3M India surges as Q1 net doubles

The company's standalone Q1 net profit was up 102% at Rs 25 crore compared to same quarter last fiscal

Shares of 3M India surged nearly 11% to Rs 5,350 after the company's net profit in the quarter ended June more than doubled led by growth in the industrial and healthcare segments. The results were announced after market hours on Friday.

For the first quarter ended June 30, 2014 the company reported a standalone net profit of Rs 25.5 crore, up 102% compared with Rs 12.6 crore in the corresponding quarter last fiscal.

Total income during the quarter was marginally higher up 1% at Rs 463 crore compared with Rs 421 crore in the same quarter ended June 30, 2013.

Revenue from industrial segment during June 2014 quarter was up nearly 10% at Rs 200 crore compared with Rs 181 crore while Healthcare revenue was up at Rs 68 crore compared with Rs 55 crore in the same quarter last fiscal.

The stock opened at Rs 5,000 on the BSE and hit an intra-day high of Rs 5,499 so far. Over 6,000 shares were traded so far on both the stock exchanges.