For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of 3M India has increased 11.44% to Rs 826.28 crore compared to quarter ended Dec 2020. Sales of Safety & Industrial segment has gone up 0.95% to Rs 283.84 crore (accounting for 34.35% of total sales). Sales of Transportation & Electronics segment has gone up 10.90% to Rs 300.57 crore (accounting for 36.38% of total sales). Sales of Health Care segment rose 45.69% to Rs 135.32 crore (accounting for 16.38% of total sales). Sales of Consumer segment has gone up 14.72% to Rs 100.96 crore (accounting for 12.22% of total sales). Sales of Others segment has gone down 33.05% to Rs 5.59 crore (accounting for 0.68% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 7.74% to Rs 81.79 crore. PBIT of Safety & Industrial segment fell 57.96% to Rs 15.92 crore (accounting for 19.46% of total PBIT). PBIT of Transportation & Electronics segment rose 180.88% to Rs 30.41 crore (accounting for 37.18% of total PBIT). PBIT of Health Care segment fell 2.86% to Rs 12.80 crore (accounting for 15.65% of total PBIT). PBIT of Consumer segment rose 77.43% to Rs 19.65 crore (accounting for 24.03% of total PBIT). PBIT of Others segment rose 1.44% to Rs 3.01 crore (accounting for 3.68% of total PBIT).
PBIT margin of Safety & Industrial segment fell from 13.47% to 5.61%. PBIT margin of Transportation & Electronics segment rose from 3.99% to 10.12%. PBIT margin of Health Care segment fell from 14.19% to 9.46%. PBIT margin of Consumer segment rose from 12.58% to 19.46%. PBIT margin of Others segment rose from 35.50% to 53.79%. Overall PBIT margin fell from 10.24% to 9.90%.
Operating profit margin has declined from 12.36% to 11.55%, leading to 4.09% rise in operating profit to Rs 95.40 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.50% to 40.85%. Purchase of finished goods cost rose from 18.34% to 19.43%. Employee cost decreased from 13.79% to 12.86%. Other expenses rose from 14.02% to 14.91%. Other income rose 35.15% to Rs 7.69 crore. PBIDT rose 5.91% to Rs 103.09 crore. Provision for interest fell 43.02% to Rs 0.49 crore.
PBDT rose 6.34% to Rs 102.6 crore. Provision for depreciation fell 13.47% to Rs 13.62 crore.
Profit before tax grew 10.21% to Rs 88.98 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 22.24 crore, compared to Rs 21.35 crore. Effective tax rate was 24.99% compared to 26.44%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 12.38% to Rs 66.74 crore. Promoters’ stake was 75.00% as of 31 December 2021 ,compared to 75.00% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of 3M India has increased 35.59% to Rs 2410.25 crore. Sales of Safety & Industrial segment has gone up 22.76% to Rs 863.89 crore (accounting for 35.84% of total sales). Sales of Transportation & Electronics segment has gone up 43.83% to Rs 830.29 crore (accounting for 34.45% of total sales). Sales of Health Care segment rose 60.14% to Rs 404.26 crore (accounting for 16.77% of total sales). Sales of Consumer segment has gone up 30.10% to Rs 288.73 crore (accounting for 11.98% of total sales). Sales of Others segment has gone up 3.75% to Rs 23.08 crore (accounting for 0.96% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 77.29% to Rs 193.77 crore. PBIT of Safety & Industrial segment fell 50.06% to Rs 38.38 crore (accounting for 19.81% of total PBIT). PBIT of Transportation & Electronics reported profit of Rs 46.93 crore compared to loss of Rs 18.34 crore. PBIT of Health Care segment rose 121.06% to Rs 42.42 crore (accounting for 21.89% of total PBIT). PBIT of Consumer segment rose 141.81% to Rs 55.93 crore (accounting for 28.87% of total PBIT). PBIT of Others segment rose 19.38% to Rs 10.09 crore (accounting for 5.21% of total PBIT).
