3MINDIA
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3M India posts smaller third-quarter profit as inflation pressures margins
Feb 6 (Reuters) - Diversified products maker 3M India TMIN.NS reported a 16% fall in its third-quarter profit on Friday, as inflationary pressures pushed costs higher, hurting margins.
The company, whose products range from "Post-it" notes to power tools, said its profit after tax fell to 1.14 billion rupees ($13.05 million) for the quarter ended December 31, compared to 1.35 billion rupees a year ago.
India's consumer goods makers have grappled with high inflation, which spiked to 6.21% in October and remained above 5% through December, driving up the cost of key raw materials.
3M reported a 23% increase in the cost of raw materials and a 13% rise in total expenses for the quarter.
The company's earnings before interest, tax, depreciation, and amortization (EBITDA) margins contracted by 12% compared to the previous year, negatively impacting its profitability.
However, the Scotch-Brite scrub maker has continuously raised prices across its product range in recent quarters to counter inflationary pressures, which helped revenue to grow.
It's transportation and electronics segment, which includes automotive parts, lighting solutions, and wires and cables, posted a 10% increase in revenue, driving the company's total revenue up 8% to 10.9 billion rupees.
3M India, the Indian arm of the U.S.-based industrial conglomerate 3M MMM.N, said its revenue from safety and industrial segment, with products like face shields and construction hats, posted a 1.4% revenue fall.
Shares of the company fell 2% after posting results.
($1 = 87.3710 Indian rupees)
(Reporting by Ashna Teresa Britto; Editing by Tasim Zahid)
(([email protected];))
Feb 6 (Reuters) - Diversified products maker 3M India TMIN.NS reported a 16% fall in its third-quarter profit on Friday, as inflationary pressures pushed costs higher, hurting margins.
The company, whose products range from "Post-it" notes to power tools, said its profit after tax fell to 1.14 billion rupees ($13.05 million) for the quarter ended December 31, compared to 1.35 billion rupees a year ago.
India's consumer goods makers have grappled with high inflation, which spiked to 6.21% in October and remained above 5% through December, driving up the cost of key raw materials.
3M reported a 23% increase in the cost of raw materials and a 13% rise in total expenses for the quarter.
The company's earnings before interest, tax, depreciation, and amortization (EBITDA) margins contracted by 12% compared to the previous year, negatively impacting its profitability.
However, the Scotch-Brite scrub maker has continuously raised prices across its product range in recent quarters to counter inflationary pressures, which helped revenue to grow.
It's transportation and electronics segment, which includes automotive parts, lighting solutions, and wires and cables, posted a 10% increase in revenue, driving the company's total revenue up 8% to 10.9 billion rupees.
3M India, the Indian arm of the U.S.-based industrial conglomerate 3M MMM.N, said its revenue from safety and industrial segment, with products like face shields and construction hats, posted a 1.4% revenue fall.
Shares of the company fell 2% after posting results.
($1 = 87.3710 Indian rupees)
(Reporting by Ashna Teresa Britto; Editing by Tasim Zahid)
(([email protected];))
3M India slips on Q2 profit drop
** Diversified products maker 3M India TMIN.NS falls 3.4% to 33,707.60 rupees; set for worst day since early June
** "Post-it" notes to power tools maker reports 8.4% fall in Q2 profit after tax at 1.34 bln rupees ($16 mln), hurt by ~10% jump in expenses
** Rev from ops climb ~7%
** Stock on track for fourth straight session of losses
** TMIN down 8.5% YTD
($1 = 84.3940 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru)
** Diversified products maker 3M India TMIN.NS falls 3.4% to 33,707.60 rupees; set for worst day since early June
** "Post-it" notes to power tools maker reports 8.4% fall in Q2 profit after tax at 1.34 bln rupees ($16 mln), hurt by ~10% jump in expenses
** Rev from ops climb ~7%
** Stock on track for fourth straight session of losses
** TMIN down 8.5% YTD
($1 = 84.3940 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru)
3M India posts first quarterly profit drop in three years as costs bite
Nov 12 (Reuters) - Diversified products maker 3M India TMIN.NS reported its first drop in quarterly profit in three years on Tuesday, pressured by higher expenses and weakness in its transportation and electronics segment.
