3M India posts biggest rise in over 4 yrs as quarterly profit jumps

3M India

30/05/2022 07:53

** Shares of electronic components maker 3M India  TMIN.NS 
surge as much as 19% to 20,899 rupees - their biggest intraday
pct gain since February 2018 
    ** TMIN rises to its highest in over a month and is up for a
second straight session 
    ** Co late on Friday reported https://bit.ly/3Q0YxrA
consolidated March-quarter profit after tax of 1.11 bln rupees
($14.32 mln), up 57.4% y/y
    ** Co's consolidated revenue from operations for the March
quarter also rose to 9.26 bln rupees from 8.27 bln rupees last
yr
    ** "All business segments delivered growth in the fourth
quarter versus prior year, with healthcare business leading the
growth," 3M India Managing Director Ramesh Ramadurai said
    ** Consolidated revenue from TMIN's health care business
rose nearly 35% y/y
    ** Continued to execute actions to mitigate impact of cost
headwinds and supply chain challenges ...the external conditions
remain uncertain - Ramadurai 
    ** More than 28,000 shares traded by 0600 GMT, 8.5 times
their 30-day avg
    ** Up to last close, stock is down 30.8% this year 

($1 = 77.5110 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))