Results     29-May-24
Analysis
3M India
NP up 27.36%
For the quarter ending March 2024, consolidated Net sales (including other operating income) of 3M India has increased 4.64% to Rs 1094.55 crore compared to quarter ended March 2023.  Sales of Safety & Industrial segment has gone down 1.56% to Rs 333.39 crore (accounting for 30.46% of total sales).  Sales of Transportation & Electronics segment has gone up 3.57% to Rs 450.90 crore (accounting for 41.20% of total sales).  Sales of Health Care segment rose 18.83% to Rs 205.84 crore (accounting for 18.81% of total sales).  Sales of Consumer segment has gone up 6.79% to Rs 102.01 crore (accounting for 9.32% of total sales).  Sales of Others segment has gone down 25.92% to Rs 2.40 crore (accounting for 0.22% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 11.73% to Rs 201.38 crore.  PBIT of Safety & Industrial segment rose 18.73% to Rs 53.51 crore (accounting for 26.57% of total PBIT).  PBIT of Transportation & Electronics segment rose 3.17% to Rs 102.72 crore (accounting for 51.01% of total PBIT).  PBIT of Health Care segment rose 52.25% to Rs 26.24 crore (accounting for 13.03% of total PBIT).  PBIT of Consumer segment rose 2.94% to Rs 17.62 crore (accounting for 8.75% of total PBIT).  PBIT of Others segment rose 2.95% to Rs 1.28 crore (accounting for 0.64% of total PBIT).  

PBIT margin of Safety & Industrial segment rose from 13.31% to 16.05%.  PBIT margin of Transportation & Electronics segment fell from 22.87% to 22.78%.  PBIT margin of Health Care segment rose from 9.95% to 12.75%.  PBIT margin of Consumer segment fell from 17.92% to 17.27%.  PBIT margin of Others segment rose from 38.46% to 53.45%.  Overall PBIT margin rose from 17.23% to 18.40%.  

Operating profit margin has jumped from 18.58% to 19.59%, leading to 10.31% rise in operating profit to Rs 214.37 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 37.99% to 38.19%.   Purchase of finished goods cost fell from 23.18% to 20.97%.   Employee cost decreased from 9.21% to 8.51%.   Other expenses rose from 11.23% to 12.55%.   

Other income rose 205.78% to Rs 30.18 crore.  PBIDT rose 19.76% to Rs 244.55 crore.  Provision for interest fell 87.20% to Rs 0.74 crore.  Loan funds declined from Rs 26.75 crore as of 31 March 2023 to Rs 18.18 crore as of 31 March 2024.  Inventories declined from Rs 610.74 crore as of 31 March 2023 to Rs 531.79 crore as of 31 March 2024.  Sundry debtors were higher at Rs 703.09 crore as of 31 March 2024 compared to Rs 635.04 crore as of 31 March 2023.  Cash and bank balance rose to Rs 1,357.84 crore as of 31 March 2024 from Rs 800.66 crore as of 31 March 2023.  

PBDT rose 22.88% to Rs 243.81 crore.  Provision for depreciation fell 7.87% to Rs 13 crore.  Fixed assets declined from Rs 362.23 crore as of 31 March 2023 to Rs 344.42 crore as of 31 March 2024.  Intangible assets increased from Rs 0.31 crore to Rs 0.35 crore.  

Profit before tax grew 25.23% to Rs 230.81 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 57.96 crore, compared to Rs 48.59 crore.  Effective tax rate was 25.11% compared to 26.36%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 27.36% to Rs 172.85 crore.  

Equity capital stood at Rs 11.27 crore as of 31 March 2024 to Rs 11.27 crore as of 31 March 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 75.00% as of 31 March 2024 ,compared to 75.00% as of 31 March 2023 .  

Full year results analysis.

Net sales (including other operating income) of 3M India has increased 5.81% to Rs 4189.36 crore.  Sales of Safety & Industrial segment has gone up 2.46% to Rs 1,333.29 crore (accounting for 31.83% of total sales).  Sales of Transportation & Electronics segment has gone up 5.12% to Rs 1,649.41 crore (accounting for 39.37% of total sales).  Sales of Health Care segment rose 16.21% to Rs 760.93 crore (accounting for 18.16% of total sales).  Sales of Consumer segment has gone up 4.46% to Rs 427.96 crore (accounting for 10.22% of total sales).  Sales of Others segment has gone down 27.61% to Rs 17.78 crore (accounting for 0.42% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 29.18% to Rs 706.14 crore.  PBIT of Safety & Industrial segment rose 30.15% to Rs 177.84 crore (accounting for 25.19% of total PBIT).  PBIT of Transportation & Electronics segment rose 54.85% to Rs 366.86 crore (accounting for 51.95% of total PBIT).  PBIT of Health Care segment fell 9.23% to Rs 72.77 crore (accounting for 10.30% of total PBIT).  PBIT of Consumer segment fell 2.10% to Rs 81.04 crore (accounting for 11.48% of total PBIT).  PBIT of Others segment fell 24.49% to Rs 7.63 crore (accounting for 1.08% of total PBIT).  

PBIT margin of Safety & Industrial segment rose from 10.50% to 13.34%.  PBIT margin of Transportation & Electronics segment rose from 15.10% to 22.24%.  PBIT margin of Health Care segment fell from 12.24% to 9.56%.  PBIT margin of Consumer segment fell from 20.21% to 18.94%.  PBIT margin of Others segment rose from 41.12% to 42.89%.  Overall PBIT margin rose from 13.81% to 16.86%.  

