3M India spurts as Q4 PAT climbs 27% YoY; board OKs dividend of Rs 685/share

3M India soared 9.88% to Rs 33,980.70 after its consolidated net profit jumped 27.36% to Rs 172.85 crore on 4.64% rise in revenue from operations to Rs 1,094.55 crore in Q4 FY24 over Q4 FY23.

Profit before tax stood at Rs 230.81 crore in March 2024 quarter, registering a growth of 25.23% on YoY basis.

EBITDA grew 22% to Rs 229 crore in fourth quarter of FY24 as against Rs 188 crore posted in same quarter last year.

For FY24, the companys consolidated net profit increased 29.36% to Rs 583.42 crore on 5.81% rise in revenue from operations to Rs 4,189.36 crore over same period last year.

Ramesh Ramadurai, managing director, said On a consolidated basis, the company delivered 4.6% sales growth in the fourth quarter and 5.8% sales growth for the full year, both versus prior period. For the quarter, Transportation & Electronics grew 3.6%, Healthcare grew 18.8%, Safety & Industrial -1.6%, Consumer 6.8% versus prior year. For the financial year 2023-24, Healthcare business led the companys growth, followed by Transportation & Electronics. Our teams continued to execute well, with focus on customers and supply partners.

Meanwhile, the company's board recommended a final dividend of Rs 160 and a special dividend of Rs 525 per equity share. The board has fixed 5 July 2024 as record date for the same.

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.

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