 "3M India Q1 results: Net profit jumps 22% to Rs 157 cr as expenses ease | Company Results")
Revenue from its healthcare segment remained flat, while that from its transportation and electronics segment fell 4 per cent | Image: Wikimedia Commons
3M India reported on Tuesday a 22 per cent 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 Rs 157 cr ($18.7 million) for the quarter ended June 30, from Rs 129 cr a year earlier.
Total expenses declined 4 per cent during the reported quarter, primarily due to a decrease in employee benefit expenses and depreciation charges.
3M India, the Indian arm of the US-based industrial conglomerate 3M Co, said its safety and industrial segment – which contributes 32 per cent 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 per cent.
3M’s total revenue remained flat as consistent price hikes across its product range, including adhesives and office supplies, dampened demand.
Last month, US-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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 06 2024 | 4:36 PM IST