PBIT margin of Safety & Industrial segment fell from 10.92% to 4.44%. PBIT margin of Transportation & Electronics segment rose from negative 3.18% to 5.65%. PBIT margin of Health Care segment rose from 7.60% to 10.49%. PBIT margin of Consumer segment rose from 10.42% to 19.37%. PBIT margin of Others segment rose from 38.01% to 43.73%. Overall PBIT margin rose from 6.15% to 8.04%.
Operating profit margin has jumped from 8.82% to 9.77%, leading to 50.26% rise in operating profit to Rs 235.49 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 36.76% to 42.35%. Purchase of finished goods cost fell from 22.73% to 20.97%. Employee cost decreased from 15.89% to 12.41%. Other expenses fell from 15.54% to 14.52%. Other income rose 34.69% to Rs 24.11 crore. PBIDT rose 48.67% to Rs 259.6 crore. Provision for interest fell 17.67% to Rs 1.77 crore.
PBDT rose 49.49% to Rs 257.83 crore. Provision for depreciation fell 12.04% to Rs 41.72 crore.
Profit before tax grew 72.83% to Rs 216.11 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 55.05 crore, compared to Rs 33.13 crore. Effective tax rate was 25.47% compared to 26.50%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 75.24% to Rs 161.06 crore.
Promoters’ stake was 75.00% as of 31 December 2021 ,compared to 75.00% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of 3M India has declined 12.78% to Rs 2604.83 crore. Sales of Safety & Industrial segment has gone down 10.10% to Rs 1,012.50 crore (accounting for 38.87% of total sales). Sales of Transportation & Electronics segment has gone down 13.64% to Rs 890.34 crore (accounting for 34.18% of total sales). Sales of Health Care segment fell 25.47% to Rs 362.01 crore (accounting for 13.90% of total sales). Sales of Consumer segment has gone down 2.13% to Rs 312.86 crore (accounting for 12.01% of total sales). Sales of Others segment has gone up 13.00% to Rs 27.13 crore (accounting for 1.04% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 49.37% to Rs 197.64 crore. PBIT of Safety & Industrial segment fell 41.20% to Rs 103.92 crore (accounting for 52.58% of total PBIT). PBIT of Transportation & Electronics segment fell 79.09% to Rs 14.19 crore (accounting for 7.18% of total PBIT). PBIT of Health Care segment fell 58.91% to Rs 30.47 crore (accounting for 15.42% of total PBIT). PBIT of Consumer segment fell 40.00% to Rs 39.86 crore (accounting for 20.17% of total PBIT). PBIT of Others segment rose 78.46% to Rs 9.20 crore (accounting for 4.66% of total PBIT).
PBIT margin of Safety & Industrial segment fell from 15.69% to 10.26%. PBIT margin of Transportation & Electronics segment fell from 6.58% to 1.59%. PBIT margin of Health Care segment fell from 15.27% to 8.42%. PBIT margin of Consumer segment fell from 20.78% to 12.74%. PBIT margin of Others segment rose from 21.47% to 33.91%. Overall PBIT margin fell from 13.07% to 7.59%.
Operating profit margin has declined from 15.06% to 9.96%, leading to 42.29% decline in operating profit to Rs 259.49 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 36.79% to 38.49%. Purchase of finished goods cost rose from 21.40% to 22.59%. Employee cost increased from 10.99% to 14.32%. Other expenses fell from 15.78% to 14.57%. Other income fell 46.10% to Rs 24.74 crore. PBIDT fell 42.64% to Rs 284.23 crore. Provision for interest fell 33.06% to Rs 2.45 crore. Loan funds declined from Rs 42.13 crore as of 31 March 2020 to Rs 23.13 crore as of 31 March 2021. Inventories rose to Rs 456.55 crore as of 31 March 2021 from Rs 438.66 crore as of 31 March 2020. Sundry debtors were lower at Rs 488.53 crore as of 31 March 2021 compared to Rs 534.25 crore as of 31 March 2020. Cash and bank balance rose to Rs 1,062.42 crore as of 31 March 2021 from Rs 780.57 crore as of 31 March 2020.
