For
the quarter ending sept 2022, consolidated net sales (including other operating income) of 3M India has increased 16.26% to Rs 976.7 crore compared to quarter ended sept 2021. Sales of Safety & Industrial segment has gone up 10.10% to Rs 321.86 crore (accounting for 32.95% of total sales). Sales of Transportation & Electronics segment has gone up 27.86% to Rs 373.42 crore (accounting for 38.23% of total sales). Sales of Health Care segment rose 16.79% to Rs 162.20 crore (accounting for 16.61% of total sales). Sales of Consumer segment has gone up 4.74% to Rs 111.97 crore (accounting for 11.46% of total sales). Sales of Others segment has gone down 26.81% to Rs 7.26 crore (accounting for 0.74% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 37.32% to Rs 108.31 crore. PBIT of Safety & Industrial segment rose 2.89% to Rs 20.12 crore (accounting for 18.57% of total PBIT). PBIT of Transportation & Electronics segment rose 122.04% to Rs 42.20 crore (accounting for 38.97% of total PBIT). PBIT of Health Care segment rose 40.28% to Rs 18.78 crore (accounting for 17.34% of total PBIT). PBIT of Consumer segment fell 2.83% to Rs 23.16 crore (accounting for 21.38% of total PBIT). PBIT of Others segment rose 30.99% to Rs 4.05 crore (accounting for 3.74% of total PBIT).
PBIT margin of Safety & Industrial segment fell from 6.69% to 6.25%. PBIT margin of Transportation & Electronics segment rose from 6.51% to 11.30%. PBIT margin of Health Care segment rose from 9.64% to 11.58%. PBIT margin of Consumer segment fell from 22.30% to 20.68%. PBIT margin of Others segment rose from 31.16% to 55.77%. Overall PBIT margin rose from 9.39% to 11.09%.
Operating profit margin has jumped from 10.98% to 12.58%, leading to 33.28% rise in operating profit to Rs 122.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.78% to 42.47%. Purchase of finished goods cost rose from 17.12% to 21.03%. Employee cost decreased from 12.46% to 10.57%. Other expenses fell from 15.97% to 13.27%. Other income rose 312.34% to Rs 34.76 crore. PBIDT rose 56.66% to Rs 157.66 crore. Provision for interest fell 44.93% to Rs 0.38 crore. Loan funds declined from Rs 29.64 crore as of 30 September 2021 to Rs 22.13 crore as of 30 September 2022. Inventories rose to Rs 591.16 crore as of 30 September 2022 from Rs 492.47 crore as of 30 September 2021. Sundry debtors were higher at Rs 580.46 crore as of 30 September 2022 compared to Rs 451.31 crore as of 30 September 2021. Cash and bank balance rose to Rs 1,420.38 crore as of 30 September 2022 from Rs 1,186.79 crore as of 30 September 2021.
PBDT rose 57.36% to Rs 157.28 crore. Provision for depreciation rose 9.53% to Rs 14.6 crore. Fixed assets increased to Rs 344.05 crore as of 30 September 2022 from Rs 326.90 crore as of 30 September 2021. Intangible assets increased from Rs 0.31 crore to Rs 0.32 crore.
Profit before tax grew 64.72% to Rs 142.68 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 36.45 crore, compared to Rs 22.4 crore. Effective tax rate was 25.55% compared to 25.86%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 65.42% to Rs 106.23 crore. Equity capital stood at Rs 11.27 crore as of 30 September 2022 to Rs 11.27 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 30 September 2022 ,compared to 75.00% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of 3M India has increased 21.23% to Rs 1920.29 crore. Sales of Safety & Industrial segment has gone up 9.14% to Rs 633.07 crore (accounting for 32.97% of total sales). Sales of Transportation & Electronics segment has gone up 39.66% to Rs 739.82 crore (accounting for 38.53% of total sales). Sales of Health Care segment rose 18.46% to Rs 318.59 crore (accounting for 16.59% of total sales). Sales of Consumer segment has gone up 13.61% to Rs 213.31 crore (accounting for 11.11% of total sales). Sales of Others segment has gone down 11.40% to Rs 15.49 crore (accounting for 0.81% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 87.98% to Rs 210.49 crore. PBIT of Safety & Industrial segment rose 92.21% to Rs 42.90 crore (accounting for 20.38% of total PBIT). PBIT of Transportation & Electronics segment rose 375.98% to Rs 76.99 crore (accounting for 36.58% of total PBIT). PBIT of Health Care segment rose 29.37% to Rs 38.75 crore (accounting for 18.41% of total PBIT). PBIT of Consumer segment rose 20.14% to Rs 43.79 crore (accounting for 20.80% of total PBIT). PBIT of Others segment rose 13.80% to Rs 8.06 crore (accounting for 3.83% of total PBIT).
