3M India Q1 Results: Profit Jumps 22%

3M India Ltd. reported a 22% year-on-year advance in net profit for the first quarter of this financial year.

The firm recorded a net profit of Rs 157.15 crore for the quarter-ended June, as compared to Rs 129.21 crore in the same quarter of the previous fiscal, according to its stock exchange notification.

Revenue decreased by 0.3% year-on-year for the three months ended June, reaching Rs 1,046.57 crore.

"All business segments delivered growth in the first quarter versus prior year except Transportation and Electronics business. Consumer business led growth by 3.3% versus prior year, followed by Safety and Industrial by 2.7%," said Ramesh Ramadurai, managing director of 3M India.

Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose 19% year-on-year to Rs 205.46 crore. The Ebitda margin expanded to 19.6% from 16.5% in the same period the previous year.

Shares of the company closed 1.03% lower at Rs 37,800 per share, as compared to a 0.36% decline in the NSE Nifty 50.