The company, whose products range from "Post-it" notes to power tools, reported an 8.4% fall in profit after tax to 1.34 billion rupees ($15.9 million) for the second quarter ended Sept. 30.
Its revenue from operations rose about 7% to 11.11 billion rupees. However, expenses rose about 10% to 9.46 billion rupees, mainly due to a 26% jump in material costs.
"We experienced cost headwinds both due to elevated freight costs as well as material cost increases," Managing Director Ramesh Ramadurai said.
The higher expenses pressured 3M India's earnings before interest, tax, depreciation and amortization (EBITDA), which shrunk to 2.01 billion rupees from 2.10 billion rupees a year ago and 2.27 billion rupees in the previous quarter.
The company's transportation and electronics segment, which houses products including automotive parts, lighting products and wires and cables and contributes 35% of revenue, reported a 1.4% fall in revenue.
Demand for automotive parts was dull as Indian carmakers' sales to dealers marked the first decline in 10 quarters in the July-September period, industry data showed.
Meanwhile, revenue in the safety and industrial segment, which offers products such as face shields and construction hats, grew nearly 9%, helped by pick-up in infrastructure and manufacturing activity.
3M India, the Indian arm of the U.S.-based industrial conglomerate 3M MMM.N, said its revenue from its health care segment grew 19%.
The company has been hiking prices across its product range over the past few quarters, dampening demand.
Last month, 3M reported about an 18% rise in quarterly profit as cost cuts countered the impact of slow sales in its consumer business.
($1 = 84.3500 Indian rupees)
(Reporting by Dimpal Gulwani; Editing by Sumana Nandy and Varun H K)
(([email protected];))
Nov 12 (Reuters) - Diversified products maker 3M India TMIN.NS reported its first drop in quarterly profit in three years on Tuesday, pressured by higher expenses and weakness in its transportation and electronics segment.
The company, whose products range from "Post-it" notes to power tools, reported an 8.4% fall in profit after tax to 1.34 billion rupees ($15.9 million) for the second quarter ended Sept. 30.
Its revenue from operations rose about 7% to 11.11 billion rupees. However, expenses rose about 10% to 9.46 billion rupees, mainly due to a 26% jump in material costs.
"We experienced cost headwinds both due to elevated freight costs as well as material cost increases," Managing Director Ramesh Ramadurai said.
The higher expenses pressured 3M India's earnings before interest, tax, depreciation and amortization (EBITDA), which shrunk to 2.01 billion rupees from 2.10 billion rupees a year ago and 2.27 billion rupees in the previous quarter.
The company's transportation and electronics segment, which houses products including automotive parts, lighting products and wires and cables and contributes 35% of revenue, reported a 1.4% fall in revenue.
Demand for automotive parts was dull as Indian carmakers' sales to dealers marked the first decline in 10 quarters in the July-September period, industry data showed.
Meanwhile, revenue in the safety and industrial segment, which offers products such as face shields and construction hats, grew nearly 9%, helped by pick-up in infrastructure and manufacturing activity.
3M India, the Indian arm of the U.S.-based industrial conglomerate 3M MMM.N, said its revenue from its health care segment grew 19%.
The company has been hiking prices across its product range over the past few quarters, dampening demand.
Last month, 3M reported about an 18% rise in quarterly profit as cost cuts countered the impact of slow sales in its consumer business.
($1 = 84.3500 Indian rupees)
(Reporting by Dimpal Gulwani; Editing by Sumana Nandy and Varun H K)
(([email protected];))
3M India's quarterly profit jumps 22% as expenses ease
BENGALURU, Aug 6 (Reuters) - 3M India TMIN.NS reported on Tuesday a 22% jump in its first-quarter profit, as a decrease in total expenses helped lift the diversified products maker's bottomline.
The company, which makes everything from 'Post-it' notes to power tools, reported a consolidated profit after tax of 1.57 billion rupees ($18.7 million) for the quarter ended June 30, from 1.29 billion rupees a year earlier.
Total expenses declined 4% during the reported quarter, primarily due to a decrease in employee benefit expenses and depreciation charges.
3M India, the Indian arm of the U.S.-based industrial conglomerate 3M Co MMM.N, said its safety and industrial segment - which contributes 32% to the total revenue - saw a slight rise in revenue.