PBDT fell 42.72% to Rs 281.78 crore. Provision for depreciation rose 4.25% to Rs 61.85 crore. Fixed assets declined from Rs 312.54 crore as of 31 March 2020 to Rs 289.42 crore as of 31 March 2021. Intangible assets declined from Rs 0.35 crore to Rs 0.34 crore.
Profit before tax down 49.16% to Rs 219.93 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 57.55 crore, compared to Rs 110.4 crore. Effective tax rate was 26.17% compared to 25.52%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 49.60% to Rs 162.38 crore.
Equity capital stood at Rs 11.27 crore as of 31 March 2021 to Rs 11.27 crore as of 31 March 2020. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 March 2021 ,compared to 75.00% as of 31 March 2020 .
Cash flow from operating activities increased to Rs 321.07 crore for year ended March 2021 from Rs 245.05 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 41.52 crore, compared to Rs 21.23 crore during the year ended March 2020.
Management Comments :
Mr. Ramesh Ramadurai,
Managing Director of 3M India Limited, said “the Quarter saw a clear separation
in growth rates across the four segments due to the inherent external market
conditions in each one. Healthcare led the growth. While we delivered double
digit growth over prior year quarter, we had a small sequential decline due to
end market conditions. Our teams worked hard to serve our customers in the face
of continued supply chain challenges. The Company has taken price actions to
mitigate some of the impact of the cost headwinds.”
| 3M India : Consolidated Results |
| | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 826.28 | 741.44 | 11.44 | 2,410.25 | 1,777.62 | 35.59 | 2,604.83 | 2,986.55 | -12.78 | | OPM (%) | 11.55 | 12.36 | -82 bps | 9.77 | 8.82 | 95 bps | 9.96 | 15.06 | -509 bps | | OP | 95.40 | 91.65 | 4.09 | 235.49 | 156.72 | 50.26 | 259.49 | 449.66 | -42.29 | | Other Inc. | 7.69 | 5.69 | 35.15 | 24.11 | 17.90 | 34.69 | 24.74 | 45.90 | -46.10 | | PBIDT | 103.09 | 97.34 | 5.91 | 259.60 | 174.62 | 48.67 | 284.23 | 495.56 | -42.64 | | Interest | 0.49 | 0.86 | -43.02 | 1.77 | 2.15 | -17.67 | 2.45 | 3.66 | -33.06 | | PBDT | 102.60 | 96.48 | 6.34 | 257.83 | 172.47 | 49.49 | 281.78 | 491.90 | -42.72 | | Depreciation | 13.62 | 15.74 | -13.47 | 41.72 | 47.43 | -12.04 | 61.85 | 59.33 | 4.25 | | PBT | 88.98 | 80.74 | 10.21 | 216.11 | 125.04 | 72.83 | 219.93 | 432.57 | -49.16 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 88.98 | 80.74 | 10.21 | 216.11 | 125.04 | 72.83 | 219.93 | 432.57 | -49.16 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 88.98 | 80.74 | 10.21 | 216.11 | 125.04 | 72.83 | 219.93 | 432.57 | -49.16 | | Taxation | 22.24 | 21.35 | 4.17 | 55.05 | 33.13 | 66.16 | 57.55 | 110.4 | -47.87 | | PAT | 66.74 | 59.39 | 12.38 | 161.06 | 91.91 | 75.24 | 162.38 | 322.17 | -49.60 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 66.74 | 59.39 | 12.38 | 161.06 | 91.91 | 75.24 | 162.38 | 322.17 | -49.60 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 66.74 | 59.39 | 12.38 | 161.06 | 91.91 | 75.24 | 162.38 | 322.17 | -49.60 | | EPS (Rs)* | 59.22 | 52.70 | 12.38 | 142.91 | 81.55 | 75.24 | 144.08 | 285.87 | -49.60 | | | * 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 |
