Buy Abbott India, target price Rs 22400: Axis Securities

Axis Securities has buy call on Abbott India with a target price of Rs 22400. The current market price of Abbott India Ltd. is Rs 19886.1. Time period given by analyst is one year when Abbott India Ltd. price can reach defined target.

Abbott India Ltd., incorporated in the year 1944, is a Large Cap company (having a market cap of Rs 42232.99 Crore) operating in Pharmaceuticals sector.

Abbott India Ltd. key Products/Revenue Segments include Injectables, Tablets, Liquids, Capsules, Service Income, Others, Ointments, Powder, Granules, Scrap, Other Operating Revenue, Duty Drawback for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-09-2021, the company reported a Standalone Total Income of Rs 1240.27 Crore, up .26 % from last quarter Total Income of Rs 1237.04 Crore and up 15.17 % from last year same quarter Total Income of Rs 1076.91 Crore. Company reported net profit after tax of Rs 192.33 Crore in latest quarter.

Investment Rationale
The company is expected to report Revenue/PAT CAGR of 11.1% and 11.3% 0ver FY21-FY24E backed by stable sales in the Duphaston brand, an increase in volume in the Thyronorm brand, and a pick-up in the IPM growth. Therefore, the brokerage recommends a BUY rating on the stock with a Target Price of Rs 22,400/share.

Promoter/FII Holdings
Promoters held 74.99 per cent stake in the company as of 30-Sep-2021, while FIIs owned 2.69 per cent, DIIs 4.44 per cent.