For the
quarter ending March 2022, consolidated net sales (including other operating income) of 3M India has increased 11.89% to Rs 925.59 crore compared to quarter ended march 2021.
Operating profit margin has jumped from 12.38% to 17.02%, leading to 53.81% rise in operating profit to Rs 157.55 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.96% to 41.06%. Purchase of finished goods cost fell from 22.31% to 20.63%. Employee cost decreased from 11.14% to 9.46%. Other expenses fell from 12.64% to 12.10%. Other income rose 28.45% to Rs 9.21 crore. PBIDT rose 52.15% to Rs 166.76 crore. Provision for interest rose 550% to Rs 1.95 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 50.79% to Rs 164.81 crore. Provision for depreciation fell 7.14% to Rs 13.39 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 59.59% to Rs 151.42 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 40.5 crore, compared to Rs 24.41 crore. Effective tax rate was 26.75% compared to 25.73%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 57.40% to Rs 110.92 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 .
Full year results analysis.
Net sales (including other operating income) of 3M India has increased 28.06% to Rs 3335.84 crore. 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 .
Management Comments :
Mr. Ramesh Ramadurai, Managing Director of 3M India Limited,
said “The Company delivered about 12% growth in the fourth quarter and 28%
growth for the full year, both versus prior period. All Business segments
delivered growth in the fourth quarter versus prior year, with HealthCare
business leading the growth. HealthCare business also led the Company’s growth
for the full year, along with robust growth from the other three business
segments as well. Our teams continued to execute multiple actions to mitigate
the impact of cost headwinds and supply chain challenges. The external
conditions remain uncertain and the Company is diligently monitoring the
situation by staying in close contact with customers and supply partners. I
would like to thank all of our stakeholders for their support to our Company in
another difficult year. I would also like to recognize our employees for their
strong and dedicated efforts to serve our customers, and for keeping their
morale high under challenging circumstances.”
| 3M India : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 925.59 | 827.21 | 11.89 | 3,335.84 | 2,604.83 | 28.06 | | OPM (%) | 17.02 | 12.38 | 464 bps | 11.67 | 9.96 | 171 bps | | OP | 157.55 | 102.43 | 53.81 | 389.24 | 259.49 | 50.00 | | Other Inc. | 9.21 | 7.17 | 28.45 | 37.12 | 24.74 | 50.04 | | PBIDT | 166.76 | 109.60 | 52.15 | 426.36 | 284.23 | 50.01 | | Interest | 1.95 | 0.30 | 550.00 | 3.72 | 2.45 | 51.84 | | PBDT | 164.81 | 109.30 | 50.79 | 422.64 | 281.78 | 49.99 | | Depreciation | 13.39 | 14.42 | -7.14 | 55.12 | 61.85 | -10.88 | | PBT | 151.42 | 94.88 | 59.59 | 367.52 | 219.93 | 67.11 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 151.42 | 94.88 | 59.59 | 367.52 | 219.93 | 67.11 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 151.42 | 94.88 | 59.59 | 367.52 | 219.93 | 67.11 | | Taxation | 40.5 | 24.41 | 65.92 | 95.55 | 57.55 | 66.03 | | PAT | 110.92 | 70.47 | 57.40 | 271.97 | 162.38 | 67.49 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 110.92 | 70.47 | 57.40 | 271.97 | 162.38 | 67.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 110.92 | 70.47 | 57.40 | 271.97 | 162.38 | 67.49 | | EPS (Rs)* | 98.42 | 62.53 | 57.40 | 241.32 | 144.08 | 67.49 | | | * 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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