Equity Research INDIA

February 4, 2022
BSE Sensex: 58788
3M India BUY
ICICI Securities Limited Maintained
is the author and
distributor of this report Strong recovery in Healthcare; Safety &
Industrials continue to underperform Rs24,722
Q3FY22 result review While Q3FY22 results were below our expectations, we note 3M India has reported
and TP/earnings revision revenue and PAT growth of 35.6% and 37.8% YoY, respectively, in 9MFY22.
Q3FY22 was impacted by muted growth in Safety and Industrial segment (1% YoY)
Diversified and steep inflation in input prices as well freight cost. However, we remain
enthused by 45.7% revenue growth in Healthcare segment. Increase in
manufacturing activities in India post PLI and higher budgetary allocations to
Target price: Rs29,000
investments would potentially be a medium-term positive for 3M India, in our view.
Earnings revision However, we expect increase in RM inflation to impact near-term earnings. We
(%) FY22E FY23E remain positive on 3M India due to competitive advantages like (1) strong brands,
Sales ↓ 0.0 ↓ 0.0 (2) established distribution network and global relationships with large
EBITDA ↓ 9.4 ↓ 3.3 manufacturers and (3) access to parent’s technology pool. We cut FY22-23E
EPS ↓ 9.5 ↓ 3.7
earnings to factor in muted Q3FY22 and higher inflationary pressures. Maintain
Target price revision BUY with a revised DCF-based TP of Rs29,000 (implied P/E 60x of FY24E EPS).
Rs29,000 from Rs31,000  Q3FY22 result: 3M India reported revenue growth of 11.4% YoY (2-year CAGR of
5.3%). However, EBITDA and adj. PAT declined 23.5% and 20.9% YoY, respectively.
Shareholding pattern Inflation in input prices and rising freight costs led to EBITDA margin contraction of
Jun Sep Dec
‘21 ‘21 ‘21 527bps YoY. Standalone revenues were up 11.7% YoY and revenues of 3M Electro
Promoters 75.0 75.0 75.0 (Consolidated – Standalone) were up 8.6% YoY.
Institutional
investors 11.7 11.4 11.4  Segment-wise performance: Healthcare and Consumer segments reported strong
MFs and others 5.0 5.3 5.5 growth of 45.7% and 14.7%, respectively. However, Transportation and Electronics
FIs/Bank/Ins 0.0 0.0 0.0
FIIs 6.7 6.1 5.9 segment reported revenue growth of 10.9% YoY. Closure of Automotive stickers
Others 13.3 13.6 13.6 business also impacted its revenue growth YoY. Safety and Industrial segment
Source: BSE reported muted growth of 1% YoY (two-year CAGR was 0%).
Price chart  PLI – a medium-term opportunity: The company has indicated that it is in touch
35,000 with the government as well as manufacturers regarding PLI announcements. We
30,000 expect the increase in manufacturing, infrastructure and construction activities to be a
25,000 medium-term growth opportunity for 3M India. Initially, it is likely to import products or
(Rs)

20,000
it may do last-mile manufacturing in India.
15,000  Higher input prices: While the increase in input prices and freight inflation caused
10,000 increase in cost pressures, the company executed price actions and took cost-saving
initiatives to reduce the impact of such cost pressures. We model 3M India to report
Feb-19

Feb-20

Feb-21

Feb-22
Aug-19

Aug-20

Aug-21

EBITDA margin of ~9% in FY22, lowest in past eight years.

 Maintain BUY: We model 3M India to report revenue and PAT CAGR of 19.9% and
42.5%, respectively over FY21-FY24E with steady improvement in RoE over FY21-
24E. We retain BUY with a revised DCF-based target price of Rs29,000 (prior TP:
Rs31,000). Key risks: Failure of new products and steep inflationary pressures.
Market Cap Rs277bn/US$3.7bn Year to March FY21 FY22E FY23E FY24E
Reuters/Bloomberg TMIN.BO/3M IN Revenue (Rs mn) 26,048 33,062 38,526 44,896
Shares Outstanding (mn) 11.3 Adj. Net Profit (Rs mn) 1,894 2,331 3,683 5,478
Research Analysts:
52-week Range (Rs) 30437/20617 Dil. Rec. EPS (Rs) 168.1 206.9 326.9 486.3
Aniruddha Joshi Free Float (%) 25.0 % Chg YoY (41.2) 23.1 58.0 48.8
Aniruddha.joshi@icicisecurities.com
FII (%) 5.9 P/E (x) 147.1 119.5 75.6 50.8
+91 22 6807 7249
Karan Bhuwania Daily Volume (US$'000) 1,637 CEPS (Rs) 223.0 259.2 381.9 546.9
karan.bhuwania@icicisecurities.com Absolute Return 3m (%) (8.1) EV/EBITDA (x) 91.1 90.7 54.3 36.9
+91 22 6807 7351
Absolute Return 12m (%) 16.9 Dividend Yield (%) - - - -
Pranjal Garg
pranjal.garg@icicisecurities.com Sensex Return 3m (%) (1.6) RoCE (%) 12.5 11.6 18.4 23.5
+91 22 6807 7650 Sensex Return 12m (%) 18.2 RoE (%) 8.8 11.7 16.0 19.9
Please refer to important disclosures at the end of this report
3M India, February 4, 2022 ICICI Securities
Table 1: Q3FY22 financial performance
(Rs mn, year ending March 31)
Q3FY22 Q3FY21 YoY gr. Q2FY22 QoQ gr.
Revenue 8,263 7,414 11.4 8,401 (1.6)

