to step down.

“…we hereby inform you that Vivek V Kamath (DIN: 06606777), has tendered his resignation as managing director and director of the Company, effective close of business hours of March 18, 2024, to pursue other opportunities outside the company,” Abbott India said in a regulatory filing.

“Pursuant to his resignation, he will also cease as the Key Managerial Personnel of the company effective the said date,” the company added.

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Abbott India reported a 17% year-on-year increase in net profit in the second quarter of FY24. The company reported an 8.31% increase in net sales on a year-on-year basis to ₹1,4914 crore in the quarter ending September 2023, reported Moneycontrol.

Quarterly net profit grew 17.86% for the same period to ₹312.94 crore. Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the same period was ₹436.39 crore in September 2023, up 15.81% from the previous fiscal.

Shares of Abbott India Ltd ended at ₹22,965, up by ₹189.90, or 0.83%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Abbott India halts antacid production in Goa facility, recalls Digene Gel batches over quality concerns

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The matter came to light on August 9 when a customer reported that a bottle of Digene Gel Mint flavor had an unusual appearance and taste, differing from the regular taste (sweet) and light pink color. Promptly, Abbott India reported the incident to the Drug Controller General of India office and initiated a voluntary recall of one batch of Digene Mint flavor and three other batches of orange flavor on August 11.

Subsequently, on August 18, the company expanded the voluntary recall to encompass all batches of Digene Gel across all flavors.

The Central Drugs Standard Control Organisation (CDSCO), the regulatory body overseeing drugs in India under the Directorate General Of Health Services, issued an advisory on August 31 concerning Digene Gel. In light of recent developments regarding the product, the CDSCO advised healthcare professionals and doctors to exercise caution while prescribing and to educate patients about discontinuing its use.

They also urged prompt reporting of any adverse drug reactions resulting from its consumption. Furthermore, the regulator instructed consumers to halt the use of Digene Gel manufactured at Abbott’s Goa facility.

Wholesale distributors were directed to remove the product with an active shelf life from distribution. CDSCO mandated all state/UT/zonal and sub-zonal officers to rigorously monitor the movement, sale, distribution, and stock of the drug product in the market. If the product is found in the market, officers were instructed to draw samples and take necessary actions according to the provisions of the Drugs and Cosmetics Act and Rules.

The Abbott India plant underwent an inspection by the Goa FDA from August 24 to September 2.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Abbott India recalls batches of antacid Digene Gel, drug regulator issues advisory

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Drug Controller General of India has issued an advisory on popular antacid Digene gel. The DCGI has issued an advisory to patients, healthcare professionals, wholesalers and distributors. The DCGI has asked patients and consumers to discontinue the use of the antacid gel manufactured at Abbott’s Goa plant due to safety concerns.

Advisory is in conjunction with Abbott voluntarily recalling Digene Gel antacid medicine manufactured at their Goa site due to isolated customer complaints on the gel colour being different, bitter in taste with a pungent odour. There have been no reports of patient health concerns.

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The DCGI has asked doctors and healthcare professionals to carefully prescribe and educate their patients. All suspicious cases or any possible adverse events should be reported by them. Wholesalers and distributors have been asked to remove the impacted products from distribution. The DCGI has also asked all state regulators to keep a strict eye on movement, sale and distribution of the said drug products, draw samples of said product is in the market and initiate action where necessary.

An important advisory for patients. While the gel is impacted, Abbott has indicated other forms of Digene, such as tablets and stick packs are not impacted. Additionally, Digene Gel manufactured at the company’s other production site is not affected. It continues to be available and is available in sufficient quantities to meet current demand. ​

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Abbott Q1 Results | Net profit surges 41% to Rs 290 crore, revenue Rs 1,479 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug maker Abbott India Ltd on Wednesday reported a 41.2 percent year-on-year (YoY) jump in net profit at Rs 290.2 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Abbott India posted a net profit of Rs 205.6 crore, the company said in a regulatory filing.

The total revenue stood at Rs 1,479 crore during the period under review, up 13.4 percent against Rs 1,304.1 crore in the corresponding period of the preceding fiscal.

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At the operating level, EBITDA jumped 31.4 percent to Rs 355 crore in the first quarter of this fiscal over Rs 270.2 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 24 percent in the reporting quarter as compared to 20.7 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The results came after the close of the market hours. Shares of Abbott India Ltd ended at Rs 23,675.00, down by Rs 104.20, or 0.44 percent on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Abbott declares massive dividend of Rs 325 per share, Q4 net profit rises 9.5%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug maker Abbott India on Friday, May 19, reported a 9.5 percent year-on-year (YoY) increase in net profit at Rs 231.4 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 211.4 crore.

The board of directors has recommended payment of a final dividend of Rs 180 and a special dividend of Rs 145 per equity share of Rs 10 each for the year ending March 31, 2023, adding up to Rs 325 per share.

In the March quarter, revenue stood at Rs 1,343.1 crore during the period under review, up 7 percent against Rs 1,254.8 crore in the corresponding period of the preceding fiscal.

Also Read: Zomato Q4 Results: Net loss narrows to Rs 188 crore; revenue rises 70%

At the operating level, EBITDA declined 4.6 percent to Rs 280.1 crore in the fourth quarter of this fiscal over Rs 293.6 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 20.9 percent in the reporting quarter compared to 23.4 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

If you’ve bought this thyroid drug from Abbott, check the batch number — the company has started a recall

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Abbott India Limited has issued a voluntary recall of one batch of Thyronorm tablets, a hypothyroidism treatment, due to a labelling error. The pharmaceutical company told CNBC-TV18 that it is working with distributors to facilitate the recall, which applies only to one batch invoiced in Madhya Pradesh and Telangana.

The affected batch, Batch No. AEJ0713, has a manufacturing date of March 2023 and was invoiced only in the states of Madhya Pradesh and Telangana.

The company has confirmed that a small percentage of bottles from this batch have been mislabeled with the dose strength as 25mcg, whereas the bottles actually contain 88mcg tablets.

ALSO READ | Abbott India Q3 net profit at Rs 247 crore, revenue up 8% at 1,326 crore

This labelling error could potentially cause serious health risks to patients who are prescribed the incorrect dose of Thyroxine Sodium.

In a public notice issued by Abbott India Ltd., the company has urged patients who have recently purchased Thyronorm with Batch No. AEJ0713, manufactured in March 2023 and expiring in February 2025, to return the bottle to the chemist they purchased it from or notify Abbott via email or phone.

Abbott India Ltd. has assured the public that this issue is limited to the affected batch and does not extend to any other batch or dosage strength of Thyronorm or any other Abbott products.

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Patients who have been prescribed Thyronorm for the treatment of hypothyroidism are advised to check the batch number and manufacturing date on the label of the bottle to ensure that they have not purchased the affected batch.

Those who have purchased the affected batch are advised to return the bottle to their pharmacist or contact Abbott India Ltd. for further instructions.

In a notice to CNBC-TV18, Abbott India wrote, “We are working with our distributors and other partners to facilitate this recall. This batch has been invoiced only in MP and Telangana. This issue does not affect or extend to any other batch or dosage strength of Thyronorm or other Abbott products.”

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Back in October 2022, Abbott’s Thyronorm was listed as being “not of standard quality” by the Telangana government, Business Standard reported.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow