3M India Limited , a subsidiary of the US-based 3M Company, has reported strong financial results for the quarter ended September 30, demonstrating significant growth across key metrics.

Financial Highlights

The company's performance for the quarter showcases substantial year-on-year improvements:

Sales grew to Rs. 278.81 crores compared to the previous year, while net profit after tax increased to Rs. 191 crores.

Segment-wise Performance

3M India delivered broad-based growth across all four of its business segments:

Corporate Developments

• The Board has appointed Mr. Dwarakanath Ranganath Mavinakere as an Additional Independent Director, effective February 2, for a five-year term, subject to shareholder approval.
• The company has approved the appointment of PriceWaterhouseCoopers Chartered Accountants LLP as statutory auditors for five years, replacing BSR & Co. LLP whose term concludes at the 39th AGM.

Strategic Initiatives

3M Company USA has entered an agreement to sell its Precision Grinding & Finishing business to Nimbus, a Europe-based private equity firm. The transaction is expected to close in the first half of the following year. The impact on 3M India Limited is expected to be minimal, as this business contributed less than 1% of 3M India's revenue in the previous fiscal year.

3M India continues to leverage its global innovation expertise to develop solutions that address the unique needs of diverse customers in India. With its strong performance across all business segments and strategic corporate moves, the company appears well-positioned for continued growth in the coming quarters.

3M India , a prominent real estate developer, has announced the completion of its ambitious high-street retail project, 'M3M Route 65', in Gurugram. The project, which represents a significant investment of Rs 800 crore, is set to reshape the commercial landscape of the region.

Project Highlights

Project Overview

M3M India's latest venture, 'M3M Route 65', marks a significant milestone in the company's portfolio, representing their 10th retail project. The development showcases the company's commitment to expanding its presence in the commercial real estate sector, particularly in the thriving market of Gurugram.

Timeline and Operations

The project is entering its final stages, with the handover of retail spaces scheduled to commence this month. This phased approach allows businesses to begin setting up their operations gradually. M3M India anticipates that the entire project will be fully operational by March of the following year, giving tenants ample time to establish their presence.

Market Impact

The completion of 'M3M Route 65' is poised to have a significant impact on Gurugram's retail landscape. With 5.64 lakh square feet of commercial space becoming available, the project is likely to attract a diverse range of businesses, potentially boosting local employment and economic activity in the area.

As Gurugram continues to evolve as a major commercial hub, projects like 'M3M Route 65' play a crucial role in meeting the growing demand for high-quality retail spaces. The strategic location and substantial investment underscore the developer's confidence in the long-term potential of the region's commercial real estate market.

The successful completion of this project not only enhances M3M India's portfolio but also contributes to the ongoing transformation of Gurugram's urban landscape, offering new opportunities for businesses and consumers alike.