3M India reports higher profit as industrial, consumer demand stays strong
3M India reports higher profit as industrial, consumer demand stays strong Aug 14 (Reuters) - Industrial products maker 3M India TMIN.NS reported a nearly 32% jump in first-quarter profit on Friday, driven by strong demand across its consumer, safety and industrial businesses.
Here are some more details:
The Post-it notes and Scotch-Brite cleaning pads maker reported a net profit of 2.33 billion rupees ($24.42 million) for the quarter ended June 30 from 1.77 billion rupees a year earlier.
Revenue from operations rose 19% to 14.23 billion rupees, while expenses increased 24.1% to 12.06 billion rupees from a year earlier.
3M India, a unit of U.S. industrial conglomerate 3M MMM.N, sells a range of industrial, safety, healthcare and consumer products, from abrasives and adhesives to personal protective equipment and office supplies.
Shares of the company were up 0.6% after the results.
Analysts have previously flagged pressure on the company's margins from rupee depreciation, commodity inflation and elevated freight costs.
Last month, parent 3M raised its full-year profit forecast, driven by strength in its safety & industrial business, as well as price hikes, which are expected to "fully offset" a hit to its profit from oil-led inflation.
($1 = 95.4250 Indian rupees)
(Reporting by Abhinav Parmar in Bengaluru; Editing by Harikrishnan Nair)
((Abhinav.Parmar@thomsonreuters.com;))