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| 3M India : Consolidated Segment Results |
td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Safety & Industrial | 34.35 | 283.84 | 281.17 | 0.95 | 35.84 | 863.89 | 703.72 | 22.76 | 38.87 | 1,012.50 | 1,126.21 | -10.10 | | Transportation & Electronics | 36.38 | 300.57 | 271.03 | 10.90 | 34.45 | 830.29 | 577.28 | 43.83 | 34.18 | 890.34 | 1,030.92 | -13.64 | | Health Care | 16.38 | 135.32 | 92.88 | 45.69 | 16.77 | 404.26 | 252.45 | 60.14 | 13.90 | 362.01 | 485.75 | -25.47 | | Consumer | 12.22 | 100.96 | 88.01 | 14.72 | 11.98 | 288.73 | 221.93 | 30.10 | 12.01 | 312.86 | 319.66 | -2.13 | | Others | 0.68 | 5.59 | 8.36 | -33.05 | 0.96 | 23.08 | 22.25 | 3.75 | 1.04 | 27.13 | 24.01 | 13.00 | | Total Reported Sales | 100.00 | 826.28 | 741.44 | 11.44 | 100.00 | 2,410.25 | 1,777.62 | 35.59 | 100.00 | 2,604.83 | 2,986.55 | -12.78 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 826.28 | 741.44 | 11.44 | 100.00 | 2,410.25 | 1,777.62 | 35.59 | 100.00 | 2,604.83 | 2,986.55 | -12.78 | | PBIT | | Safety & Industrial | 19.46 | 15.92 | 37.87 | -57.96 | 19.81 | 38.38 | 76.86 | -50.06 | 52.58 | 103.92 | 176.73 | -41.20 | | Transportation & Electronics | 37.18 | 30.41 | 10.83 | 180.88 | 24.22 | 46.93 | -18.34 | LP | 7.18 | 14.19 | 67.85 | -79.09 | | Health Care | 15.65 | 12.80 | 13.18 | -2.86 | 21.89 | 42.42 | 19.19 | 121.06 | 15.42 | 30.47 | 74.16 | -58.91 | | Consumer | 24.03 | 19.65 | 11.07 | 77.43 | 28.87 | 55.93 | 23.13 | 141.81 | 20.17 | 39.86 | 66.43 | -40.00 | | Others | 3.68 | 3.01 | 2.97 | 1.44 | 5.21 | 10.09 | 8.46 | 19.38 | 4.66 | 9.20 | 5.16 | 78.46 | | Total PBIT | 100.00 | 81.79 | 75.91 | 7.74 | 100.00 | 193.77 | 109.29 | 77.29 | 100.00 | 197.64 | 390.33 | -49.37 | | Less : Interest | | 0.49 | 0.86 | -42.69 | | 1.77 | 2.15 | -17.77 | | 2.45 | 3.66 | -32.99 | | Add: Other un-allcoable | | 7.69 | 5.69 | 35.17 | | 24.11 | 17.90 | 34.73 | | 24.74 | 45.90 | -46.10 | | PBIT Margin(%) | | Safety & Industrial | | 5.61 | 13.47 | -785.93 | | 4.44 | 10.92 | -647.91 | | 10.26 | 15.69 | -542.86 | | Transportation & Electronics | | 10.12 | 3.99 | 612.35 | | 5.65 | -3.18 | 883.02 | | 1.59 | 6.58 | -498.81 | | Health Care | | 9.46 | 14.19 | -472.77 | | 10.49 | 7.60 | 289.21 | | 8.42 | 15.27 | -685.06 | | Consumer | | 19.46 | 12.58 | 687.88 | | 19.37 | 10.42 | 894.98 | | 12.74 | 20.78 | -804.17 | | Others | | 53.79 | 35.50 | 1,828.84 | | 43.73 | 38.01 | 572.33 | | 33.91 | 21.47 | 1,243.81 | | PBT | 100.00 | 88.98 | 80.74 | 10.21 | 100.00 | 216.11 | 125.04 | 72.83 | 100.00 | 219.92 | 432.57 | -49.16 |
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