Business & Finance

3M India reports higher profit as industrial, consumer demand stays strong

  • Revenue from operations rose 19% to 14.23 billion Indian rupees
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Industrial products maker 3M India reported a nearly 32% jump in first-quarter profit on Friday, driven by strong demand across its consumer, safety and industrial businesses.

The Post-it notes and Scotch-Brite cleaning pads maker reported a net profit of 2.33 billion rupees ($24.42 million) for the quarter ended June 30 from 1.77 billion rupees a year earlier.

Revenue from operations rose 19% to 14.23 billion rupees, while expenses increased 24.1% to 12.06 billion rupees from a year earlier.

3M India, a unit of U.S. industrial conglomerate 3M, sells a range of industrial, safety, healthcare and consumer products, from abrasives and adhesives to personal protective equipment and office supplies.

Shares of the company were up 0.6% after the results.

Analysts have previously flagged pressure on the company’s margins from rupee depreciation, commodity inflation and elevated freight costs.

Last month, parent 3M raised its full-year profit forecast, driven by strength in its safety & industrial business, as well as price hikes, which are expected to “fully offset” a hit to its profit from oil-led inflation.