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
Post our initiating coverage report on 3M India Ltd., few investors had raised queries on the slow growth registered by the company over FY19-FY21E.
While there are obvious reasons for weakness - such as
Slowdown in gross domestic product growth,
Covid-19 led lockdown and
Slowdown in the auto sector.
We would like to draw investor attention towards long-term creation by the company.
3M India reported revenue and profit after tax compound annual growth rates of 19% and 22% respectively over the long period of FY1995-FY2020 maintaining return on equity greater than cost of capital.
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