The segment houses products including fire barrier seals and electrical resins.
Revenue from its healthcare segment remained flat, while that from its transportation and electronics segment fell 4%.
3M's total revenue remained flat as consistent price hikes across its product range, including adhesives and office supplies, dampened demand.
Last month, U.S.-based 3M Co reported better-than-expected profit for June quarter and raised its annual adjusted profit forecast, hoping to benefit from its restructuring measures and increasing demand for electronics.
($1 = 83.9325 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected];))
BENGALURU, Aug 6 (Reuters) - 3M India TMIN.NS reported on Tuesday a 22% jump in its first-quarter profit, as a decrease in total expenses helped lift the diversified products maker's bottomline.
The company, which makes everything from 'Post-it' notes to power tools, reported a consolidated profit after tax of 1.57 billion rupees ($18.7 million) for the quarter ended June 30, from 1.29 billion rupees a year earlier.
Total expenses declined 4% during the reported quarter, primarily due to a decrease in employee benefit expenses and depreciation charges.
3M India, the Indian arm of the U.S.-based industrial conglomerate 3M Co MMM.N, said its safety and industrial segment - which contributes 32% to the total revenue - saw a slight rise in revenue.
The segment houses products including fire barrier seals and electrical resins.
Revenue from its healthcare segment remained flat, while that from its transportation and electronics segment fell 4%.
3M's total revenue remained flat as consistent price hikes across its product range, including adhesives and office supplies, dampened demand.
Last month, U.S.-based 3M Co reported better-than-expected profit for June quarter and raised its annual adjusted profit forecast, hoping to benefit from its restructuring measures and increasing demand for electronics.
($1 = 83.9325 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected];))
3M India ends higher after upbeat Q4 results, dividend
** Shares of 3M India TMIN.NS closed up 9.9% after soaring as much as 11.8% to post highest level since end-Jan 2024
** 'Post-it' notes maker's consol Q4 PAT rose 27% y/y, revenue up 5% y/y
** Indian arm of U.S.-based 3M Co MMM.N also approved 160 rupees/shr final dividend and 525 rupees/shr special dividend
** Trading vols 19x 30-day avg
** YTD TMIN has shed 8.1% after a 70% gain in 2023
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** Shares of 3M India TMIN.NS closed up 9.9% after soaring as much as 11.8% to post highest level since end-Jan 2024
** 'Post-it' notes maker's consol Q4 PAT rose 27% y/y, revenue up 5% y/y
** Indian arm of U.S.-based 3M Co MMM.N also approved 160 rupees/shr final dividend and 525 rupees/shr special dividend
** Trading vols 19x 30-day avg
** YTD TMIN has shed 8.1% after a 70% gain in 2023
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
3M India falls after country's financial crime agency searches Bangalore offices
** 'Post-it' notes maker 3M India TMIN.NS shares fall as much as 2.4% to 29,400 rupees
** Co says ED, India's financial crime-fighting agency, conducted a search under the Foreign Exchange Management Act, 1999 at its offices in Bangalore on March 14
** Stock on track to lose for the third straight day and 2nd consecutive week
** Stock trading below its 50-day simple moving avg since Feb 9
** More than 13,400 shares traded as of 2:47 p.m. IST, 2.7x their 30-day moving avg
** TMIN last down 1.7% adding to YTD loss of ~20.7%
(Reporting by Meenakshi Maidas in Bengaluru)
(([email protected];))
** 'Post-it' notes maker 3M India TMIN.NS shares fall as much as 2.4% to 29,400 rupees
** Co says ED, India's financial crime-fighting agency, conducted a search under the Foreign Exchange Management Act, 1999 at its offices in Bangalore on March 14
** Stock on track to lose for the third straight day and 2nd consecutive week
** Stock trading below its 50-day simple moving avg since Feb 9
** More than 13,400 shares traded as of 2:47 p.m. IST, 2.7x their 30-day moving avg
** TMIN last down 1.7% adding to YTD loss of ~20.7%
(Reporting by Meenakshi Maidas in Bengaluru)
(([email protected];))
3M India Got Income Tax Assessment Order With Tax Demand Of 277.4 Million Rupees
Feb 27 (Reuters) - 3M India Ltd TMIN.NS:
GOT INCOME TAX ASSESSMENT ORDER WITH TAX DEMAND OF 277.4 MILLION RUPEES
Further company coverage: TMIN.NS
(([email protected];))
Feb 27 (Reuters) - 3M India Ltd TMIN.NS:
GOT INCOME TAX ASSESSMENT ORDER WITH TAX DEMAND OF 277.4 MILLION RUPEES
Further company coverage: TMIN.NS
(([email protected];))
3M India posts smallest profit growth in nine quarters as costs bite
BENGALURU, Feb 8 (Reuters) - Diversified products maker 3M India TMIN.NS posted on Thursday its smallest profit growth in nine quarters, as surging input costs countered sustained demand for its core products.