Expenditure
Raw materials 5,090 4,432 14.9 5,231 (2.7)
% of revenue 61.6 59.8 62.3
Employee cost 1,027 694 47.9 985 4.2
% of revenue 12.4 9.4 11.7
Other expenditure 1,191 1,042 14.4 1,263 (5.6)
% of revenue 14.4 14.0 15.0
Total expenditure 7,309 6,168 18.5 7,479 (2.3)

EBITDA 954 1,247 (23.5) 922 3.5

EBITDA margin 11.5 16.8 11.0

Other income 77 57 35.2 84 (8.8)

PBDIT 1,031 1,303 (20.9) 1,006 2.5
Depreciation 136 157 (13.5) 133 2.2
PBIT 895 1,146 (21.9) 873 2.5
Interest 5 9 (42.7) 7 (28.5)
PBT 890 1,137 (21.8) 866 2.7
Prov for tax 222 293 (24.2) 224 (0.7)
% of PBT 25.0 25.8 25.9
Adjusted PAT 667 844 (20.9) 642 3.9
Extraordinary items (7) (260) (97.2) (7) -
Minority Interest - - -
Reported PAT 660 584 13.1 635 4.0
Source: Company data, I-Sec research

Key performance highlights

Chart 1: Revenue and revenue growth Chart 2: Profitability margins

Revenues Growth (%) EBITDA margin PAT margin

25
9,000 140 20
8,000 120
15
100
7,000
80 10
6,000 60 5
(Rs mn)

(%)

5,000 40
20 -
4,000
3,000 - (5)
(20) (10)
2,000
(40)
1,000 (60) (15)
- (80) (20)
Sept 17

Sept 18

Sept 19

Sept 20

Sept 21
Dec 16

Dec 17

Dec 18

Dec 19

Dec 20

Dec 21

Dec 16

Dec 17

Dec 18

Dec 19

Dec 20

Dec 21
June 18

June 19

June 20

June 21

June 17

June 18

June 19

June 20

June 21
June 17

Mar 17

Mar 18

Mar 19

Mar 20

Mar 21

Source: Company data, I-Sec research Source: Company data, I-Sec research

2
3M India, February 4, 2022 ICICI Securities

Table 2: Segment-wise performance

(Rs mn, year ending March 31)
Sept 20 Dec 20 Mar 21 June 21 Sept 21 Dec 21
Segments – Revenues (Rsmn)
Safety & Industrial 2,901 2,812 3,088 2,877 2,923 2,838
Transportation & Electronics 2,222 2,710 3,131 2,377 2,921 3,006
Healthcare 826 929 1,096 1,301 1,389 1,353
Consumer 849 880 909 809 1,069 1,010
Others 103 84 49 76 99 56
Total 6,900 7,414 8,272 7,439 8,401 8,263

Revenue growth (%)

Safety & Industrial 1.5 -1.2 24.3 117.2 0.8 1.0
Transportation & Electronics -9.5 7.3 26.1 182.9 31.4 10.9
Healthcare -37.3 -23.2 5.8 68.9 68.2 45.7
Consumer -8.5 9.6 33.5 64.8 26.0 14.7
Others 34.2 21.5 2.3 110.1 -3.6 -33.1
Total -9.6 -0.5 22.9 114.9 21.8 11.4

Revenues (As % of Total)

Safety & Industrial 42.0 37.9 37.3 38.7 34.8 34.4
Transportation & Electronics 32.2 36.6 37.8 32.0 34.8 36.4
Healthcare 12.0 12.5 13.2 17.5 16.5 16.4
Consumer 12.3 11.9 11.0 10.9 12.7 12.2
Others 1.5 1.1 0.6 1.0 1.2 0.7
Total 100.0 100.0 100.0 100.0 100.0 100.0

EBIT (Rsmn)
Safety & Industrial 609 379 270 28 196 159
Transportation & Electronics 135 108 324 (28) 190 304
Healthcare 56 132 113 166 134 128
Consumer 122 111 167 126 238 197
Others 47 30 7 40 31 30
Total 968 759 880 331 789 818

