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3M India, the Indian subsidiary of the US-headquartered 3M Company, posted consolidated net sales of ₹848 crore in the second quarter of the current financial year, an increase of 13 per cent compared to the first quarter.
The company said its net profit for the quarter ended September 30, had more than doubled to ₹64 crore, compared to ₹30 crore in the first quarter.
However, net profit was down 15 per cent compared to the same quarter of the previous year. 3M India is a diversified player which has a footprint in various industries from household care, auto care, medical care and other segments.
Commenting on the results, Ramesh Ramadurai, Managing Director of 3M India Limited, said: “While revenue growth has seen sequential improvement and stabilisation during the quarter, cost headwinds and supply chain volatility continue to be a challenge. The company is mitigating some of the impacts through price actions and prudent cost management actions.”
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