3M India Ltd

₹ 23,149 -1.02%
02 Dec - close price
About

3M India is a subsidiary of 3M Company, USA. The Company manages its operations in four operating segments: Safety & Industrial , Transportation & Electronics, Health Care and Consumer. In India, the Company has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R&D Center in Bangalore.(Source : 202003 Annual Report Page No:137)

Key Points

History of the company
3M was incorporated in 1902 in the USA as a Mining company and now 3M is one of the world’s leading conglomerates with a presence in 70+ countries. 3M ventured into India as a part of their expansion strategy. Birla 3M India was incorporated in 1986 as a Joint venture between the 3M group and the Birla group and later Y. Birla sold his stake and eventually the name of the company was changed to 3M India in 2002. [1] [2]

  • Market Cap 26,089 Cr.
  • Current Price 23,149
  • High / Low 26,943 / 17,273
  • Stock P/E 73.8
  • Book Value 2,370
  • Dividend Yield 0.00 %
  • ROCE 15.2 %
  • ROE 11.2 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company's working capital requirements have reduced from 54.0 days to 38.3 days

Cons

  • Stock is trading at 9.77 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 5.43% over past five years.
  • Company has a low return on equity of 9.77% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Diversified Industry: Diversified - Large

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
702 694 627 320 648 684 769 689 777 764 849 890 925
583 601 639 365 541 603 674 644 684 665 700 779 810
Operating Profit 119 93 -11 -46 107 81 96 44 93 99 149 111 115
OPM % 17% 13% -2% -14% 16% 12% 12% 6% 12% 13% 18% 12% 12%
10 13 11 7 6 6 8 8 8 6 9 11 34
Interest 1 1 1 1 0 1 0 1 1 0 2 1 0
Depreciation 13 14 15 14 16 15 14 14 13 13 13 14 14
Profit before tax 115 91 -16 -54 96 71 89 38 87 91 143 108 134
Tax % 20% 25% -60% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26%
Net Profit 92 68 -26 -40 71 53 66 28 65 68 106 80 100
EPS in Rs 81.80 60.14 -22.93 -35.43 62.89 46.76 58.31 24.82 57.59 60.13 93.73 71.24 88.65
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,191 1,405 1,574 1,742 1,840 2,140 2,363 2,556 2,809 2,765 2,420 3,078 3,428
1,035 1,283 1,463 1,630 1,636 1,803 1,994 2,076 2,301 2,425 2,183 2,696 2,954
Operating Profit 156 122 112 112 204 337 369 480 508 340 238 382 474
OPM % 13% 9% 7% 6% 11% 16% 16% 19% 18% 12% 10% 12% 14%
11 5 10 19 14 18 49 44 33 42 27 35 60
Interest 2 4 10 15 4 2 2 2 1 4 2 4 3
Depreciation 17 27 36 48 50 49 47 42 42 57 60 53 54
Profit before tax 148 96 75 69 165 303 369 480 497 320 202 360 476
Tax % 33% 33% 30% 38% 34% 36% 35% 35% 35% 32% 26% 26%
Net Profit 99 65 52 43 108 195 241 311 323 219 149 266 353
EPS in Rs 87.70 57.50 46.40 38.16 96.17 172.89 213.72 275.67 286.72 194.38 132.53 236.29 313.75
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 8%
5 Years: 5%
3 Years: 3%
TTM: 17%
Compounded Profit Growth
10 Years: 15%
5 Years: 2%
3 Years: -6%
TTM: 67%
Stock Price CAGR
10 Years: 19%
5 Years: 8%
3 Years: 2%
1 Year: -10%
Return on Equity
10 Years: 14%
5 Years: 13%
3 Years: 10%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
11 11 11 11 11 11 11 11 11 11 11 11 11
Reserves 528 593 645 688 796 977 1,215 1,525 1,848 2,064 2,210 2,478 2,658
12 76 174 121 14 11 10 9 14 42 23 24 22
200 241 233 267 306 430 695 589 621 537 672 744 825
Total Liabilities 751 921 1,063 1,088 1,128 1,429 1,932 2,135 2,494 2,653 2,917 3,257 3,517
165 290 300 418 388 349 315 285 269 287 248 291 284
CWIP 94 21 121 7 1 1 2 6 10 7 24 23 44
Investments 0 0 0 0 0 0 0 0 585 505 505 505 505
492 611 642 662 739 1,078 1,614 1,844 1,629 1,855 2,140 2,439 2,684
Total Assets 751 921 1,063 1,088 1,128 1,429 1,932 2,135 2,494 2,653 2,917 3,257 3,517

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
53 21 64 120 177 261 365 29 267 218 312 334
-119 -71 -141 -47 -4 1 12 18 -590 1 -16 -43
12 53 83 -73 -119 -5 -4 -2 4 -24 -25 -21
Net Cash Flow -55 3 6 0 54 257 373 45 -319 195 271 269

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 60 61 62 56 49 54 63 76 71 67 69 58
Inventory Days 89 96 87 89 101 89 92 95 93 93 105 86
Days Payable 67 65 49 44 53 69 111 88 79 66 114 96
Cash Conversion Cycle 81 91 99 100 97 74 44 83 85 94 60 49
Working Capital Days 67 71 75 64 57 39 16 54 54 68 56 38
ROCE % 30% 16% 11% 10% 21% 34% 33% 35% 29% 16% 9% 15%

Shareholding Pattern

Numbers in percentages

10 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
5.19 4.85 3.32 3.59 4.28 3.76 3.95 3.78 4.38 4.25 4.13 4.26
4.11 4.42 6.97 7.08 6.78 7.64 7.70 7.62 7.01 6.54 6.37 6.90
15.70 15.73 14.71 14.33 13.94 13.60 13.35 13.60 13.61 14.21 14.50 13.83

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

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