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A large-cap company with a market valuation of 26,442.16 Cr, 3M India Ltd operates in a diversified industry. The company provides a selection of products for a diverse range of industries, including automotive, commercial solutions, communications, consumer goods, design and construction, electronics, energy, health care, manufacturing, safety, and transportation. Along with its Q2 results, the company also announced an interim (special) dividend of Rs. 850 per equity share having a face value of Rs. 10 for the financial year 2022–23.

The company has said today in a stock exchange filing that “We would wish to inform that at the Meeting of the Board of Directors of the Company held today i.e., on November 9, 2022, the Board have inter-alia declared an Interim (Special) Dividend of Rs. 850/- per equity share of face value Rs. 10/- each, for the financial year 2022-23 The Board of Directors have fixed November 22, 2022 as the Record Date for determining the entitlement of the shareholders for the payment of aforesaid Interim Dividend. The Interim Dividend shall be paid/dispatched to the shareholders on or before December 9, 2022."

Through a separate release, the company has also informed the stock exchanges that “The Board of Directors declared Interim (Special) Dividend of Rs.850/- per Share on 1,12,65,070 Nos. of Equity Shares of Rs. 10/- each (F.V.) for the financial year 2022-23. The Company has fixed Tuesday, the 22nd November, 2022, as the "Record Date" for the purpose of ascertaining the eligibility of the Shareholders for payment of Interim Dividend."

On a consolidated basis, 3M India's net profit increased by 65.44% YoY to 106.23 crore in Q2FY23 from 64.21 crore in Q2FY22, the net profit was 84.25 Cr in Q1FY23 representing a QoQ rise of 26%. Net sales rose 16.26% YoY to 976.70 crore in Q2FY23, as against 840.10 crore during the same quarter last year. In the quarter that ended June 2022, the company reported net sales of 943.59 Cr, representing a QoQ growth of 3.50%. The EPS climbed to 94.30 per share in Q2FY23, from 74.80 in Q1FY23 and 57 in Q2FY22.

On a standalone basis, the company reported a net profit of 99.86 Cr in Q2FY23 compared to 80.24 Cr in Q1FY23 and 64.88 Cr in Q2FY22, representing a QoQ growth of 24.45% and a YoY growth of 53.91%. The company reported net sales of 924.98 Cr in Q2FY23 compared to 889.77 Cr in Q1FY23 and 776.89 Cr in Q2FY22, representing a QoQ growth of 3.95% and a YoY growth of 19.06%. The EPS climbed to 88.65 per share in Q2FY23 from 71.23 in Q1FY23 and 57.60 in Q2FY22.

The shares of 3M India Ltd closed today at 23,480.00 apiece, up by 4.82% from the previous close of 22,400.70. In trade today the stock recorded a total volume of 27,624 shares compared to the 20-Day average volume of 2,675 shares. On a YTD basis, the stock has fallen 8.98% so far in 2022.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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