For the quarter ending Sept 2021, consolidated Net sales (including other operating income) of 3M India has increased 21.75% to Rs 840.1 crore compared to quarter ended sept 2020. Sales of Safety & Industrial segment has gone up 0.79% to Rs 292.34 crore (accounting for 34.80% of total sales). Sales of Transportation & Electronics segment has gone up 31.42% to Rs 292.05 crore (accounting for 34.76% of total sales). Sales of Health Care segment rose 68.20% to Rs 138.88 crore (accounting for 16.53% of total sales). Sales of Consumer segment has gone up 25.98% to Rs 106.91 crore (accounting for 12.73% of total sales). Sales of Others segment has gone down 3.62% to Rs 9.91 crore (accounting for 1.18% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has slumped 18.52% to Rs 78.87 crore. PBIT of Safety & Industrial segment fell 67.89% to Rs 19.55 crore (accounting for 24.79% of total PBIT). PBIT of Transportation & Electronics segment rose 40.90% to Rs 19.01 crore (accounting for 24.10% of total PBIT). PBIT of Health Care segment rose 139.82% to Rs 13.39 crore (accounting for 16.98% of total PBIT). PBIT of Consumer segment rose 96.06% to Rs 23.84 crore (accounting for 30.22% of total PBIT). PBIT of Others segment fell 34.06% to Rs 3.09 crore (accounting for 3.92% of total PBIT).
PBIT margin of Safety & Industrial segment fell from 20.99% to 6.69%. PBIT margin of Transportation & Electronics segment rose from 6.07% to 6.51%. PBIT margin of Health Care segment rose from 6.76% to 9.64%. PBIT margin of Consumer segment rose from 14.33% to 22.30%. PBIT margin of Others segment fell from 45.54% to 31.16%. Overall PBIT margin fell from 14.03% to 9.39%.
Operating profit margin has declined from 16.44% to 10.98%, leading to 18.74% decline in operating profit to Rs 92.21 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 31.35% to 42.78%. Purchase of finished goods cost fell from 25.53% to 17.12%. Employee cost decreased from 12.74% to 12.46%. Other expenses rose from 12.38% to 15.97%.
Other income rose 45.34% to Rs 8.43 crore. PBIDT fell 15.62% to Rs 100.64 crore. Provision for interest rose 50% to Rs 0.69 crore. Loan funds declined from Rs 31.14 crore as of 30 September 2020 to Rs 29.64 crore as of 30 September 2021. Inventories rose to Rs 492.47 crore as of 30 September 2021 from Rs 372.68 crore as of 30 September 2020. Sundry debtors were higher at Rs 451.31 crore as of 30 September 2021 compared to Rs 404.26 crore as of 30 September 2020. Cash and bank balance rose to Rs 1,186.79 crore as of 30 September 2021 from Rs 967.11 crore as of 30 September 2020.
PBDT fell 15.87% to Rs 99.95 crore. Provision for depreciation fell 19.99% to Rs 13.33 crore. Fixed assets increased to Rs 326.90 crore as of 30 September 2021 from Rs 289.04 crore as of 30 September 2020. Intangible assets declined from Rs 0.43 crore to Rs 0.31 crore.
Profit before tax down 15.20% to Rs 86.62 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 22.4 crore, compared to Rs 27.11 crore. Effective tax rate was 25.86% compared to 26.54%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 14.42% to Rs 64.22 crore.
Equity capital stood at Rs 11.27 crore as of 30 September 2021 to Rs 11.27 crore as of 30 September 2020. Per share face Value remained same at Rs 10.00.
Promoters' stake was 75.00% as of 30 September 2021 ,compared to 75.00% as of 30 September 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of 3M India has increased 52.87% to Rs 1583.97 crore. Sales of Safety & Industrial segment has gone up 37.27% to Rs 580.05 crore (accounting for 36.62% of total sales). Sales of Transportation & Electronics segment has gone up 72.97% to Rs 529.72 crore (accounting for 33.44% of total sales). Sales of Health Care segment rose 68.54% to Rs 268.95 crore (accounting for 16.98% of total sales). Sales of Consumer segment has gone up 40.20% to Rs 187.76 crore (accounting for 11.85% of total sales). Sales of Others segment has gone up 25.90% to Rs 17.49 crore (accounting for 1.10% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 235.42% to Rs 111.98 crore. PBIT of Safety & Industrial segment fell 42.76% to Rs 22.32 crore (accounting for 19.93% of total PBIT). PBIT of Transportation & Electronics reported profit of Rs 16.18 crore compared to loss of Rs 29.17 crore. PBIT of Health Care segment rose 398.03% to Rs 29.95 crore (accounting for 26.75% of total PBIT). PBIT of Consumer segment rose 202.27% to Rs 36.44 crore (accounting for 32.55% of total PBIT). PBIT of Others segment rose 29.08% to Rs 7.09 crore (accounting for 6.33% of total PBIT).
