3M India reported a 17.2 per cent profit drop to ₹158.4 crore for the second quarter. The company said the rupee slide and rising input costs hurt earnings. Despite this, revenue grew 14.7 per cent to ₹1,452.49 crore. Managing Director Aseem Joshi said the company recorded broad-based growth across segments.
Post-it notes and Scotch tape maker 3M India Ltd reported a 17.2 per cent year-on-year (y-o-y) decline in profit after tax (PAT) to ₹158.4 crore in the second quarter, compared with ₹191.3 crore in the corresponding quarter last year. The decline was attributed to the depreciation of the Indian rupee and input cost inflation amid the West Asia crisis.
Revenue for the quarter grew 14.7 per cent y-o-y to ₹1,452.49 crore, while profit before tax (PBT) declined 15.3 per cent. All four business segments — Safety and Industrial, Transportation and Electronics, Healthcare, and Consumer — reported revenue growth during the quarter.
Aseem Joshi, Managing Director, 3M India Ltd, said the company had recorded broad-based growth across its business segments.
Transportation and Electronics grew 23.4 per cent y-o-y, followed by Consumer at 19.5 per cent, Safety and Industrial at 11.8 per cent, and Healthcare at 4.1 per cent.