Drugmaker Abbott India (ABOT.NS), opens new tab reported an 11.5% rise in first-quarter profit on Tuesday, driven by healthy sales in its mainstay pharmaceuticals segment.
The company, known for its PediaSure nutrition drink, reported a profit of 3.66 billion rupees ($41.77 million) for the quarter ended June 30, up from 3.28 billion rupees a year ago.
Revenue from operations climbed 11.6% to 17.38 billion rupees.
KEY CONTEXT
Chronic therapies and price-led gains are expected to drive nearly 10% growth in India’s pharmaceutical market in the June quarter, analysts said. Abbott, which has a strong presence in chronic treatments such as thyroid and diabetes drugs, is seen leading growth among multinational peers.
Peer JB Chemicals & Pharmaceuticals (JBCH.NS), opens new tab last month posted an 8.9% higher quarterly profit, led by healthy domestic demand for its drugs.
