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Abbott India Ltd.’s Q4 FY21 performance was better than our estimates with revenue growing 14.0% YoY to Rs 10.9 billion (our estimate: Rs 10.2 billion).
Ebitda margin improved 440 basis points YoY to 18.8% (our estimate: 18.4%) and adjusted profit after tax grew 37.4% YoY to Rs 1.5 billion (our estimate: Rs 1.5 billion).
The strong performance was due to traction in key products with fall in Covid-19 cases.
Near-term pressures continue with rising cases but expect recovery with ongoing vaccination.
We remain positive on the company considering its exposure exclusively in domestic formulations, strong balance sheet with deep cash reserves, high return ratios and strong brand equity built over the years.
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