Consolidated profit after tax came increased more than 8% from a year earlier to 1.35 billion rupees (about $16 million) in the third quarter ended Dec. 31, the Indian unit of U.S.-based industrial conglomerate 3M MMM.N said in an exchange filing.
Input costs rose 5.9% to 3.98 billion rupees, sending the company's total expenses slightly higher.
Sales increased at the mainstay safety & industrial and transportation & electricals segments, which together account for 69% to 74% of 3M India's total revenue, while the smaller healthcare segment saw a fall in revenue.
"Business trends broadly remained steady versus the previous quarter, though some softness was observed in the healthcare segment," Managing Director Ramesh Ramadurai said.
Sustained infrastructure spending ahead of the 2024 general elections has boosted demand for industrial products, helping companies like 3M to make strong profits in the past year.
Shares of 3M India, which gained more than 17% in the December quarter, fell 1.2% after the results came.
Last month, parent company 3M forecast full-year earnings below estimates, saying the macro environment remained muted.
($1 = 82.9950 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Subhranshu Sahu)
(([email protected]; +918447554364;))
BENGALURU, Feb 8 (Reuters) - Diversified products maker 3M India TMIN.NS posted on Thursday its smallest profit growth in nine quarters, as surging input costs countered sustained demand for its core products.
Consolidated profit after tax came increased more than 8% from a year earlier to 1.35 billion rupees (about $16 million) in the third quarter ended Dec. 31, the Indian unit of U.S.-based industrial conglomerate 3M MMM.N said in an exchange filing.
Input costs rose 5.9% to 3.98 billion rupees, sending the company's total expenses slightly higher.
Sales increased at the mainstay safety & industrial and transportation & electricals segments, which together account for 69% to 74% of 3M India's total revenue, while the smaller healthcare segment saw a fall in revenue.
"Business trends broadly remained steady versus the previous quarter, though some softness was observed in the healthcare segment," Managing Director Ramesh Ramadurai said.
Sustained infrastructure spending ahead of the 2024 general elections has boosted demand for industrial products, helping companies like 3M to make strong profits in the past year.
Shares of 3M India, which gained more than 17% in the December quarter, fell 1.2% after the results came.
Last month, parent company 3M forecast full-year earnings below estimates, saying the macro environment remained muted.
($1 = 82.9950 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Subhranshu Sahu)
(([email protected]; +918447554364;))
3M India hits record high
** Shares of 'Post-it' notes maker 3M India TMIN.NS rise as much as 7.5% to 33,499.90 rupees, hitting a record high
** Stock posts it busiest session since late Feb, trading vol at 25,500 shares, 9.3x the 30-day avg
** Reuters could not immediately confirm a reason for the stock move
** TMIN on track for best day since late May 2022
** Stock last up 6.8%, extending YTD gains to 53%; on track for best year since 2017
(Reporting by Dimpal Gulwani in Bengaluru)
** Shares of 'Post-it' notes maker 3M India TMIN.NS rise as much as 7.5% to 33,499.90 rupees, hitting a record high
** Stock posts it busiest session since late Feb, trading vol at 25,500 shares, 9.3x the 30-day avg
** Reuters could not immediately confirm a reason for the stock move
** TMIN on track for best day since late May 2022
** Stock last up 6.8%, extending YTD gains to 53%; on track for best year since 2017
(Reporting by Dimpal Gulwani in Bengaluru)
3M India Ltd- Approved Re-Appointment Of Ramesh Ramadurai As MD
3M India Ltd TMIN.NS:
3M INDIA LTD- APPROVED RE-APPOINTMENT OF RAMESH RAMADURAI AS MD
Source text for Eikon: ID:nBSE4V2xc5
Further company coverage: TMIN.NS
3M India Ltd TMIN.NS:
3M INDIA LTD- APPROVED RE-APPOINTMENT OF RAMESH RAMADURAI AS MD
Source text for Eikon: ID:nBSE4V2xc5
Further company coverage: TMIN.NS
'Post-it' maker 3M India's Q2 profit jumps on steady demand (Nov 10)
Corrects paragraph 9 in Nov 10 story to say 3M in July 2022 announced plans to spin off its healthcare business, not already spun it off
BENGALURU, Nov 10 (Reuters) - 'Post-it' notes maker 3M India TMIN.NS reported a near 38% jump in its second-quarter profit on Friday, helped by sustained demand for its products.
