BENGALURU (Reuters) – 3M India reported on Tuesday a 22% jump in its first-quarter profit, as a decrease in total expenses helped lift the diversified products maker’s bottomline.
The company, which makes everything from ‘Post-it’ notes to power tools, reported a consolidated profit after tax of 1.57 billion rupees ($18.7 million) for the quarter ended June 30, from 1.29 billion rupees a year earlier.
Total expenses declined 4% during the reported quarter, primarily due to a decrease in employee benefit expenses and depreciation charges.
3M India, the Indian arm of the U.S.-based industrial conglomerate 3M Co, said its safety and industrial segment – which contributes 32% to the total revenue – saw a slight rise in revenue.
The segment houses products including fire barrier seals and electrical resins.
Revenue from its healthcare segment remained flat, while that from its transportation and electronics segment fell 4%.
3M’s total revenue remained flat as consistent price hikes across its product range, including adhesives and office supplies, dampened demand.
Last month, U.S.-based 3M Co reported better-than-expected profit for June quarter and raised its annual adjusted profit forecast, hoping to benefit from its restructuring measures and increasing demand for electronics.
($1 = 83.9325 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips)
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