3MINDIA · Diversified
3M India Ltd. reported revenue of ₹1,111 cr for July to September 2024, +6.8% on the year and +6.1% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹183 cr, a margin of 16.5%, −199 bps on the year and −311 bps on the quarter. Over the last 6 quarters the margin has ranged from 16.2% to 19.6%, averaging 18.0%. Operating costs grew +9.4%, faster than revenue at +6.8%, so operating profit grew less than sales.
Net profit was ₹134 cr, −8.2% on the year and −14.6% on the quarter, with earnings per share of ₹118.76. Profit before other income, one-offs and tax fell 7.8%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average.
On earnings per share of ₹521.44 over the last four quarters, the stock at ₹30,375.00 trades at 58.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 16.5%, −199 bps on the year (−311 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,040 cr | ₹1,006 cr | ₹1,033 cr | ₹1,047 cr | ₹1,111 cr | ₹1,090 cr | ₹1,198 cr | ₹1,196 cr | ₹1,266 cr | ₹1,228 cr | ₹1,399 cr | ₹1,423 cr |
| YoY | — | — | — | +7% | +7% | +8% | +16% | +14% | +14% | +13% | +17% | +19% |
| EBITDA margin | 18.5% | 17.8% | 19.6% | 19.6% | 16.5% | 14.1% | 18.9% | 20.2% | 20.2% | 18.8% | 18.4% | 16.7% |
| Other income, % of PBT | 9% | 9% | 13% | 10% | 10% | 11% | 6% | 6% | 5% | −57% | 18% | 28% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 25% | 26% | 27% | 26% | 68% | 26% | 24% | — | 26% | 23% |
| Net profit | ₹146 cr | ₹135 cr | ₹161 cr | ₹157 cr | ₹134 cr | ₹114 cr | ₹71.0 cr | ₹178 cr | ₹191 cr | −₹62.0 cr | ₹215 cr | ₹233 cr |
| YoY | — | — | — | +34% | −8% | −16% | −56% | +13% | +43% | −154% | +203% | +31% |
| Core profit YoY | — | — | — | +31% | −8% | −16% | +12% | +19% | +45% | +31% | +12% | −3% |
| EPS | ₹129.70 | ₹120.05 | ₹143.13 | ₹139.50 | ₹118.76 | ₹100.99 | ₹63.35 | ₹157.73 | ₹169.85 | −₹55.08 | ₹191.16 | ₹206.90 |
| Flags | · | · | · | ✓ | ✓ | 1 | ✓ | 1 | 1 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
3M India Ltd. reported revenue of ₹1,111 cr (+6.8% on the year) and net profit of ₹134 cr (−8.2% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −7.8% on the year, against −8.2% for reported profit.
None of the 7 checks that could run raised a question.
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