Latest news with #profitfall
Reuters
28-05-2025
- Business
- Reuters
3M India posts profit fall for third straight quarter on higher costs
May 28 (Reuters) - 3M India ( opens new tab reported a fall in profit for the third straight quarter on Wednesday as higher costs overshadowed demand for its diversified products such as 'Post it' notes and 'Scotch Brite' scouring pads. The company's profit after tax slumped 59% to 713.7 million rupees ($8.4 million) for the fourth-quarter ended March 31. In the previous two quarters, it posted a profit fall of 16% and 8%, respectively. Cost pressures have squeezed margins at the U.S.-based 3M's (MMM.N), opens new tab India arm on intensifying competition from local rivals, and as customers cut back on spending due to inflation. Last month, parent 3M beat first-quarter profit estimates but flagged that U.S. tariffs on imports could hit its 2025 earnings. Total expenses rose 10.4%, eclipsing a 9% rise in revenues. Revenue in its transportation and electronics segment grew 2%. The segment accounts for roughly 40% of the topline and counts products such as sealants, screen guards and industrial tapes among its lineup. Its second-biggest business, the safety and industrials segment, as well as the healthcare segment, both posted a nearly 14% growth in revenue. Shares of the company fell about 2% after the results. ($1 = 85.3875 Indian rupees)
Reuters
13-05-2025
- Business
- Reuters
Honeywell's India unit posts smaller fourth-quarter profit as costs surge
May 13 (Reuters) - Honeywell Automation India ( opens new tab reported a fall in fourth-quarter profit on Tuesday as rising expenses outpaced revenue growth. Profit at the Indian subsidiary of U.S. conglomerate Honeywell International (HON.O), opens new tab fell 5.6% year-on-year to 1.4 billion rupees ($16.4 million) for the quarter ended March 31. The company provides building automation solutions to industrial clients and designs emission-curbing and energy transition products. Capital goods companies in India are currently facing challenges due to weakened infrastructure demand, with government spending, which had increased ahead of the 2024 national elections, now slowing down. However, execution of existing projects helped boost Honeywell's revenue. Honeywell Automation's revenue from operations rose 17.2% to 11.15 billion rupees but did not offset the 22% rise in expenses. Total expenses stood at 9.71 billion rupees due to a 44.2% increase in cost of materials consumed, which constitutes more than half of the total expenses. The company does not provide a breakdown of its revenue distribution or discloses which specific raw materials it consumes. Honeywell International reported a 1% rise in its March-quarter net income, on April 29. The company's stock, one of the most expensive in India, closed 1.7% higher to 35,815 rupees, ahead of the results. ($1 = 85.3100 Indian rupees)
