3M India - Recovery Visible In Most Segments In Q3: ICICI Securities 
Signage stands outside the 3M Co. Cottage Grove Center in Cottage Grove (Photographer Daniel Acker/Bloomberg)

3M India - Recovery Visible In Most Segments In Q3: ICICI Securities 

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ICICI Securities Report

Key takeaways from 3M India Ltd.’s Q3 FY21 earnings -

1. There is a recovery in consumer and transportation and electronics segment with re-opening up of the economy and automotive sector,

2. healthcare segment continues to be impacted by lower off-take by hospitals and

3. though the gross margin was flat, cost-saving initiatives resulted in Ebitda margin expansion of 370 basis points.

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

Increase in manufacturing activities in India due to performance-linked incentive will be medium-term positive for 3M India.

Click on the attachment to read the full report:

ICICI Securities 3M India Q3FY21 Results Update.pdf

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