'Post-it' maker 3M India's Q1 profit rises on robust demand

3M India

10/08/2023 09:32

BENGALURU, Aug 10 (Reuters) - 3M India  TMIN.NS 
reported an over 53% rise in first-quarter profit, aided by
strong demand in its transportation and electronics and safety
and industrial businesses.
    The Bengaluru-based company, which makes everything from
'Scotch' tape and 'Post-it' notes to power tools and medical
products, said its consolidated profit after tax rose to 1.29
billion rupees ($15.58 million) from 842.6 million rupees a year
earlier.
    The Indian arm of U.S.-based 3M Co  MMM.N  said revenue from
its mainstay transportation and electronics segment, which makes
power tools and cables, jumped nearly 13% to 4.13 billion
rupees. 
    Revenue from its safety and industrial segment, comprising
of construction protection kits and accessories, rose nearly 6%
to 3.29 billion rupees, contributing more than 31% to the total
revenue.
    The company's revenue from operations rose over 11% to 10.50
billion rupees.
    In spite of strong June-quarter earnings, the company
cautioned that cost headwinds and supply chain volatility will
continue to be a challenge. 
    Shares of 3M India rose as much as 4.76% after its results.
It gained 17.63% in the April-June quarter.
    

($1 = 82.8200 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru; Editing by Sonia Cheema)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))