PBIT margin of Safety & Industrial segment rose from 3.85% to 6.78%. PBIT margin of Transportation & Electronics segment rose from 3.05% to 10.41%. PBIT margin of Health Care segment rose from 11.14% to 12.16%. PBIT margin of Consumer segment rose from 19.41% to 20.53%. PBIT margin of Others segment rose from 40.52% to 52.04%. Overall PBIT margin rose from 7.07% to 10.96%.
Operating profit margin has jumped from 8.84% to 12.47%, leading to 70.88% rise in operating profit to Rs 239.37 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.09% to 43.37%. Purchase of finished goods cost fell from 21.72% to 21.17%. Employee cost decreased from 12.18% to 10.42%. Other expenses fell from 14.32% to 12.93%. Other income rose 181.43% to Rs 46.21 crore. PBIDT rose 82.48% to Rs 285.58 crore. Provision for interest fell 28.13% to Rs 0.92 crore. Loan funds declined from Rs 29.64 crore as of 30 September 2021 to Rs 22.13 crore as of 30 September 2022. Inventories rose to Rs 591.16 crore as of 30 September 2022 from Rs 492.47 crore as of 30 September 2021. Sundry debtors were higher at Rs 580.46 crore as of 30 September 2022 compared to Rs 451.31 crore as of 30 September 2021. Cash and bank balance rose to Rs 1,420.38 crore as of 30 September 2022 from Rs 1,186.79 crore as of 30 September 2021.
PBDT rose 83.39% to Rs 284.66 crore. Provision for depreciation rose 2.78% to Rs 28.88 crore. Fixed assets increased to Rs 344.05 crore as of 30 September 2022 from Rs 326.90 crore as of 30 September 2021. Intangible assets increased from Rs 0.31 crore to Rs 0.32 crore.
Profit before tax grew 101.21% to Rs 255.78 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 65.29 crore, compared to Rs 32.81 crore. Effective tax rate was 25.53% compared to 25.81%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 101.98% to Rs 190.49 crore.
Equity capital stood at Rs 11.27 crore as of 30 September 2022 to Rs 11.27 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 30 September 2022 ,compared to 75.00% as of 30 September 2021 .
Cash flow from operating activities decreased to Rs 111.01 crore for YTD ended September 2022 from Rs 164.64 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 30.73 crore, compared to Rs 43.26 crore during the YTD ended September 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.
Dividend update: The Board of Directors has declared the Interim (Special) Dividend
at Rs 850 per share of Rs 10 each (FV), for the financial year 2022-23. Record
date for the same is 22 November 2022.
Management Comments :
Mr.
Ramesh Ramadurai, Managing Director of 3M India Limited, said “On a
consolidated basis, the Company delivered 16.3% sales growth versus prior year,
and a 3.5% sales growth on a sequential basis. Transportation & Electronic
segment led the growth at nearly 28% versus prior year. 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 to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 976.70 | 840.10 | 16.26 | 1,920.29 | 1,583.97 | 21.23 | 3,335.84 | 2,604.83 | 28.06 | | OPM (%) | 12.58 | 10.98 | 161 bps | 12.47 | 8.84 | 362 bps | 11.67 | 9.96 | 171 bps | | OP | 122.90 | 92.21 | 33.28 | 239.37 | 140.08 | 70.88 | 389.24 | 259.49 | 50.00 | | Other Inc. | 34.76 | 8.43 | 312.34 | 46.21 | 16.42 | 181.43 | 37.12 | 24.74 | 50.04 | | PBIDT | 157.66 | 100.64 | 56.66 | 285.58 | 156.50 | 82.48 | 426.36 | 284.23 | 50.01 | | Interest | 0.38 | 0.69 | -44.93 | 0.92 | 1.28 | -28.13 | 3.72 | 2.45 | 51.84 | | PBDT | 157.28 | 99.95 | 57.36 | 284.66 | 155.22 | 83.39 | 422.64 | 