PBIT margin of Safety & Industrial segment fell from 9.23% to 3.85%. PBIT margin of Transportation & Electronics segment rose from negative 9.53% to 3.05%. PBIT margin of Health Care segment rose from 3.77% to 11.14%. PBIT margin of Consumer segment rose from 9.00% to 19.41%. PBIT margin of Others segment rose from 39.52% to 40.52%. Overall PBIT margin rose from 3.22% to 7.07%.
Operating profit margin has jumped from 6.28% to 8.84%, leading to 115.28% rise in operating profit to Rs 140.08 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 33.18% to 43.09%. Purchase of finished goods cost fell from 26.03% to 21.72%. Employee cost decreased from 17.48% to 12.18%. Other expenses fell from 16.69% to 14.32%.
Other income rose 34.48% to Rs 16.42 crore. PBIDT rose 102.51% to Rs 156.5 crore. Provision for interest fell 0.78% to Rs 1.28 crore. Loan funds declined from Rs 31.14 crore as of 30 September 2020 to Rs 29.64 crore as of 30 September 2021. Inventories rose to Rs 492.47 crore as of 30 September 2021 from Rs 372.68 crore as of 30 September 2020. Sundry debtors were higher at Rs 451.31 crore as of 30 September 2021 compared to Rs 404.26 crore as of 30 September 2020. Cash and bank balance rose to Rs 1,186.79 crore as of 30 September 2021 from Rs 967.11 crore as of 30 September 2020.
PBDT rose 104.26% to Rs 155.22 crore. Provision for depreciation fell 11.33% to Rs 28.1 crore. Fixed assets increased to Rs 326.90 crore as of 30 September 2021 from Rs 289.04 crore as of 30 September 2020. Intangible assets declined from Rs 0.43 crore to Rs 0.31 crore.
Profit before tax grew 186.95% to Rs 127.12 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 32.81 crore, compared to Rs 11.78 crore. Effective tax rate was 25.81% compared to 26.59%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 190.01% to Rs 94.31 crore.
Equity capital stood at Rs 11.27 crore as of 30 September 2021 to Rs 11.27 crore as of 30 September 2020. Per share face Value remained same at Rs 10.00.
Promoters' stake was 75.00% as of 30 September 2021 ,compared to 75.00% as of 30 September 2020 .
Cash flow from operating activities decreased to Rs 164.64 crore for YTD ended September 2021 from Rs 194.25 crore for YTD ended September 2020. Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 43.26 crore, compared to Rs 9.11 crore during the YTD ended September 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 commentary: Mr. Ramesh Ramadurai, Managing Director of 3M India Limited, said I thank our employees and business partners for their strong support during the quarter. With their commitment, the Company has been able to serve our customers effectively. This was particularly commendable as we were all recovering from the impact of the COVID second wave. While revenue growth has seen sequential improvement and stabilization during the quarter, cost headwinds and supply chain volatility continue to be a challenge. The Company is mitigating some of the impact through price actions and prudent cost management actions.
3M India : Consolidated Results
| Quarter ended | Year to Date | Year ended |
| Particulars | 202109 | 202009 | Var.(%) | 202109 | 202009 | Var.(%) | 202103 | 202003 | Var.(%) |
| Net Sales (including other operating income) | 840.1 | 690 | 21.75 | 1,583.97 | 1,036.18 | 52.87 | 2,604.83 | 2,986.55 | -12.78 |
| OPM (%) | 10.98 | 16.44 | -547 bps | 8.84 | 6.28 | 256 bps | 9.96 | 15.06 | -509 bps |
| OP | 92.21 | 113.47 | -18.74 | 140.08 | 65.07 | 115.28 | 259.49 | 449.66 | -42.29 |
| Other Inc. | 8.43 | 5.8 | 45.34 | 16.42 | 12.21 | 34.48 | 24.74 | 45.9 | -46.1 |
| PBIDT | 100.64 | 119.27 | -15.62 | 156.5 | 77.28 | 102.51 | 284.23 | 495.56 | -42.64 |
| Interest | 0.69 | 0.46 | 50 | 1.28 | 1.29 | -0.78 | 2.45 | 3.66 | -33.06 |
