On standalone basis
Quarter ended December 2024 compared with Quarter ended December 2023.
Net sales (including other operating income) of 3M India has increased 8.38% to Rs 1,089.95 crore. Operating profit margin has declined from 17.76% to 14.14%, leading to 13.72% decline in operating profit to Rs 154.08 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.42% to 45.90%. Purchase of finished goods cost fell from 17.90% to 14.48%. Employee cost increased from 9.74% to 10.38%. Other expenses rose from 13.79% to 14.79%. Other income up 1.75% to Rs 16.83 crore. PBIDT fell 12.41% to Rs 170.91 crore. Provision for interest up 262.34% to Rs 2.79 crore. PBDT fell 13.50% to Rs 168.12 crore. Provision for depreciation rose 6.70% to Rs 14.01 crore. Profit before tax down 14.96% to Rs 154.11 crore. Provision for tax was expense of Rs 40.34 crore, compared to Rs 45.99 crore. Effective tax rate was 26.18% compared to 25.38%. Profit after tax fell 15.88% to Rs 113.77 crore. Promoters’ stake was 75.00% as of 31 December 2024 ,compared to 75.00% as of 31 December 2023 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of 3M India has increased 4.93% to Rs 3,247.32 crore. Operating profit margin has declined from 17.60% to 16.72%, leading to 0.34% decline in operating profit to Rs 542.87 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 38.78% to 41.68%. Purchase of finished goods cost fell from 20.67% to 18.81%. Employee cost increased from 9.80% to 9.85%. Other expenses rose from 12.93% to 13.23%. Other income up 17.96% to Rs 56.75 crore. PBIDT rose 1.15% to Rs 599.62 crore. Provision for interest up 299.19% to Rs 9.86 crore. PBDT fell 0.10% to Rs 589.76 crore. Provision for depreciation rose 4.11% to Rs 41.58 crore. Profit before tax down 0.40% to Rs 548.18 crore. Provision for tax was expense of Rs 143.48 crore, compared to Rs 139.84 crore. Effective tax rate was 26.17% compared to 25.41%.Profit after tax fell 1.43% to Rs 404.70 crore. Promoters’ stake was 75.00% as of 31 December 2024 ,compared to 75.00% as of 31 December 2023 .
Full year results analysis
Net sales (including other operating income) of 3M India has increased 12.21% to Rs 4,189.36 crore. Operating profit margin has jumped from 14.99% to 18.12%, leading to 35.60% rise in operating profit to Rs 759.09 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.51% to 38.63%. Purchase of finished goods cost fell from 21.55% to 20.75%. Employee cost decreased from 9.69% to 9.46%. Other expenses rose from 12.41% to 12.83%. Other income up 21.91% to Rs 78.29 crore. PBIDT rose 34.19% to Rs 837.38 crore. Provision for interest fell 54.65% to Rs 3.22 crore. Loan funds declined from Rs 26.73 crore as of 31 March 2023 to Rs 9.41 crore as of 31 March 2024. Inventories declined from Rs 567.60 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 595.10 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,357.84 crore as of 31 March 2024 from Rs 634.43 crore as of 31 March 2023. PBDT rose 35.22% to Rs 834.16 crore. Provision for depreciation down 5.67% to Rs 52.94 crore. Fixed assets declined from Rs 346.67 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 39.31% to Rs 781.22 crore. Provision for tax was expense of Rs 197.8 crore, compared to Rs 144.65 crore. Effective tax rate was 25.32% compared to 25.79%. Profit after tax rose 40.20% to Rs 583.42 crore. 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 583.40 crore for year ended March 2024 from Rs 424.65 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 31.33 crore, compared to Rs 60.09 crore during the year ended March 2023.
Management Comments :
Mr. Ramesh Ramadurai, Managing Director of 3M
India, said, “The
Company delivered 8.4% sales growth in the current quarter versus prior year
and declined nearly 2% on a sequential basis. Growth versus prior year was led
by Health Care at 23.2%. Transportation & Electronics grew 10.3% and
Consumer segment grew 8.1% over prior year. Safety & Industrial segment
growth declined by 1.4%. With end-use markets being broadly soft, the Company
is investing selectively in commercial execution. The Company outperformed
end-use markets in certain segments such as automotive, consumer and
healthcare. We experienced cost headwinds both due to material cost and freight
cost increases, which adversely affected margins.”
| 3M India : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,089.95 | 1,005.64 | 8.38 | 3,247.32 | 3,094.82 | 4.93 | 4,189.36 | 3,733.44 | 12.21 | | OPM (%) | 14.14 | 17.76 | -362 bps | 16.72 | 17.60 | -88 bps | 18.12 | 14.99 | 313 bps | | OP | 154.08 | 178.59 | -13.72 | 542.87 | 544.70 | -0.34 | 759.09 | 559.79 | 35.60 | | Other Inc. | 16.83 | 16.54 | 1.75 | 56.75 | 48.11 | 17.96 | 78.29 | 64.22 | 21.91 | | PBIDT | 170.91 | 195.13 | -12.41 | 599.62 | 592.81 | 1.15 | 837.38 | 624.01 | 34.19 | | Interest | 2.79 | 0.77 | 262.34 | 9.86 | 2.47 | 299.19 | 3.22 | 7.1 | -54.65 | | PBDT | 168.12 | 194.36 | -13.50 | 589.76 | 590.34 | -0.10 | 834.16 | 616.91 | 35.22 | | Depreciation | 14.01 | 13.13 | 6.70 | 41.58 | 39.94 | 4.11 | 52.94 | 56.12 | -5.67 | | PBT | 154.11 | 181.23 | -14.96 | 548.18 | 550.4 | -0.40 | 781.22 | 560.79 | 39.31 | | PBT before EO | 154.11 | 181.23 | -14.96 | 548.18 | 550.4 | -0.40 | 781.22 | 560.79 | 39.31 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 154.11 | 181.23 | -14.96 | 548.18 | 550.4 | -0.40 | 781.22 | 560.79 | 39.31 | | Taxation | 40.34 | 45.99 | -12.29 | 143.48 | 139.84 | 2.60 | 197.8 | 144.65 | 36.74 | | PAT | 113.77 | 135.24 | -15.88 | 404.7 | 410.56 | -1.43 | 583.42 | 416.14 | 40.20 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 113.77 | 135.24 | -15.88 | 404.7 | 410.56 | -1.43 | 583.42 | 416.14 | 40.20 | | EPS (Rs)* | 100.95 | 120.00 | -15.88 | 359.09 | 364.29 | -1.43 | 517.68 | 369.25 | 40.20 | | | * 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 |
|
|