ICICI Securities: 3M India - Long-Term Value Generator Passing Through Short-Term Weakness
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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 value 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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