3M INDIA Announces Quarterly Results (1QFY21); Net Profit Down 147.2%

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3M INDIA Announces Quarterly Results (1QFY21); Net Profit Down 147.2%
Mon, 14 Sep

3M INDIA has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

3M INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m8,0456,7323,462-48.6%-57.0%
Other incomeRs m6312464-48.5%1.6%
TurnoverRs m8,1086,8563,526-48.6%-56.5%
ExpensesRs m6,5655,9683,946-33.9%-39.9%
Gross profitRs m1,480763-484-163.4%-132.7%
DepreciationRs m149159150-5.5%0.8%
InterestRs m898-7.6%-1.9%
Profit before taxRs m1,385720-578-180.4%-141.7%
TaxRs m484119-153-229.2%-131.6%
Profit after taxRs m901601-425-170.7%-147.2%
Gross profit margin%18.411.3-14.0
Effective tax rate%34.916.526.5
Net profit margin%11.18.8-12.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 57.0% on a year-on-year (YoY) basis. The expenses were down by 39.9% YoY during the same period.
  • The company's operating profit declined by 132.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 14.0% in 1QFY21 as against 18.4% in 1QFY20.
  • Depreciation charges increased by 0.8% and finance costs declined by 1.9% YoY, respectively.
  • Other income increased by 1.6% YoY during the quarter.
  • Net profit for the quarter declined by 147.2% YoY. Net profit margins during the quarter declined from 11.1% in 1QFY20 to -12.1% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 48.6% on a quarter-on-quarter (QoQ) basis. The expenses were down by 33.9% QoQ during the same period.
  • The company's operating profit declined by 163.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 14.0% in 1QFY21 as against 11.3% in 4QFY20.
  • Net profit for the quarter declined by 170.7% QoQ, while net profit margins declined from 8.8% in 4QFY20 to -12.1% in 1QFY21.

To see how 3M INDIA has performed over the last eight quarters,please visit here.

Get Details: These 3 Stocks are the Dark Horses of the Stock Market

3M INDIA Share Price Performance

Over the last one year,3M INDIA share price has moved down from Rs 20,395.5 to Rs 18,640.0, registering a Loss of Rs 1,755.5 or around 8.6%.

Overall, the S&P BSE SENSEX is up 5.0% over the year.

Current Valuations

At the current price of Rs 18,640.0, the price to earnings (P/E) ratio of 3M INDIA stands at 110.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 14.7 times.

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For the quarter ended December 2020, 3M INDIA has posted a net profit of Rs 594 m (down 17.4% YoY). Sales on the other hand came in at Rs 7 bn (down 0.5% YoY). Read on for a complete analysis of 3M INDIA's quarterly results.

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