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ICICI Securities Report
While Q3 FY22 results were below our expectations, we note 3M India Ltd. has reported revenue and profit after tax growth of 35.6% and 37.8% YoY, respectively, in nine months-FY22.
Q3 FY22 was impacted by muted growth in safety and industrial segment (1% YoY) and steep inflation in input prices as well freight cost. However, we remain enthused by 45.7% revenue growth in healthcare segment.
Increase in manufacturing activities in India post production linked incentive and higher budgetary allocations to investments would potentially be a medium-term positive for 3M India, in our view.
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