Drug firm Abbott India today reported 34.95% increase in net profit at Rs 49.77 crore for the fourth quarter ended December 31.

The company had posted net profit of Rs 36.88 crore in the same period of 2011, Abbott said in a filing to the BSE.

Net sales of the company rose to Rs 437.52 crore in the fourth quarter, compared to Rs 383.60 crore in the same period of 2011.

For entire 2012, the company posted net profit of Rs 144.70 crore, compared to Rs 120.39 crore in 2011.

Net sales of the company for the year rose to Rs 1,613.09 crore, compared to Rs 1,445.57 crore in 2011.

The company's board, which met today, approved final dividend of Rs 17 per equity share of Rs 10 each for 2012.

Shares of Abbott today closed at Rs 1,401.25 on the BSE, up 2.49% from its previous close.