EBIT (As % of Total)

Safety & Industrial 62.9 49.9 30.6 8.4 24.8 19.5
Transportation & Electronics 13.9 14.3 36.8 -8.6 24.1 37.2
Healthcare 5.8 17.4 12.8 50.0 17.0 15.6
Consumer 12.6 14.6 18.9 38.1 30.2 24.0
Others 4.8 3.9 0.8 12.1 3.9 3.7
Total 100.0 100.0 100.0 100.0 100.0 100.0

EBIT margin (%)

Safety & Industrial 21.0 13.5 8.7 1.0 6.7 5.6
Transportation & Electronics 6.1 4.0 10.3 -1.2 6.5 10.1
Healthcare 6.8 14.2 10.3 12.7 9.6 9.5
Consumer 14.3 12.6 18.3 15.6 22.3 19.5
Others 45.5 35.5 15.3 52.8 31.2 53.8
Total 14.0 10.2 10.6 4.5 9.4 9.9
Source: Company data, I-Sec research

3
3M India, February 4, 2022 ICICI Securities

Key ratios –Annual

Chart 3: Revenue and revenue growth Chart 4: EBITDA margin
50,000 Revenues EBITDA margin Mean +1SD -1SD
45,000 20.0
40,000 18.0
35,000 16.0
30,000 14.0
(Rs mn)

12.0
25,000

(%)
10.0
20,000
8.0
15,000
6.0
10,000 4.0
5,000 2.0
- -
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
CY08
15MFY10

FY22E
FY23E
FY24E

FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
CY08
15MFY10

FY22E
FY23E
FY24E
Source: Company data, I-Sec research Source: Company data, I-Sec research

Chart 5: PAT and PAT growth Chart 6: RoE and RoCE

6000 Net profit RoE RoCE

35
5000
30
4000 25
(Rs mn)

3000 20
(%)

15
2000
10
1000
5
0 0
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18

FY20
FY21
FY19
CY08
15MFY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21

FY22E
FY23E
FY24E
CY08
15MFY10

FY22E
FY23E
FY24E

Source: Company data, I-Sec research Source: Company data, I-Sec research

Chart 7: Net working capital days Chart 8: OCF and EBITDA

Net working capital days OCF/EBITDA
120.0
80
70 100.0
60
80.0
50
(%)

40 60.0
30
40.0
20
10 20.0
0
-
FY11

FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY12
CY08
15MFY10

FY22E
FY23E
FY24E

FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
CY08
15MFY10

FY22E
FY23E
FY24E

Source: Company data, I-Sec research Source: Company data, I-Sec research

4
3M India, February 4, 2022 ICICI Securities

Valuation and risks

We model 3M India to report revenue and PAT CAGRs of 19.9% and 42.5% over
FY21-FY24E and RoE to expand over the same timeframe. At our revised DCF-based
target price of Rs29,000, the implied P/E works out to 60x FY24E EPS. Maintain BUY.

Table 3: DCF-based valuation

Particulars Amt (Rs)
Cost of Equity (%) 10.8
Terminal growth rate (%) 6.0
Discounted interim cash flows (Rs mn) 75,364
Discounted terminal value (Rs mn) 2,51,324
Total equity value (Rs mn) 3,26,688
Value per share (Rs) 29,000
Source: Company data, I-Sec research

Mean P/E and standard valuation

Chart 9: Mean P/E and standard deviation

3M India P/E -1 Std Dev. Mean +1 Std Dev.

140
120
100
80
(x)

60
40
20
0
Feb-11

Feb-12

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18

Feb-19

Feb-20

Feb-21

Feb-22
Source: Company data, I-Sec research

Risks

Sharp increase in input prices and competitive pressures

Major increase in input prices and/or increase in competitive pressures will result in
downside to our estimates.

Delays in launch of new products

Any delays in launch of new products may result in lower earnings than estimated.

