(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 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 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 [.BO].
($1 = 87.6900 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Janane Venkatraman)