Consolidated profit after tax came in at 1.46 billion rupees ($17.51 million) for the quarter ended Sept. 30, compared with 1.06 billion rupees a year earlier, the Indian arm of U.S.-based diversified manufacturer 3M Co MMM.N said in a filing.
The Bengaluru-based company makes a host of products including 'Scotch' tape, 'Post-it' notes, power tools, and bandages.
It reported a more than 6% rise in revenue from operations to 10.4 billion rupees, helped by a near 5% growth in the transportation and electronics segment.
A revival in automotive production and increasing focus on localised production of mobile phones has helped buoy demand for the company's transportation and electronics products, analysts have said.
Its safety and industrial segment - which counts face shields and construction hats in its lineup - grew more than 3%.
Shares of 3M India, which have risen nearly 44% so far this year, were up as much as 2.15% post results before closing 0.6% lower.
On Friday, the company approved terms of arrangement with four U.S. entities for licensed manufacturing, reselling and distributorship of its healthcare business in India and Nepal.
This comes after parent 3M Co announced plans to spin off its healthcare business in July 2022, while proposing to maintain the segment's manufacturing and distribution operations in India through the local unit.
The agreements have an initial term of five years and will become effective upon the spin-off's completion, expected during the first half of 2024.
($1 = 83.3719 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
(([email protected]; X: @MukherjeeHritam;))
Corrects paragraph 9 in Nov 10 story to say 3M in July 2022 announced plans to spin off its healthcare business, not already spun it off
BENGALURU, Nov 10 (Reuters) - 'Post-it' notes maker 3M India TMIN.NS reported a near 38% jump in its second-quarter profit on Friday, helped by sustained demand for its products.
Consolidated profit after tax came in at 1.46 billion rupees ($17.51 million) for the quarter ended Sept. 30, compared with 1.06 billion rupees a year earlier, the Indian arm of U.S.-based diversified manufacturer 3M Co MMM.N said in a filing.
The Bengaluru-based company makes a host of products including 'Scotch' tape, 'Post-it' notes, power tools, and bandages.
It reported a more than 6% rise in revenue from operations to 10.4 billion rupees, helped by a near 5% growth in the transportation and electronics segment.
A revival in automotive production and increasing focus on localised production of mobile phones has helped buoy demand for the company's transportation and electronics products, analysts have said.
Its safety and industrial segment - which counts face shields and construction hats in its lineup - grew more than 3%.
Shares of 3M India, which have risen nearly 44% so far this year, were up as much as 2.15% post results before closing 0.6% lower.
On Friday, the company approved terms of arrangement with four U.S. entities for licensed manufacturing, reselling and distributorship of its healthcare business in India and Nepal.
This comes after parent 3M Co announced plans to spin off its healthcare business in July 2022, while proposing to maintain the segment's manufacturing and distribution operations in India through the local unit.
The agreements have an initial term of five years and will become effective upon the spin-off's completion, expected during the first half of 2024.