5
3M India, February 4, 2022 ICICI Securities

Financial summary
Table 4: Profit & loss statement Table 7: Cashflow statement
(Rs mn, year ending March 31) (Rs mn, year ending March 31)
FY21 FY22E FY23E FY24E FY21 FY22E FY23E FY24E
Net Sales 26,048 33,062 38,526 44,896 Operating Cashflow 1,796 2,920 4,302 6,161
Operating Expenses 21,722 28,218 31,460 35,246 Working Capital
EBITDA 2,945 2,959 4,947 7,277 Changes 1,414 (2,084) (785) (912)
% margins 11.3 9.0 12.8 16.2 Capital Commitments (391) (500) (600) (600)
Depreciation & Amortisation 618 589 620 683 Free Cashflow 2,819 336 2,917 4,649
Gross Interest 25 32 32 32 Cashflow from
Other Income 247 790 648 790 Investing Activities - (10,000) (3,000) (3,500)
Recurring PBT 2,549 3,129 4,943 7,353 Issue of Share Capital - - - -
Less: Taxes 655 798 1,260 1,875 Inc (Dec) in
Less: Minority Interest - - - - Borrowings - - - -
Net Income (Reported) 1,894 2,331 3,683 5,478 Dividend paid - - - -
Extraordinaries (Net) (299) - - - Change in Deferred
Recurring Net Income 1,595 2,331 3,683 5,478 Tax Liability - - - -
Source: Company data, I-Sec research Chg. in Cash & Bank
balance 2,819 (9,664) (83) 1,149
Table 5: Balance sheet Source: Company data, I-Sec research

(Rs mn, year ending March 31)

FY21 FY22E FY23E FY24E Table 8: Key ratios
Assets (Year ending March 31)
Total Current Assets 21,377 12,862 14,548 17,756 FY21 FY22E FY23E FY24E
of which cash & cash eqv. 10,624 960 878 2,026 Per Share Data (Rs)
Total Current Liabilities & EPS 168.1 206.9 326.9 486.3
Provisions 6,886 5,951 6,935 8,081 Cash EPS 223.0 259.2 381.9 546.9
Net Current Assets 14,491 6,911 7,613 9,674 Dividend per share (DPS) - - - -
Investments 1,933 11,933 14,933 18,433 Book Value per share (BV) 1,668 1,875 2,202 2,689
Net Fixed Assets 2,662 2,809 2,789 2,706
Capital Work-in-Progress 235 - - -
Total Assets 19,321 21,652 25,335 30,813 Growth (%)
Net Sales (12.8) 26.9 16.5 16.5
EBITDA (34.5) 0.5 67.2 47.1
Liabilities PAT (41.2) 23.1 58.0 48.8
Borrowings 526 526 526 526 DPS (34.1) 16.2 47.3 43.2
Deferred Tax Liability (308) (308) (308) (308)
Minority Interest - - - -
Equity Share Capital 113 113 113 113 Valuation Ratios (x)
Face Value per share (Rs) 10 10 10 10 P/E 147.1 119.5 75.6 50.8
Reserves & Surplus* 18,991 21,322 25,004 30,482 P/CEPS 110.9 95.4 64.7 45.2
Less: Misc. Exp. n.w.o. - - - - P/BV 14.8 13.2 11.2 9.2
Net Worth 19,103 21,434 25,117 30,595 EV / EBITDA 91.1 90.7 54.3 36.9
Total Liabilities 19,321 21,652 25,335 30,813 EV / Sales 10.3 8.1 7.0 6.0
Source: Company data, I-Sec research
Operating Ratios
Table 6: Quarterly trend Raw Material / Sales (%) 61.4 65.0 61.4 58.6
Employee cost / Sales (%) 12.9 11.8 11.8 11.8
(Rs mn, year ending March 31) SG&A / Sales (%) 2.2 2.1 2.0 1.7
Mar 21 June 21 Sept 21 Dec 21 Other Income / PBT (%) 9.7 25.3 13.1 10.7
Net sales 8,272 7,439 8,401 8,263 Effective Tax Rate (%) 25.7 25.5 25.5 25.5
% growth (YoY) 22.9 114.9 21.8 11.4 Working Capital (days) 14.8 18.0 17.5 17.0
EBITDA 1,024 479 922 954 Inventory Turnover (days) 64.0 51.1 51.1 51.1
Margin (%) 12.4 6.4 11.0 11.5 Receivables (days) 68.5 65.7 65.7 65.7
Other income 72 80 84 77 Payables (days) 89.4 58.4 58.4 58.4
Extraordinaries (Net) 2 (7) (7) (7) Net D/E (x) (0.5) (0.5) (0.5) (0.6)
Adjusted Net profit 706 294 635 660
Source: Company data, I-Sec research Profitability Ratios (%)
Net Income Margins 7.3 7.1 9.6 12.2
RoACE 12.5 11.6 18.4 23.5
RoAE 8.8 11.7 16.0 19.9
Dividend Payout - - - -
Dividend Yield - - - -
EBITDA Margins 11.3 9.0 12.8 16.2
Source: Company data, I-Sec research

6
 3M India, February 4, 2022 ICICI Securities

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New I-Sec investment ratings (all ratings based on absolute return; All ratings and target price refers to 12-month performance horizon, unless mentioned otherwise)
BUY: >15% return; ADD: 5% to 15% return; HOLD: Negative 5% to Positive 5% return; REDUCE: Negative 5% to Negative 15% return; SELL: < negative 15% return

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