American multinational 3M India on Friday, September 29, announced that the royalty payable to parent 3M will now be reduced from 2.4 percent to 1.95 percent of turnover. Under the previous rates, the royalty was 1.54 percent of turnover in financial year 2022-2023.
“The Board in its meeting today has approved amendments to the Intellectual Property Agreement with 3M Company USA and 3M Innovative Properties Company (3M IPC), for the provision of technology, intellectual property, products and services to 3M India Limited,” it said.
The company’s consolidated profit after tax rose to Rs 129 crore from Rs 84 crore a year earlier.
Its revenue from its mainstay transportation and electronics segment, which makes power tools and cables, climbed nearly 13 percent to Rs 413 crore.
The adhesive manufacturing company’s revenue from its safety and industrial segment, comprising of construction protection kits and accessories, surged nearly 6 percent to Rs 329 crore, contributing more than 31 percent to the total revenue.
The company’s revenue from operations rose over 11 percent to Rs 1,050 crore.
The stock of 3M India gained over 4 percent to hit a day’s high of Rs 32,885.00 apiece on the NSE. So far in 2023, the stock has risen nearly 50 percent and gained 33 percent in the last one year.
