3M India Limited’s net profits for Q1FY23 grew by 186 per cent to ₹80 crore on a year-on-year basis as compared to ₹28 crore in the same quarter last year.
Its revenue for Q1 went up by 29 per cent to ₹890 crore on a YoY basis against ₹689 crore in June 2021.
“All business segments delivered growth in the first quarter versus the prior year, led by the transportation and electronics segment. Revenues remained firm on a sequential basis, with softness only in portions of the safety and industrial segment,” said Ramesh Ramadurai, Managing Director, 3M India Limited.
The company reported an EBITDA of ₹122 crore, up 135 per cent from the previous year’s figure of ₹52 crore in Q1FY22.
“Cost headwinds remained a challenge during the quarter. Our teams continued to execute multiple actions to mitigate the impact of cost headwinds and supply chain challenges. The external conditions remain uncertain, and the company is diligently monitoring the situation by staying in close contact with customers and supply partners,” Ramadurai added.
3M India Limited, an Indian subsidiary of the US-based 3M Company, was established in 1988, with its headquarters in Bengaluru and branch offices in Mumbai, Gurgaon, Pune, Kolkata, and Chennai. 3M operates in the fields of industry, worker safety, U.S. health care, and consumer goods, and produces over 60,000 products under several brands, including adhesives, abrasives, films, electrical and electronic connecting and insulating materials, medical products, and more.