3M India Ltd, a subsidiary of the US-based 3M Company’s profit after tax (PAT) slipped by 16 per cent year-on- year (YoY) for the quarter that ended on December 31. The PAT for the period under review stood at ₹114 crore, from ₹135 crore (Q3FY24). The company attributed the decline in margins to cost headwinds, primarily due to rising material and freight costs.

Sales and other operating revenue stood at ₹1,090, up by 8 per cent YoY.

Commenting on the results for the quarter, Ramesh Ramadurai, Managing Director of 3M India Limited, said “The company delivered 8.4 per cent sales growth in the current quarter versus prior year and declined nearly 2 per cent on a sequential basis. Growth versus prior year was led by Healthcare at 23.2 per cent. Transportation & Electronics grew 10.3 per cent and Consumer segment grew 8.1 per cent over prior year. Safety & Industrial segment growth declined by 1.4 per cent. With end-use markets being broadly soft, the company is investing selectively in commercial execution. The company outperformed end-use markets in certain segments such as automotive, consumer and healthcare.”

The shares of the company closed at ₹28,159.30, down by 1.22 per cent on the BSE.