3M India - PLI Remains Medium-Term Growth Opportunity: ICICI Securities

Signage stands outside 3M Co. headquarters in St. Paul, Minnesota, U.S. (Photographer: Mike Bradley/Bloomberg)

3M India - PLI Remains Medium-Term Growth Opportunity: ICICI Securities

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

We interacted with senior management of 3M India Ltd. and takeaways from the discussion are-

1. the company plans consolidation of its two plants in Pune which will result in higher production efficiencies and lower overheads,

2. It believes production linked incentive is strong medium-term opportunity and it is in discussion with Government and manufacturers to offer its products/services related to PLI,

3. healthcare segment is still impacted due to lower elective surgeries and lower demand for dental care products,

4. the commercial production of automotive products is expected to commence from Q1 FY23. However, closure of ‘printed graphics’ business will result in 4% lower revenues.

Click on the attachment to read the full report:

ICICI Securities 3M India Concall Update.pdf

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