| PBDT | 99.95 | 118.81 | -15.87 | 155.22 | 75.99 | 104.26 | 281.78 | 491.9 | -42.72 |
| Depreciation | 13.33 | 16.66 | -19.99 | 28.1 | 31.69 | -11.33 | 61.85 | 59.33 | 4.25 |
| PBT | 86.62 | 102.15 | -15.2 | 127.12 | 44.3 | 186.95 | 219.93 | 432.57 | -49.16 |
| Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| PBT before EO | 86.62 | 102.15 | -15.2 | 127.12 | 44.3 | 186.95 | 219.93 | 432.57 | -49.16 |
| EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| PBT after EO | 86.62 | 102.15 | -15.2 | 127.12 | 44.3 | 186.95 | 219.93 | 432.57 | -49.16 |
| Taxation | 22.4 | 27.11 | -17.37 | 32.81 | 11.78 | 178.52 | 57.55 | 110.4 | -47.87 |
| PAT | 64.22 | 75.04 | -14.42 | 94.31 | 32.52 | 190.01 | 162.38 | 322.17 | -49.6 |
| Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Net profit | 64.22 | 75.04 | -14.42 | 94.31 | 32.52 | 190.01 | 162.38 | 322.17 | -49.6 |
| P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Net profit after discontinued operations | 64.22 | 75.04 | -14.42 | 94.31 | 32.52 | 190.01 | 162.38 | 322.17 | -49.6 |
| EPS (Rs)* | 56.98 | 66.58 | -14.42 | 83.68 | 28.86 | 190.01 | 144.08 | 285.87 | -49.6 |
* 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
| Quarter ended | Year to Date | Year ended |
| % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
| Sales | | | | |
| Safety & Industrial | 34.8 | 292.34 | 290.06 | 0.79 | 36.62 | 580.05 | 422.56 | 37.27 | 38.87 | 1,012.50 | 1,126.21 | -10.1 |
| Transportation & Electronics | 34.76 | 292.05 | 222.23 | 31.42 | 33.44 | 529.72 | 306.24 | 72.97 | 34.18 | 890.34 | 1,030.92 | -13.64 |
| Health Care | 16.53 | 138.88 | 82.57 | 68.2 | 16.98 | 268.95 | 159.57 | 68.54 | 13.9 | 362.01 | 485.75 | -25.47 |
| Consumer | 12.73 | 106.91 | 84.86 | 25.98 | 11.85 | 187.76 | 133.92 | 40.2 | 12.01 | 312.86 | 319.66 | -2.13 |
| Others | 1.18 | 9.91 | 10.29 | -3.62 | 1.1 | 17.49 | 13.89 | 25.9 | 1.04 | 27.13 | 24.01 | 13 |
| Total Reported Sales | 100 | 840.1 | 690 | 21.75 | 100 | 1,583.97 | 1,036.18 | 52.87 | 100 | 2,604.83 | 2,986.55 | -12.78 |
| Less: Inter segment revenues | | 0 | 0 | - | | 0 | 0 | | 0 | 0 | - | |
| Net Sales | 100 | 840.1 | 690 | 21.75 | 100 | 1,583.97 | 1,036.18 | 52.87 | 100 | 2,604.83 | 2,986.55 | -12.78 |
| PBIT | | | | |
| Safety & Industrial | 24.79 | 19.55 | 60.89 | -67.89 | 19.93 | 22.32 | 38.99 | -42.76 | 52.58 | 103.92 | 176.73 | -41.2 |
| Transportation & Electronics | 24.1 | 19.01 | 13.49 | 40.9 | 14.45 | 16.18 | -29.17 | LP | 7.18 | 14.19 | 67.85 | -79.09 |
| Health Care | 16.98 | 13.39 | 5.58 | 139.82 | 26.75 | 29.95 | 6.01 | 398.03 | 15.42 | 30.47 | 74.16 | -58.91 |
| Consumer | 30.22 | 23.84 | 12.16 | 96.06 | 32.55 | 36.44 | 12.06 | 202.27 | 20.17 | 39.86 | 66.43 | -40 |
| Others | 3.92 | 3.09 | 4.68 | -34.06 | 6.33 | 7.09 | 5.49 | 29.08 | 4.66 | 9.2 | 5.16 | 78.46 |
| Total PBIT | 100 | 78.87 | 96.8 | -18.52 | 100 | 111.98 | 33.38 | 235.42 | 100 | 197.64 | 390.33 | -49.37 |
| Less : Interest | | 0.69 | 0.46 | 50.63 | | 1.28 | 1.29 | -1.11 | | 2.45 | 3.66 | -32.99 |
| Add: Other un-allcoable | | 8.43 | 5.8 | 45.38 | | 16.42 | 12.21 | 34.52 | | 24.74 | 45.9 | -46.1 |
| PBIT Margin(%) | | | | |
| Safety & Industrial | | 6.69 | 20.99 | -1,430.34 | | 3.85 | 9.23 | -538.01 | | 10.26 | 15.69 | -542.86 |
| Transportation & Electronics | | 6.51 | 6.07 | 43.77 | | 3.05 | -9.53 | 1,257.86 | | 1.59 | 6.58 | -498.81 |
| Health Care | | 9.64 | 6.76 | 287.92 | | 11.14 | 3.77 | 736.8 | | 8.42 | 15.27 | -685.06 |
| Consumer | | 22.3 | 14.33 | 796.95 | | 19.41 | 9 | 1,040.66 | | 12.74 | 20.78 | -804.17 |
| Others | | 31.16 | 45.54 | -1,438.44 | | 40.52 | 39.52 | 99.79 | | 33.91 | 21.47 | 1,243.81 |
| PBT | 100 | 86.61 | 102.14 | -15.21 | 100 | 127.12 | 44.3 | 186.95 | 100 | 219.92 | 432.57 | -49.16 |
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