3M India's quarterly profit jumps 22% as expenses ease

3M India

06/08/2024 09:12

BENGALURU, Aug 6 (Reuters) - 3M India  TMIN.NS  reported
on Tuesday a 22% jump in its first-quarter profit, as a decrease
in total expenses helped lift the diversified products maker's
bottomline.
    The company, which makes everything from 'Post-it' notes to
power tools, reported a consolidated profit after tax of 1.57
billion rupees ($18.7 million) for the quarter ended June 30,
from 1.29 billion rupees a year earlier.
    Total expenses declined 4% during the reported quarter,
primarily due to a decrease in employee benefit expenses and
depreciation charges.
    3M India, the Indian arm of the U.S.-based industrial
conglomerate 3M Co  MMM.N , said its safety and industrial
segment - which contributes 32% to the total revenue - saw a
slight rise in revenue.
    The segment houses products including fire barrier seals and
electrical resins. 
    Revenue from its healthcare segment remained flat, while
that from its transportation and electronics segment fell 4%.
    3M's total revenue remained flat as consistent price hikes
across its product range, including adhesives and office
supplies, dampened demand.    
    Last month, U.S.-based 3M Co reported better-than-expected
profit for June quarter and raised its annual adjusted profit
forecast, hoping to benefit from its restructuring measures and
increasing demand for electronics.


    ($1 = 83.9325 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Sherry Jacob-Phillips)
 ((AshnaTeresa.Britto@thomsonreuters.com;))