Abbott India, a leading pharmaceutical company, has reported robust earnings in the quarter ending March, bringing significant benefits to its investors. Now, the company has announced an historic dividend payout in its stock exchange filing.
Abbott India has delivered substantial gains to its investors. In the quarter spanning January to March 2024, the company has witnessed strong earnings. Consequently, it has declared a substantial dividend for its shareholders. Notably, the company announced a 24% annual growth in net profit for the financial year 2023-24, reaching a net profit of ₹287 crores.
The company’s report highlights that its revenue has increased by 7% to ₹1,439 crores during this period, compared to ₹1,343 crores in the same period last year.
Dividend Announcement
According to information provided, Abbott India has declared a historic dividend in its stock exchange filing, amounting to 4100%. As per this new announcement, the company will pay an interim dividend of ₹410 for each share with a face value of ₹10. Additionally, the recommendation for the final dividend payment is expected to be approved at the company’s annual meeting scheduled for August 8, 2024.
The dividend payment is set for August 13, 2024, with the record date fixed as July 19, 2024. Previously, in May 2023, the company had announced a dividend of ₹180. However, this new announcement brings significant good news for investors in the new financial year.
Market Response
Following the announcement of strong quarterly results, Abbott India’s shares have witnessed a significant surge. On Friday, there was an increase of up to 5% in the share price. Currently, the company’s shares are experiencing a growth rate of 3.21%.
The impressive financial performance of Abbott India and the announcement of such a substantial dividend payout have potentially attracted investors’ interest towards the company’s shares.
Abbott India’s remarkable earnings and the announcement of record dividends signal a positive outlook for the company and its shareholders in the upcoming financial year.