281.78 | 49.99 | | Depreciation | 14.6 | 13.33 | 9.53 | 28.88 | 28.1 | 2.78 | 55.12 | 61.85 | -10.88 | | PBT | 142.68 | 86.62 | 64.72 | 255.78 | 127.12 | 101.21 | 367.52 | 219.93 | 67.11 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 142.68 | 86.62 | 64.72 | 255.78 | 127.12 | 101.21 | 367.52 | 219.93 | 67.11 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 142.68 | 86.62 | 64.72 | 255.78 | 127.12 | 101.21 | 367.52 | 219.93 | 67.11 | | Taxation | 36.45 | 22.4 | 62.72 | 65.29 | 32.81 | 98.99 | 95.55 | 57.55 | 66.03 | | PAT | 106.23 | 64.22 | 65.42 | 190.49 | 94.31 | 101.98 | 271.97 | 162.38 | 67.49 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 106.23 | 64.22 | 65.42 | 190.49 | 94.31 | 101.98 | 271.97 | 162.38 | 67.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 106.23 | 64.22 | 65.42 | 190.49 | 94.31 | 101.98 | 271.97 | 162.38 | 67.49 | | EPS (Rs)* | 94.26 | 56.98 | 65.42 | 169.02 | 83.68 | 101.98 | 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 |
|
| 3M India : Consolidated Segment Results |
td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Safety & Industrial | 32.95 | 321.86 | 292.34 | 10.10 | 32.97 | 633.07 | 580.05 | 9.14 | 35.78 | 1,193.66 | 1,012.50 | 17.89 | | Transportation & Electronics | 38.23 | 373.42 | 292.05 | 27.86 | 38.53 | 739.82 | 529.72 | 39.66 | 35.20 | 1,174.23 | 890.34 | 31.89 | | Health Care | 16.61 | 162.20 | 138.88 | 16.79 | 16.59 | 318.59 | 268.95 | 18.46 | 16.55 | 552.12 | 362.01 | 52.52 | | Consumer | 11.46 | 111.97 | 106.91 | 4.74 | 11.11 | 213.31 | 187.76 | 13.61 | 11.62 | 387.49 | 312.86 | 23.85 | | Others | 0.74 | 7.26 | 9.91 | -26.81 | 0.81 | 15.49 | 17.49 | -11.40 | 0.85 | 28.34 | 27.13 | 4.46 | | Total Reported Sales | 100.00 | 976.70 | 840.10 | 16.26 | 100.00 | 1,920.29 | 1,583.97 | 21.23 | 100.00 | 3,335.84 | 2,604.83 | 28.06 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 976.70 | 840.10 | 16.26 | 100.00 | 1,920.29 | 1,583.97 | 21.23 | 100.00 | 3,335.84 | 2,604.83 | 28.06 | | PBIT | | Safety & Industrial | 18.57 | 20.12 | 19.55 | 2.89 | 20.38 | 42.90 | 22.32 | 92.21 | 25.45 | 85.04 | 103.92 | -18.17 | | Transportation & Electronics | 38.97 | 42.20 | 19.01 | 122.04 | 36.58 | 76.99 | 16.18 | 375.98 | 27.23 | 90.98 | 14.19 | 541.15 | | Health Care | 17.34 | 18.78 | 13.39 | 40.28 | 18.41 | 38.75 | 29.95 | 29.37 | 20.33 | 67.92 | 30.47 | 122.90 | | Consumer | 21.38 | 23.16 | 23.84 | -2.83 | 20.80 | 43.79 | 36.44 | 20.14 | 23.17 | 77.42 | 39.86 | 94.25 | | Others | 3.74 | 4.05 | 3.09 | 30.99 | 3.83 | 8.06 | 7.09 | 13.80 | 3.82 | 12.77 | 9.20 | 38.77 | | Total PBIT | 100.00 | 108.31 | 78.87 | 37.32 | 100.00 | 210.49 | 111.98 | 87.98 | 100.00 | 334.12 | 197.64 | 69.06 | | Less : Interest | | 0.38 | 0.69 | -44.92 | | 0.92 | 1.28 | -28.13 | | 3.72 | 2.45 | 51.60 | | Add: Other un-allcoable | | 34.76 | 8.43 | 312.30 | | 46.21 | 16.42 | 181.42 | | 37.12 | 24.74 | 50.04 | | PBIT Margin(%) | | Safety & Industrial | | 6.25 | 6.69 | -43.77 | | 6.78 | 3.85 | 292.89 | | 7.12 | 10.26 | -313.94 | | Transportation & Electronics | | 11.30 | 6.51 | 479.37 | | 10.41 | 3.05 | 735.32 | | 7.75 | 1.59 | 615.40 | | Health Care | | 11.58 | 9.64 | 193.96 | | 12.16 | 11.14 | 102.54 | | 12.30 | 8.42 | 388.43 | | Consumer | | 20.68 | 22.30 | -161.19 | | 20.53 | 19.41 | 111.69 | | 19.98 | 12.74 | 724.04 | | Others | | 55.77 | 31.16 | 2,461.00 | | 52.04 | 40.52 | 1,152.45 | | 45.05 | 33.91 | 1,113.68 | | PBT | 100.00 | 142.68 | 86.61 | 64.74 | 100.00 | 255.78 | 127.12 | 101.21 | 100.00 | 367.52 | 219.92 | 67.11 |
|