3M India gains after recording Q1 PAT at Rs 30 cr

3M India rose 3.75% to Rs 24650 after the company reported a consolidated net profit of Rs 30 crore in Q1 FY22 as against a net loss of Rs 43 crore in Q1 FY21.

Aug 12, 2021 01:08 IST capital market

Sales & other operating income during the quarter increased 115% YoY to Rs 744 crore. As compared with Q4 FY21, however, the companys net profit and sales & other operating income have declined by 57% and 10%, respectively.

The company posted EBITDA of Rs 56 crore in Q1 FY22. It had recorded an EBITDA loss of Rs 42 crore in Q1 FY21.

Pre-tax profit was Rs 41 crore in Q1 FY22. The company had posted a pre-tax loss of Rs 58 crore in Q1 FY21. 3M India said sharp increase in input costs adversely impacted material cost. All segments grew on a Y-o-Y basis. Healthcare grew by 19% sequentially compared to last quarter Jan- March 2021, but all other segments declined on a sequential basis.

Ramesh Ramadurai, managing director of 3M India, said: ?The company faced significant cost headwinds during the quarter, both in material cost inflation as well as freight related cost increases. We do not anticipate immediate relief from these cost pressures.?

3M India is an Indian subsidiary of US-based 3M Company. The company offers tapes, adhesives, advanced ceramics, sealants, specialty materials, closure systems for personal hygiene products, as well as offers scotch masking tape, scotch filament tape and scotch packaging tape.

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