3M India Ltd

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)

  • Market Cap 27,951 Cr.
  • Current Price 24,801
  • High / Low 31,000 / 18,000
  • Stock P/E 129
  • Book Value 1,972
  • Dividend Yield 0.00 %
  • ROCE 9.32 %
  • ROE 6.90 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 12.58 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 2.50% over past five years.
  • Company has a low return on equity of 11.87% for last 3 years.

Peer comparison

Sector: Diversified Industry: Diversified - Large

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
683 736 689 742 702 694 627 320 648 684 769 689
588 579 591 601 583 601 639 365 541 603 674 644
Operating Profit 95 157 98 141 119 93 -11 -46 107 81 96 44
OPM % 14% 21% 14% 19% 17% 13% -2% -14% 16% 12% 12% 6%
Other Income 15 10 2 6 10 13 11 7 6 6 8 8
Interest 0 0 1 1 1 1 1 1 0 1 0 1
Depreciation 11 10 10 14 13 14 15 14 16 15 14 14
Profit before tax 99 156 89 131 115 91 -16 -54 96 71 89 38
Tax % 35% 35% 35% 35% 20% 25% -60% 26% 26% 26% 26% 26%
Net Profit 64 101 58 85 92 68 -26 -40 71 53 66 28
EPS in Rs 56.67 90.00 51.62 75.37 81.80 60.14 -22.93 -35.43 62.89 46.76 58.31 24.82

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,087 1,191 1,405 1,574 1,742 1,840 2,140 2,363 2,556 2,809 2,765 2,420 2,789
948 1,035 1,283 1,463 1,630 1,636 1,803 1,994 2,076 2,301 2,425 2,183 2,462
Operating Profit 138 156 122 112 112 204 337 369 480 508 340 238 328
OPM % 13% 13% 9% 7% 6% 11% 16% 16% 19% 18% 12% 10% 12%
Other Income 20 11 5 10 19 14 18 49 44 33 42 27 28
Interest 1 2 4 10 15 4 2 2 2 1 4 2 2
Depreciation 17 17 27 36 48 50 49 47 42 42 57 60 59
Profit before tax 141 148 96 75 69 165 303 369 480 497 320 202 294
Tax % 34% 33% 33% 30% 38% 34% 36% 35% 35% 35% 32% 26%
Net Profit 93 99 65 52 43 108 195 241 311 323 219 149 217
EPS in Rs 82.41 87.70 57.50 46.40 38.16 96.17 172.89 213.72 275.67 286.72 194.38 132.53 192.78
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:7%
5 Years:3%
3 Years:-2%
TTM:19%
Compounded Profit Growth
10 Years:4%
5 Years:-5%
3 Years:-22%
TTM:131%
Stock Price CAGR
10 Years:20%
5 Years:13%
3 Years:3%
1 Year:36%
Return on Equity
10 Years:14%
5 Years:15%
3 Years:12%
Last Year:7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
11 11 11 11 11 11 11 11 11 11 11 11
Reserves 429 528 593 645 688 796 977 1,215 1,525 1,848 2,064 2,210
Borrowings 0 12 76 174 121 14 11 10 9 14 42 23
169 200 241 233 267 306 430 695 589 621 537 672
Total Liabilities 610 751 921 1,063 1,088 1,128 1,429 1,932 2,135 2,494 2,653 2,917
141 165 290 300 418 388 349 315 285 269 287 248
CWIP 40 94 21 121 7 1 1 2 6 10 7 24
Investments 0 0 0 0 0 0 0 0 0 585 505 505
429 492 611 642 662 739 1,078 1,614 1,844 1,629 1,855 2,140
Total Assets 610 751 921 1,063 1,088 1,128 1,429 1,932 2,135 2,494 2,653 2,917

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
106 53 21 64 120 177 261 365 29 267 218 312
-52 -119 -71 -141 -47 -4 1 12 18 -590 1 -16
-0 12 53 83 -73 -119 -5 -4 -2 4 -24 -25
Net Cash Flow 53 -55 3 6 0 54 257 373 45 -319 195 271

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 49 60 61 62 56 49 54 63 76 71 67 69
Inventory Days 74 89 96 87 89 101 89 92 95 93 93 105
Days Payable 80 67 65 49 44 53 69 111 88 79 66 95
Cash Conversion Cycle 42 81 91 99 100 97 74 44 83 85 94 80
Working Capital Days 49 68 73 76 65 58 40 17 55 55 68 56
ROCE % 36% 30% 16% 11% 10% 21% 34% 33% 35% 29% 16% 9%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
8.62 8.32 8.29 8.26 6.79 5.19 4.85 3.32 3.59 4.28 3.76 3.95
1.93 2.23 2.22 2.15 3.17 4.11 4.42 6.97 7.08 6.78 7.64 7.70
14.45 14.45 14.49 14.59 15.04 15.70 15.73 14.71 14.33 13.94 13.60 13.35

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