3M India Limited posted 16.7 per cent higher profit at ₹70 crore in the fourth quarter, against ₹60 crore loss recorded in the same period last year.

Income was higher by 22.9 per cent at ₹827 crore against ₹673 crore in the same period last year.

Commenting on the company’s performance, Ramesh Ramadurai, Managing Director, 3M India Limited, said “We delivered broad-based growth across most of our end markets in the January-March 2021 quarter, sustaining the sequential improvements since FY Q2, 2020-21. Due to the strong demand rebound as well as supply chain interruptions, we experienced cost pressures in raw materials and logistics costs. Notwithstanding, our teams worked hard to ensure that we maintained our service levels to customers. During the quarter, we also announced actions to consolidate our manufacturing footprint in Pune, which will improve our operational efficiencies and customer service.”

He further added that the spike in Covid-19 cases in the second wave has interrupted the sequential growth momentum and inserted more volatility and uncertainty on the demand side. The welfare of our employees, their families and the people around us remains paramount for us in 3M India.”