Dear Shareholders,
As Chairman of 3M India Limited, I am honoured to present the Annual Report for the
fiscal year 2023-24.
India's economy remained robust, even as it navigated through the turbulent global
economic climate over the past three years. The combination of astute policies and their
implementation, regulatory support, and the sustained performance of key sectors have been
instrumental in its resilience.
I am pleased to report that your Company continues to pursue a sustainable growth path.
Our disciplined execution supported strong underlying margins, with a sales growth of 5.2%
and Profit After Tax (PAT) growth of 28.9%.
It is heartening to see that your Company is prioritising emerging growth opportunities
in the automotive and manufacturing sectors, and infrastructure. India's commitment to
carbon neutrality is also spurring the adoption of several new technologies. This will
provide new growth vectors for your Company in the future.
On April 1, 2024, your Company's parent company, 3M Company, USA successfully
implemented the planned spin-off of its Healthcare business into a new stand-alone
publicly traded US company called Solventum.
In India, 3M India Limited will be an exclusive Licensed Manufacturer and Reseller as
well as an Independent Distributor, for most of Solventum's healthcare products. I thank
the teams that dedicated significant time and effort to operationalise this arrangement.
Your Company places a lot of importance to engage with local communities, and extends
necessary support to make an impact.
A few examples of such programmes include education for the girl child, STEM education
in government schools, and providing Public Health Centres with solar power. I am pleased
to report that employees contribute to these programmes through volunteering activities.
As India progresses on its sustainability commitments towards energy transition and
reduction of emissions, your Company is well aligned to these important milestones with
our own ESG imperatives in our operations, our solutions and community outreach.
Your Company has a dedicated and committed workforce, excellence in manufacturing and
cutting-edge technologies and a strong brand. I would like to thank the employees and
management of the Company for their focus and commitment to harness these strengths to
deliver growth.
Before I conclude I would like to express my sincere gratitude and appreciation to my
colleague on the Board, Mr. Biren Gabhawala who will retire on August 13, 2024. His
contributions have been of immense value.
On behalf of the Board of Directors, I thank you for your continued trust and
confidence in your Company.
Thank you.
Bharat D. Shah
Chairman of the Board