3M INDIA Announces Quarterly Results (3QFY20); Net Profit Down 34.7%

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3M INDIA Announces Quarterly Results (3QFY20); Net Profit Down 34.7%
Wed, 12 Feb

3M INDIA has announced its results for the quarter ended December 2019. Here is a detailed performance review of the same:

3M INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Net SalesRs m7,9157,6357,454-2.4%-5.8%
Other incomeRs m12610714435.2%14.6%
TurnoverRs m8,0417,7427,598-1.9%-5.5%
ExpensesRs m6,2416,3406,4752.1%3.8%
Gross profitRs m1,6751,295978-24.5%-41.6%
DepreciationRs m1081381477.0%36.9%
InterestRs m181141.6%675.2%
Profit before taxRs m1,6921,256964-23.3%-43.0%
TaxRs m590256245-4.5%-58.5%
Profit after taxRs m1,1021,000719-28.1%-34.7%
Gross profit margin%21.217.013.1
Effective tax rate%34.920.425.4
Net profit margin%13.712.99.5
* 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 5.8% on a year-on-year (YoY) basis. The expenses were up by 3.8% YoY during the same period.
  • The company's operating profit declined by 41.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.1% in 3QFY20 as against 21.2% in 3QFY19.
  • Depreciation charges increased by 36.9% and finance costs increased by 675.2% YoY, respectively.
  • Other income increased by 14.6% YoY during the quarter.
  • Net profit for the quarter declined by 34.7% YoY. Net profit margins during the quarter declined from 13.7% in 3QFY19 to 9.5% in 3QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 2.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 2.1% QoQ during the same period.
  • The company's operating profit declined by 24.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.1% in 3QFY20 as against 17.0% in 2QFY19.
  • Net profit for the quarter declined by 28.1% QoQ, while net profit margins declined from 12.9% in 2QFY19 to 9.5% in 3QFY20.

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

3M INDIA Share Price Performance

Over the last one year,3M INDIA share price has moved up from Rs 21,190.8 to Rs 22,705.4, registering a Gain of Rs 1,514.7 or around 7.1%.

Overall, the S&P BSE SENSEX is up 14.3% over the year.

Current Valuations

At the current price of Rs 22,705.4, the price to earnings (P/E) ratio of 3M INDIA stands at 79.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 17.9 times.

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For the quarter ended June 2020, 3M INDIA has posted a net profit of Rs 425 m (down 147.2% YoY). Sales on the other hand came in at Rs 3 bn (down 57.0% YoY). Read on for a complete analysis of 3M INDIA's quarterly results.

3M INDIA Announces Quarterly Results (4QFY20); Net Profit Down 0.3% (Quarterly Result Update)

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