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ICICI Securities Report
All segments of 3M India Ltd. except healthcare reported strong recovery in Q4 FY21. Key reasons were:
- revival in automotive, infrastructure and construction sector,
- better consumer off-take primarily in home care products and
- favorable base.
Due to lower capacity utilisation in hospitals and postponement of elective surgeries, healthcare segment reported revenue growth of just 5.8% YoY.
While closure of automotive graphics business resulted ~500 basis points revenue impact, Ebitda margin expanded 100 bps with better revenue mix.
We model the business to maintain recovery momentum in FY22 due to re-opening of economy especially auto, oil and gas and healthcare sectors and favorable base of FY21.
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