BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Key takeaways from 3M India Ltd.'s Q2 FY22 results:
all segments except safety and industrial continued to report healthy recovery. We note revival in automotive, infrastructure and construction sector and better consumer off-take were chief growth drivers,
revenues grew 21.8% YoY, but Ebitda and adjusted profit after tax declined 18.7% and 14.2% YoY and
gross margins declined 165 basis points YoY due to input material cost inflation.
Increase in manufacturing activities in India post production linked incentive would potentially be medium-term positive for 3M India, in our view.
However, we expect increase in raw material inflation to impact near-term earnings.
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