The board of directors at 3M India, the Indian entity of the US-based 3M Co, on Tuesday recommended a final dividend of Rs 160 and a special dividend of Rs 525 per equity share of Rs 10 each, for the financial year 2023-24, the company said in a regulatory filing.
The board have fixed July 5, 2024 (Friday) as the record date for determining the entitlement of the shareholders for the payment of aforesaid dividends. “The final and special dividend, if approved shall be paid/dispatched to the shareholders within 30 days from the date of AGM of the company,” it said.
In 2023, 3M India had declared a dividend of Rs 100 per share. Earlier, it had announced a special dividend of Rs 850 in 2022.
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Besides, the company board also, during its meeting held on May 28, 2024, approved the financial results for the quarter and year ended March 31, 2024. 3M India Limited reported a profit of Rs 172.85 crore for the quarter ended March 31, 2024, posting a growth of 27.4 per cent in comparison to Rs 135.72 crore during the corresponding quarter of previous year. It recorded revenue from operations at Rs 1094.55 crore, up 4.6 per cent as against Rs 1046.04 crore during the fourth quarter of FY23. The company EBITDA stood at Rs 214.2 crore, up 10.6 per cent on-year.
It further said that all business segments – Transportation & Electronics, Safety and Industrial, Health Care and Consumer registered growth on a YoY basis (Standalone & Consolidated), and on a QoQ basis. Transportation & Electronics, Health care (Standalone & Consolidated) registered growth on QoQ (sequential).
Ramesh Ramadurai, Managing Director of 3M India Limited, said, “On a consolidated basis, the Company delivered 4.6% sales growth in the fourth quarter and 5.8% sales growth for the full year, both versus prior period. For the quarter, Transportation & Electronics grew 3.6%, Healthcare grew 18.8%, Safety & Industrial -1.6%, Consumer 6.8% versus prior year. For the Financial Year 2023-24, Healthcare business led the Company’s growth, followed by Transportation & Electronics. Our teams continued to execute well, with focus on customers and supply partners. I would like to thank our employees for their dedication and customer focus, and to all our stakeholders for their support to our Company.”
Furthermore, based on the recommendation of the Nomination and Remuneration Committee, the board also appointed Narumanchi Venkata Sivakumar as an Additional Director in the category of Non-Executive and Independent Director of the Company with effect from July 15, 2024.
From: financialexpress
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