($1 = 83.3719 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
(([email protected]; X: @MukherjeeHritam;))
3M India Sept-Quarter Consol PAT Rises
Nov 10 (Reuters) - 3M India Ltd TMIN.NS:
3M INDIA SEPT-QUARTER CONSOL PAT 1.46 BILLION RUPEES VERSUS PROFIT 1.06 BILLION RUPEES
3M INDIA SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 10.4 BILLION RUPEES VERSUS 9.77 BILLION RUPEES
APPROVED DRAFT OF BINDING TERM SHEET PROPOSED TO BE EXECUTED WITH 3M HEALTHCARE US OPCO, LLC AND OTHERS
TERM SHEET SETS-OUT TERMS FOR LICENSED MANUFACTURING, RESELLING, DISTRIBUTORSHIP TO BE ENTERED BETWEEN ENTITIES, CO
Source text for Eikon: ID:nBSE7sPHrW
Further company coverage: TMIN.NS
(([email protected];))
Nov 10 (Reuters) - 3M India Ltd TMIN.NS:
3M INDIA SEPT-QUARTER CONSOL PAT 1.46 BILLION RUPEES VERSUS PROFIT 1.06 BILLION RUPEES
3M INDIA SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 10.4 BILLION RUPEES VERSUS 9.77 BILLION RUPEES
APPROVED DRAFT OF BINDING TERM SHEET PROPOSED TO BE EXECUTED WITH 3M HEALTHCARE US OPCO, LLC AND OTHERS
TERM SHEET SETS-OUT TERMS FOR LICENSED MANUFACTURING, RESELLING, DISTRIBUTORSHIP TO BE ENTERED BETWEEN ENTITIES, CO
Source text for Eikon: ID:nBSE7sPHrW
Further company coverage: TMIN.NS
(([email protected];))
3M India Approved Amendments To Intellectual Property Agreement With 3M Co USA, 3M Innovative Properties Co
Sept 29 (Reuters) - 3M India Ltd TMIN.NS:
3M INDIA LTD - APPROVED AMENDMENTS TO INTELLECTUAL PROPERTY AGREEMENT WITH 3M CO USA, 3M INNOVATIVE PROPERTIES CO
Source text for Eikon: [ID:]
Further company coverage: TMIN.NS
(([email protected];))
Sept 29 (Reuters) - 3M India Ltd TMIN.NS:
3M INDIA LTD - APPROVED AMENDMENTS TO INTELLECTUAL PROPERTY AGREEMENT WITH 3M CO USA, 3M INNOVATIVE PROPERTIES CO
Source text for Eikon: [ID:]
Further company coverage: TMIN.NS
(([email protected];))
3M India June-Quarter Consol PAT Rises
Aug 10 (Reuters) - 3M India Ltd TMIN.NS:
3M INDIA JUNE-QUARTER CONSOL PAT 1.29 BILLION RUPEES VERSUS 842.6 MILLION RUPEES
3M INDIA JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 10.5 BILLION RUPEES VERSUS 9.44 BILLION RUPEES
Source text for Eikon: ID:nBSENzYwt
Further company coverage: TMIN.NS
(([email protected];))
Aug 10 (Reuters) - 3M India Ltd TMIN.NS:
3M INDIA JUNE-QUARTER CONSOL PAT 1.29 BILLION RUPEES VERSUS 842.6 MILLION RUPEES
3M INDIA JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 10.5 BILLION RUPEES VERSUS 9.44 BILLION RUPEES
Source text for Eikon: ID:nBSENzYwt
Further company coverage: TMIN.NS
(([email protected];))
'Post-it' maker 3M India's March-qtr profit rises on strong demand
BENGALURU, May 30 (Reuters) - 3M India TMIN.NS reported a 24% rise in quarterly profit on Tuesday, aided by robust demand in its transportation and electronics segment.
Consolidated profit after tax rose to 1.36 billion rupees ($16.4 million) in the quarter ended March 31 from 1.11 billion rupees a year earlier.
3M India, which makes everything from 'Scotch' tape and 'Post-it' notes to power tools and medical products, has been raising prices to offset the hit from surging commodity costs.
Consolidated revenue from operations for the Indian arm of the U.S.-based 3M Co MMM.N rose 13% to 10.46 billion rupees, outpacing an 11.3% growth in total expenses to 8.72 billion rupees.
Revenue from its transportation and electronics business, which makes power tools and cables, grew nearly 27% to 4.35 billion rupees, while profit more than doubled.
The segment is the biggest contributor to the company's revenue and profit, accounting for about 42% of overall revenue this quarter.
