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Sharekhan’s research report on Abbott India
Net income strongly beat estimates, despite slower revenue growth of 8.3% (versus Q2FY23), while PAT surged 23.9% and EBITDA margin expanded by 188 bps y-o-y to 23.9%. Operating performance was strong as major operating costs declined y-o-y, driving up EBITDA margins, though gross margins fell 320-bps y-o-y. Employee/other expenses also fell y-o-y (as a percentage of revenue). Revenues and earnings are set to clock an 11.0% and 19.0% CAGR, respectively, over FY2022-FY2025E, on healthy growth prospects and strong brand equity.
Outlook
We maintain a Buy with a revised PT of Rs. 25,243; stock trades at 39.2x/34.5x its FY2024E/FY2025E EPS.
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Abbott India - 09 -03 - 2023 - khan