For
the quarter ending Dec 2022, consolidated Net sales (including other operating income) of 3M India has increased 20.18% to Rs 993.03 crore compared to quarter ended Dec 2021. Sales of Safety & Industrial segment has gone up 16.10% to Rs 329.54 crore (accounting for 33.18% of total sales). Sales of Transportation & Electronics segment has gone up 31.03% to Rs 393.83 crore (accounting for 39.66% of total sales). Sales of Health Care segment rose 20.45% to Rs 163.00 crore (accounting for 16.41% of total sales). Sales of Consumer segment has gone down 0.13% to Rs 100.84 crore (accounting for 10.15% of total sales). Sales of Others segment has gone up 4.25% to Rs 5.83 crore (accounting for 0.59% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 90.64% to Rs 155.93 crore. PBIT of Safety & Industrial segment rose 205.83% to Rs 48.69 crore (accounting for 31.22% of total PBIT). PBIT of Transportation & Electronics segment rose 98.38% to Rs 60.33 crore (accounting for 38.69% of total PBIT). PBIT of Health Care segment rose 89.08% to Rs 24.20 crore (accounting for 15.52% of total PBIT). PBIT of Consumer segment rose 11.36% to Rs 21.88 crore (accounting for 14.03% of total PBIT). PBIT of Others segment fell 72.52% to Rs 0.83 crore (accounting for 0.53% of total PBIT).
PBIT margin of Safety & Industrial segment rose from 5.61% to 14.77%. PBIT margin of Transportation & Electronics segment rose from 10.12% to 15.32%. PBIT margin of Health Care segment rose from 9.46% to 14.85%. PBIT margin of Consumer segment rose from 19.46% to 21.70%. PBIT margin of Others segment fell from 53.79% to 14.18%. Overall PBIT margin rose from 9.90% to 15.70%.
Operating profit margin has jumped from 11.55% to 17.18%, leading to 78.83% rise in operating profit to Rs 170.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 40.85% to 38.40%. Purchase of finished goods cost rose from 19.43% to 21.99%. Employee cost decreased from 12.86% to 9.92%. Other expenses fell from 14.91% to 12.28%. Other income rose 55.92% to Rs 11.99 crore. PBIDT rose 77.12% to Rs 182.59 crore. Provision for interest rose 16.33% to Rs 0.57 crore.
PBDT rose 77.41% to Rs 182.02 crore. Provision for depreciation rose 7.78% to Rs 14.68 crore.
Profit before tax grew 88.06% to Rs 167.34 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 42.53 crore, compared to Rs 22.24 crore. Effective tax rate was 25.42% compared to 24.99%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 87.01% to Rs 124.81 crore. Promoters’ stake was 75.00% as of 31 December 2022 ,compared to 75.00% as of 31 December 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of 3M India has increased 20.87% to Rs 2913.33 crore. Sales of Safety & Industrial segment has gone up 11.43% to Rs 962.61 crore (accounting for 33.04% of total sales). Sales of Transportation & Electronics segment has gone up 36.54% to Rs 1,133.66 crore (accounting for 38.91% of total sales). Sales of Health Care segment rose 19.13% to Rs 481.59 crore (accounting for 16.53% of total sales). Sales of Consumer segment has gone up 8.81% to Rs 314.15 crore (accounting for 10.78% of total sales). Sales of Others segment has gone down 7.61% to Rs 21.32 crore (accounting for 0.73% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 89.10% to Rs 366.42 crore. PBIT of Safety & Industrial segment rose 138.62% to Rs 91.59 crore (accounting for 25.00% of total PBIT). PBIT of Transportation & Electronics segment rose 192.59% to Rs 137.32 crore (accounting for 37.48% of total PBIT). PBIT of Health Care segment rose 48.39% to Rs 62.95 crore (accounting for 17.18% of total PBIT). PBIT of Consumer segment rose 17.40% to Rs 65.67 crore (accounting for 17.92% of total PBIT). PBIT of Others segment fell 11.93% to Rs 8.89 crore (accounting for 2.43% of total PBIT).
PBIT margin of Safety & Industrial segment rose from 4.44% to 9.51%. PBIT margin of Transportation & Electronics segment rose from 5.65% to 12.11%. PBIT margin of Health Care segment rose from 10.49% to 13.07%. PBIT margin of Consumer segment rose from 19.37% to 20.90%. PBIT margin of Others segment fell from 43.73% to 41.69%. Overall PBIT margin rose from 8.04% to 12.58%.
Operating profit margin has jumped from 9.77% to 14.07%, leading to 74.10% rise in operating profit to Rs 409.99 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.35% to 41.72%. Purchase of finished goods cost rose from 20.97% to 21.44%. Employee cost decreased from 12.41% to 10.25%. Other expenses fell from 14.52% to 12.71%. Other income rose 141.39% to Rs 58.2 crore. PBIDT rose 80.35% to Rs 468.19 crore. Provision for interest fell 15.82% to Rs 1.49 crore.