3M India said it has approved discussions and negotiations related to the manufacturing and distributorship of healthcare products with its U.S.-based sister firm 3M Health Care.
The Bangalore-based company's healthcare segment saw strong revenue growth of 17.2% during the March quarter, while revenue for its safety and industrial business grew 2.7%.
3M India's shares hit a 15-month high after the results, rising as much as 3.5%. Shares have risen about 11% so far this year, following a 10.3% decline in 2022.
($1 = 82.7426 Indian rupees)
(Reporting by Biplob Kumar Das in Bengaluru; Editing by Janane Venkatraman)
(([email protected]; 9101861583;))
BENGALURU, May 30 (Reuters) - 3M India TMIN.NS reported a 24% rise in quarterly profit on Tuesday, aided by robust demand in its transportation and electronics segment.
Consolidated profit after tax rose to 1.36 billion rupees ($16.4 million) in the quarter ended March 31 from 1.11 billion rupees a year earlier.
3M India, which makes everything from 'Scotch' tape and 'Post-it' notes to power tools and medical products, has been raising prices to offset the hit from surging commodity costs.
Consolidated revenue from operations for the Indian arm of the U.S.-based 3M Co MMM.N rose 13% to 10.46 billion rupees, outpacing an 11.3% growth in total expenses to 8.72 billion rupees.
Revenue from its transportation and electronics business, which makes power tools and cables, grew nearly 27% to 4.35 billion rupees, while profit more than doubled.
The segment is the biggest contributor to the company's revenue and profit, accounting for about 42% of overall revenue this quarter.
3M India said it has approved discussions and negotiations related to the manufacturing and distributorship of healthcare products with its U.S.-based sister firm 3M Health Care.
The Bangalore-based company's healthcare segment saw strong revenue growth of 17.2% during the March quarter, while revenue for its safety and industrial business grew 2.7%.
3M India's shares hit a 15-month high after the results, rising as much as 3.5%. Shares have risen about 11% so far this year, following a 10.3% decline in 2022.
($1 = 82.7426 Indian rupees)
(Reporting by Biplob Kumar Das in Bengaluru; Editing by Janane Venkatraman)
(([email protected]; 9101861583;))
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Shareholdings
What does 3M India do?
3M India Limited, a flagship Company of 3M Company, USA in India, operates in Safety and Industrial, Transportation & Electronics, Health Care, and Consumer segments. They leverage common technologies to develop innovative products and services in a competitive market.
Who are the competitors of 3M India?
3M India major competitors are AIA Engineering, Honeywell Automation, Inox Wind, Thermax, Triveni Turbine, BEML, Tega Industries. Market Cap of 3M India is ₹32,928 Crs. While the median market cap of its peers are ₹25,424 Crs.
Is 3M India financially stable compared to its competitors?
3M India seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does 3M India pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. 3M India latest dividend payout ratio is 132.27% and 3yr average dividend payout ratio is 184.77%
How has 3M India allocated its funds?
Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments
How strong is 3M India balance sheet?
Balance sheet of 3M India is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of 3M India improving?
The profit is oscillating. The profit of 3M India is ₹465 Crs for TTM, ₹583 Crs for Mar 2024 and ₹451 Crs for Mar 2023.
Is the debt of 3M India increasing or decreasing?
The net debt of 3M India is decreasing. Latest net debt of 3M India is -₹2,715.69 Crs as of Mar-24. This is less than Mar-23 when it was -₹1,601.32 Crs.
Is 3M India stock expensive?
3M India is not expensive. Latest PE of 3M India is 53.86, while 3 year average PE is 91.49. Also latest EV/EBITDA of 3M India is 41.02 while 3yr average is 58.98.
Has the share price of 3M India grown faster than its competition?
3M India has given lower returns compared to its competitors. 3M India has grown at ~13.18% over the last 3yrs while peers have grown at a median rate of 44.0%
Is the promoter bullish about 3M India?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in 3M India is 75.0% and last quarter promoter holding is 75.0%.
Are mutual funds buying/selling 3M India?
The mutual fund holding of 3M India is decreasing. The current mutual fund holding in 3M India is 7.05% while previous quarter holding is 7.17%.