3M India Q4 Review - Strong Recovery Across Segments Excluding Healthcare: ICICI Securities
Signage stands outside 3M Co. headquarters in St. Paul, Minnesota, U.S. (Photographer Mike Bradley/Bloomberg)

3M India Q4 Review - Strong Recovery Across Segments Excluding Healthcare: 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

All segments of 3M India Ltd. except healthcare reported strong recovery in Q4 FY21. Key reasons were:

  1. revival in automotive, infrastructure and construction sector,
  2. better consumer off-take primarily in home care products and
  3. favorable base.

Due to lower capacity utilisation in hospitals and postponement of elective surgeries, healthcare segment reported revenue growth of just 5.8% YoY.

While closure of automotive graphics business resulted ~500 basis points revenue impact, Ebitda margin expanded 100 bps with better revenue mix.

We model the business to maintain recovery momentum in FY22 due to re-opening of economy especially auto, oil and gas and healthcare sectors and favorable base of FY21.

Click on the attachment to read the full report:

ICICI Securities 3M India Q4FY21 Results Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

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