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.
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