3M India Q1 Review - Strong Performance In-Spite Of Inflationary Pressures, Rupee Depreciation: ICICI Securities


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3M India Ltd. reported healthy revenue growth of 26.8% YoY, led by strong print across all segments. However, three-year revenue compound annual growth rate was tad underwhelming at just 5.5%.

Amid input material inflation, supply-chain challenges and rupee depreciation, timely price hikes and other cost-saving initiatives helped 3M India to expand its gross and Ebitda margins by 299 basis points and 591 bps YoY, respectively.

We note all segments (excluding safety and industrial) reported sequential revenue growth as well. We remain positive on 3M India due to competitive advantages like strong brands, established distribution network and global relationships with large manufacturers, and access to parent’s technology pool.

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