3M India Q2 PAT up 66% YoY; cost headwinds & supply chain volatility continues to persist

3M India rose 4.78% to Rs 23,519 after company reported net profit of Rs 106 crore in Q2 FY23 as compared to Rs 64 crore in Q2 FY22, recording a growth of 66% YoY.

Revenue from operations rose 16% to Rs 977 crore in Q2 FY23 from Rs 840 crore in Q2 FY22.

During the quarter, total expense was at Rs 869 crore (up 14% YoY) and cost of raw material consumed stood at Rs 412 crore (up 22% YoY)

EBITDA in the second quarter stood at Rs 158 crore, up by 56% from Rs 101 crore recorded in the same period last year.

Profit before tax increased 64% to Rs 143 crore in Q2 FY23 from Rs 87 crore in Q2 FY22.

The company's board of directors declared an interim dividend of Rs 850 for the financial year 2022-23 and has fixed Tuesday, 22 November 2022 as the record date for the same.

Ramesh Ramadurai, managing director, 3M India said: Transportation & Electronic segment led the growth at nearly 28% versus prior year. Our teams continued to execute multiple actions to mitigate the impact of cost headwinds and supply chain challenges. The external conditions remain uncertain and the company is diligently monitoring the situation by staying in close contact with customers and supply partners.

3M India is a diversified company engaged in manufacturing of, and trading in, a wide variety of products catering to the industrial, transportation, automotive, construction, engineering, healthcare, traffic and safety, household, and office segments. Its operations are broadly classified under five business segments: safety & industrial, transportation & electronics, health care, consumer and others.

The scrip jumped 4.57% to end at Rs 23472.70 on the BSE.

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