3M India
The company posted a set of excellent numbers for Q3FY15. Its net profit for the quarter rose over 5.5 times (YoY) at Rs.17 crore. Net sales for the quarter was up from Rs.417 crore to Rs.435 crore. It managed to reduce its operating costs and interest outgo was down from Rs.4 crore to Rs.44 lakh. This is what most certainly helped the company post this jump in bottomline. The good news in the company is that its net profit for 9MFY15 was at Rs.67 crore, which has already surpassed that of FY14 of Rs.43 crore. Its performance is driven mainly by the Industrial segment, which contributed 45% to the topline.
The parent company, American MNC, 3M holds 75% stake in the Indian company and as at 31st Dec 2014, FIIs stake is at 9.7% while that of domestic institutions has gone down from 3.22% in June’14 quarter to 3.07%. The company in April delisted from Calcutta Stock Exchange and there is probably hope that it could go for delisting from Indian bourses.
The company markets about 7000 products in India. It operates in five operating business segments – (1)Industrial and Transportation business, which include tapes, which are used in the manufacture, repair and maintenance of automotive, marine, aircraft and specialty vehicles. (2) Health Care business which includes medical and surgical supplies, medical devices, skin and wound care and infection prevention products. (3)Safety and graphics include personal protection products, brand and asset protection solutions, border control products, passive fire protection products. (4)Consumer and Office Business portfolio brands include Scotch-Brite brand, Scotch brand, Post-it and Scotchguard brand. (5) Energy which includes electronic devices, telecom networks and renewable energy.