Operating profit margin has jumped from 15.26% to 18.12%, leading to 25.62% rise in operating profit to Rs 759.09 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 40.74% to 38.63%.   Purchase of finished goods cost fell from 21.90% to 20.75%.   Employee cost decreased from 9.98% to 9.46%.   Other expenses rose from 12.32% to 12.83%.   

Other income rose 14.96% to Rs 78.29 crore.  PBIDT rose 24.54% to Rs 837.38 crore.  Provision for interest fell 55.71% to Rs 3.22 crore.  Loan funds declined from Rs 26.75 crore as of 31 March 2023 to Rs 18.18 crore as of 31 March 2024.  Inventories declined from Rs 610.74 crore as of 31 March 2023 to Rs 531.79 crore as of 31 March 2024.  Sundry debtors were higher at Rs 703.09 crore as of 31 March 2024 compared to Rs 635.04 crore as of 31 March 2023.  Cash and bank balance rose to Rs 1,357.84 crore as of 31 March 2024 from Rs 800.66 crore as of 31 March 2023.  

PBDT rose 25.41% to Rs 834.16 crore.  Provision for depreciation fell 8.22% to Rs 52.94 crore.  Fixed assets declined from Rs 362.23 crore as of 31 March 2023 to Rs 344.42 crore as of 31 March 2024.  Intangible assets increased from Rs 0.31 crore to Rs 0.35 crore.  

Profit before tax grew 28.61% to Rs 781.22 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 197.8 crore, compared to Rs 156.42 crore.  Effective tax rate was 25.32% compared to 25.75%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 29.36% to Rs 583.42 crore.  

Equity capital stood at Rs 11.27 crore as of 31 March 2024 to Rs 11.27 crore as of 31 March 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 75.00% as of 31 March 2024 ,compared to 75.00% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 643.03 crore for year ended March 2024 from Rs 465.48 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 31.41 crore, compared to Rs 60.22 crore during the year ended March 2023.  

Other Highlights

The Board recommended payment of a Final Dividend of Rs 160 and a Special Dividend of Rs 525 per equity share of Rs 10 each for FY24. The Board of Directors have fixed July 5, 2024 (Friday) as the Record Date.


Management Comments :
Mr. Ramesh Ramadurai, Managing Director of 3M India, said, “On a consolidated basis, the Company delivered 4.6% sales growth in the fourth quarter and 5.8% sales growth for the full year, both versus prior period. For the quarter, Transportation & Electronics grew 3.6%, Healthcare grew 18.8%, Safety & Industrial -1.6%, Consumer 6.8% versus prior year. For the Financial Year 2023-24, Healthcare business led the Company’s growth, followed by Transportation & Electronics. Our teams continued to execute well, with focus on customers and supply partners. I would like to thank our employees for their dedication and customer focus, and to all our stakeholders for their support to our Company.”

 



3M India : Consolidated Results
 Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)1,094.551,046.044.644,189.363,959.375.81
OPM (%)19.5918.58101 bps18.1215.26286 bps
OP214.37194.3310.31759.09604.2925.62
Other Inc.30.189.87205.7878.2968.1014.96
PBIDT244.55204.2019.76837.38672.3924.54
Interest0.745.78-87.203.227.27-55.71
PBDT243.81198.4222.88834.16665.1225.41
Depreciation1314.11-7.8752.9457.68-8.22
PBT230.81184.3125.23781.22607.4428.61
Share of Profit/(Loss) from Associates00-00-
PBT before EO230.81184.3125.23781.22607.4428.61
EO Income00-00-
PBT after EO230.81184.3125.23781.22607.4428.61
Taxation57.9648.5919.28197.8156.4226.45
PAT172.85135.7227.36583.42451.0229.36
Minority Interest (MI)00-00-
Net profit172.85135.7227.36583.42451.0229.36
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations172.85135.7227.36583.42451.0229.36
EPS (Rs)*153.37120.4327.36517.68400.2029.36
* EPS is on current equity of Rs 11.27 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


3M India : Consolidated Segment Results
 Quarter endedYear ended
% of (Total)202403202303Var.(%)% of (Total)202403202303Var.(%)
Sales
Safety & Industrial30.46333.39338.67-1.5631.831,333.291,301.282.46
Transportation & Electronics41.20450.90435.383.5739.371,649.411,569.045.12
Health Care18.81205.84173.2218.8318.16760.93654.8116.21
Consumer9.32102.0195.536.7910.22427.96409.684.46
Others0.222.403.24-25.920.4217.7824.57-27.61
Total Reported Sales100.001,094.551,046.044.64100.004,189.363,959.375.81
Less: Inter segment revenues 0.000.00- 0.000.00-
Net Sales100.001,094.551,046.044.64100.004,189.363,959.375.81
PBIT
Safety & Industrial26.5753.5145.0718.7325.19177.84136.6530.15
Transportation & Electronics51.01102.7299.563.1751.95366.86236.9154.85
Health Care13.0326.2417.2352.2510.3072.7780.17-9.23
Consumer8.7517.6217.122.9411.4881.0482.78-2.10
Others0.641.281.252.951.087.6310.10-24.49
Total PBIT100.00201.38180.2311.73100.00706.14546.6129.18
Less : Interest0.745.78-87.123.227.27-55.76
Add: Other un-allcoable30.189.87205.9378.2968.1014.97
PBIT Margin(%)
Safety & Industrial 16.0513.31274.37 13.3410.50283.78
Transportation & Electronics 22.7822.87-8.67 22.2415.10714.28
Health Care 12.759.95279.78 9.5612.24-268.02
Consumer 17.2717.92-64.57 18.9420.21-127.03
Others 53.4538.461,498.95 42.8941.12177.27
PBT100.00230.81184.3125.23100.00781.21607.4428.61
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