Bengaluru-headquartered 3M India Ltd reported a 27 per cent year-on-year (y-o-y) increase in consolidated profit to ₹173 crore in Q4 FY24 compared with ₹136 crore in Q4 FY23. Additionally, consolidated profits rose 29 per cent y-o-y to ₹583 in FY24 from ₹451 crore in FY23.
Revenue from operations grew 5 per cent y-o-y to ₹1,095 crore (₹1,046 crore). The consolidated revenue in FY24 stood at ₹4,189 crore from ₹3,959 crore in FY23, recording a 6 per cent jump.
Ramesh Ramadurai, Managing Director of 3M India Ltd, said, “On a consolidated basis, the company delivered 4.6 per cent sales growth in the fourth quarter and 5.8 per cent sales growth for the full year, both versus prior period.”
“For the quarter, transportation and electronics grew 3.6 per cent, healthcare grew 18.8 per cent, safety and industrial -1.6 per cent, consumer 6.8 per cent. For FY24, healthcare business led the company’s growth, followed by transportation and electronics. Our teams continued to execute well, with focus on customers and supply partners,” he added.
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EBITDA for Q4 FY24 stood at ₹245 crore and the board recommended a final dividend of ₹160 and a special dividend of ₹525 per equity share of ₹10 each, which will be paid/dispatched to the shareholders within 30 days from the upcoming annual general meeting (AGM ) in August. The board of directors has set July 5, 2024, as the Record Date for determining shareholders’ entitlement for the payment of dividends.
Based on the recommendation of the Nomination and Remuneration Committee, the board has also appointed Narumanchi Venkata Sivakumar as an Additional Director in the category of Non-Executive and Independent Director of the company with effect from July 15, 2024.
The shares closed at ₹33,980.70, up by 9.88 per cent at the end of trading hours compared to broader Sensex which closed by ₹75,170.45 down by 0.29 per cent.
(Inputs by bl intern Vidushi Nautiyal)