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3M India saw its net profits for the fourth quarter expand by 11 per cent to ₹136 crore as against ₹111 crore in the same quarter last year.
Its net income grew by 13 per cent to ₹1,046 crore compared to ₹926 crore in Q4 FY22, and EBITDA improved by 22 per cent to ₹204 crore compared to ₹167 crore in Q4 FY22.
For the entire year, the net income stood at ₹3,959 crore, an increase of 19 per cent over ₹3,336 crore in FY22. While net profits shot up by 66 per cent to ₹451 crore compared to ₹272 crore last year.
Also read: Infibeam Avenues Q4 standalone net profit jumps by 42%
On a consolidated basis, the company delivered 13 per cent sales growth in the fourth quarter and 18.7 per cent sales growth for the full year, both versus the prior period. For the quarter, transportation and electronics grew 26.6 per cent, healthcare grew 17.2 per cent, safety and industrial grew 2.7 per cent, and consumer -3.3 per cent versus the prior year, the company said.
“For the full year FY23, the transportation and electronics businesses led the company’s growth, followed by health care. Our teams continued to execute well, with a focus on customers and supply partners,” said Ramesh Ramadurai, Managing Director of 3M India Limited.
The board also recommended a final dividend of ₹100 per equity share of ₹10 each, which, if approved at the forthcoming Annual General Meeting (AGM), will be paid or dispatched to the shareholders within 30 days from the date of the AGM.
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