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 29,317 Cr.
  • Current Price 26,013
  • High / Low 31,000 / 18,000
  • Stock P/E 125
  • Book Value 1,696
  • Dividend Yield 0.00 %
  • ROCE 11.8 %
  • ROE 8.81 %
  • 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 15.34 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend

Peer comparison

Sector: Diversified Industry: Diversified - Large

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
736 792 743 804 764 745 673 346 690 741 827 744
634 624 640 656 634 648 597 395 577 650 725 696
Operating Profit 102 167 103 148 130 98 76 -48 113 92 102 48
OPM % 14% 21% 14% 18% 17% 13% 11% -14% 16% 12% 12% 6%
Other Income 17 13 2 6 11 14 12 6 6 6 7 8
Interest 0 0 1 1 1 1 1 1 0 1 0 1
Depreciation 11 11 11 15 14 15 16 15 17 16 14 15
Profit before tax 108 169 94 139 126 96 72 -58 102 81 95 41
Tax % 35% 35% 36% 35% 20% 25% 16% 26% 27% 26% 26% 26%
Net Profit 70 110 60 90 100 72 60 -43 75 59 70 30
EPS in Rs 62.40 97.82 53.55 80.01 88.78 63.84 53.36 -37.74 66.61 52.72 62.56 26.72

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,710 3,017 2,987 2,605 3,003
2,211 2,481 2,537 2,345 2,647
Operating Profit 499 536 450 259 355
OPM % 18% 18% 15% 10% 12%
Other Income 55 60 46 25 27
Interest 2 1 4 2 2
Depreciation 44 44 59 62 62
Profit before tax 508 551 433 220 318
Tax % 34% 33% 26% 26%
Net Profit 333 366 322 162 235
EPS in Rs 295.91 325.06 285.99 144.14 208.61
Dividend Payout % 0% 0% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:-1%
TTM:19%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-22%
TTM:24%
Stock Price CAGR
10 Years:20%
5 Years:15%
3 Years:6%
1 Year:39%
Return on Equity
10 Years:%
5 Years:%
3 Years:18%
Last Year:9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
11 11 11 11
Reserves 1,055 1,422 1,740 1,899
Borrowings 10 14 42 23
1,234 672 578 718
Total Liabilities 2,311 2,118 2,371 2,652
303 286 306 266
CWIP 6 12 7 24
Investments 0 0 0 0
2,001 1,820 2,058 2,362
Total Assets 2,311 2,118 2,371 2,652

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
36 253 245 321
25 -553 3 -14
-2 3 -25 -25
Net Cash Flow 59 -297 223 282

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 77 71 65 68
Inventory Days 96 94 92 104
Days Payable 93 81 66 94
Cash Conversion Cycle 79 84 92 79
Working Capital Days -25 55 66 56
ROCE % 44% 27% 12%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 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
8.32 8.29 8.26 6.79 5.19 4.85 3.32 3.59 4.28 3.76 3.95 3.78
2.23 2.22 2.15 3.17 4.11 4.42 6.97 7.08 6.78 7.64 7.70 7.62
14.45 14.49 14.59 15.04 15.70 15.73 14.71 14.33 13.94 13.60 13.35 13.60

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