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ICICI Securities Report
All segments of 3M India Ltd. continued to report recovery. We note-
revival in automotive, infrastructure and construction sector,
better consumer off-take primarily in home care products and
favorable base were chief reasons.
Adjusting for closure of automotive graphics business, two-year revenue compound annual growth rate works out to down 1.3%.
We model the business to maintain recovery momentum in FY22-23 due to re-opening of economy especially auto, oil and gas and healthcare sectors and favorable base of FY21.
Increase in manufacturing activities in India due to production linked incentive will be medium term positive for 3M India.
However, we expect increase in raw material inflation to impact near-term earnings.
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