PBDT rose 81.01% to Rs 466.7 crore. Provision for depreciation rose 4.43% to Rs 43.57 crore.
Profit before tax grew 95.79% to Rs 423.13 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 107.83 crore, compared to Rs 55.05 crore. Effective tax rate was 25.48% compared to 25.47%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 95.77% to Rs 315.30 crore.
Promoters’ stake was 75.00% as of 31 December 2022 ,compared to 75.00% as of 31 December 2021 .
Full year results analysis.
Net sales (including other operating income) of 3M India has increased 28.06% to Rs 3335.84 crore. Sales of Safety & Industrial segment has gone up 17.89% to Rs 1,193.66 crore (accounting for 35.78% of total sales). Sales of Transportation & Electronics segment has gone up 31.89% to Rs 1,174.23 crore (accounting for 35.20% of total sales). Sales of Health Care segment rose 52.52% to Rs 552.12 crore (accounting for 16.55% of total sales). Sales of Consumer segment has gone up 23.85% to Rs 387.49 crore (accounting for 11.62% of total sales). Sales of Others segment has gone up 4.46% to Rs 28.34 crore (accounting for 0.85% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 69.06% to Rs 334.12 crore. PBIT of Safety & Industrial segment fell 18.17% to Rs 85.04 crore (accounting for 25.45% of total PBIT). PBIT of Transportation & Electronics segment rose 541.15% to Rs 90.98 crore (accounting for 27.23% of total PBIT). PBIT of Health Care segment rose 122.90% to Rs 67.92 crore (accounting for 20.33% of total PBIT). PBIT of Consumer segment rose 94.25% to Rs 77.42 crore (accounting for 23.17% of total PBIT). PBIT of Others segment rose 38.77% to Rs 12.77 crore (accounting for 3.82% of total PBIT).
PBIT margin of Safety & Industrial segment fell from 10.26% to 7.12%. PBIT margin of Transportation & Electronics segment rose from 1.59% to 7.75%. PBIT margin of Health Care segment rose from 8.42% to 12.30%. PBIT margin of Consumer segment rose from 12.74% to 19.98%. PBIT margin of Others segment rose from 33.91% to 45.05%. Overall PBIT margin rose from 7.59% to 10.02%.
Operating profit margin has jumped from 9.96% to 11.67%, leading to 50% rise in operating profit to Rs 389.24 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 38.49% to 41.99%. Purchase of finished goods cost fell from 22.59% to 20.87%. Employee cost decreased from 14.32% to 11.58%. Other expenses fell from 14.57% to 13.95%. Other income rose 50.04% to Rs 37.12 crore. PBIDT rose 50.01% to Rs 426.36 crore. Provision for interest rose 51.84% to Rs 3.72 crore. Loan funds rose to Rs 24.57 crore as of 31 March 2022 from Rs 23.13 crore as of 31 March 2021. Inventories rose to Rs 489.58 crore as of 31 March 2022 from Rs 456.55 crore as of 31 March 2021. Sundry debtors were higher at Rs 527.77 crore as of 31 March 2022 compared to Rs 488.53 crore as of 31 March 2021. Cash and bank balance rose to Rs 1,327.86 crore as of 31 March 2022 from Rs 1,062.42 crore as of 31 March 2021.
PBDT rose 49.99% to Rs 422.64 crore. Provision for depreciation fell 10.88% to Rs 55.12 crore. Fixed assets increased to Rs 329.82 crore as of 31 March 2022 from Rs 289.42 crore as of 31 March 2021. Intangible assets increased from Rs 0.34 crore to Rs 0.56 crore.
Profit before tax grew 67.11% to Rs 367.52 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 95.55 crore, compared to Rs 57.55 crore. Effective tax rate was 26.00% compared to 26.17%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 67.49% to Rs 271.97 crore.
Equity capital stood at Rs 11.27 crore as of 31 March 2022 to Rs 11.27 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 March 2022 ,compared to 75.00% as of 31 March 2021 .
Cash flow from operating activities increased to Rs 327.37 crore for year ended March 2022 from Rs 321.07 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 70.31 crore, compared to Rs 41.52 crore during the year ended March 2021.
Other Highlights
Board approved changes to the Intellectual
Property agreement with 3M Company USA and 3M Innovative Properties Company for
the provision of technology, intellectual property, products and services to 3M
India. The royalty fees payable will increase effective April 1, 2023 from
1.48% of sales turnover to approximately 2.40% of turnover, based on FY 2021-22
product mix.