Aug 7 (Reuters) - Diversified products maker 3M India
reported a year-on-year rise in profit after three
consecutive quarters of decline, buoyed by strong demand in its
healthcare and consumer segments.
The company, which makes everything from 'Post-it' notes to
medical gear, reported a 13.1% rise in profit after tax to 1.78
billion rupees ($20.30 million) for the first quarter ended June
30, from 1.57 billion rupees a year ago.
The Indian arm of U.S. conglomerate 3M ( MMM ) has logged
robust demand in sectors such as healthcare, infrastructure and
electronics as India's own manufacturing activities scale up,
led by higher government expenditure and strong economic growth.
3M India's revenue rose 14.3% to 11.96 billion rupees,
marking its highest growth in three quarters. Expenses rose
roughly 13%.
Last month parent 3M ( MMM ) raised its full-year profit
forecast and projected a smaller hit from U.S. tariffs to its
2025 earnings.
Sales in both its healthcare and consumer segments, which
account for 20% and 11% of the top line, respective, rose 20%
each.
Its biggest segment, transportation and electronics, which
makes up about 37% of the overall revenue, saw an 11% rise in
sales.
Shares of 3M India were down 2.22% in a weak broader market
after the U.S. doubled the tariffs on imported Indian goods to
50%, stoking concerns over the economic impact of heightened
trade tensions.
($1 = 87.6900 Indian rupees)