3M India recorded a 54 per cent surge in net profit for the quarter ended June at ₹129 crore due to robust growth observed across all business segments. In June 2022, its net profit stood at ₹84 crore.
The Bengaluru-based company’s revenues from operations grew 11 per cent to ₹1,050 crore, compared to ₹944 crore in June 2022. EBITA for this quarter was ₹188 crore, a 47 per cent increase over ₹128 crore in the same quarter last year.
The company delivered 53 per cent growth in profit before tax versus the prior year, with a PBT margin of 16.3 per cent. According to the company, health care led the growth at 27.3 per cent and transportation and electronics segments grew 12.7 per cent.
“The company delivered about 11 per cent revenue growth versus the prior year. Business trends were steady, with flat growth versus the preceding sequential quarter. We continue to monitor external trends and their impact on our business while serving our customers efficiently,” said Ramesh Ramadurai, Managing Director of 3M India Ltd.
3M posted its results after market hours and saw its shares close 4.49 per cent higher at ₹28,104.70 on the BSE.