3M India posts smaller third-quarter profit as inflation pressures margins
Feb 6 (Reuters) - Diversified products maker 3M India (TMIN.NS), opens new tab reported a 16% fall in its third-quarter profit on Friday, as inflationary pressures pushed costs higher, hurting margins.
The company, whose products range from "Post-it" notes to power tools, said its profit after tax fell to 1.14 billion rupees ($13.05 million) for the quarter ended December 31, compared to 1.35 billion rupees a year ago.
India's consumer goods makers have grappled with high inflation, which spiked to 6.21% in October and remained above 5% through December, driving up the cost of key raw materials.
3M reported a 23% increase in the cost of raw materials and a 13% rise in total expenses for the quarter.
The company's earnings before interest, tax, depreciation, and amortization (EBITDA) margins contracted by 12% compared to the previous year, negatively impacting its profitability.
However, the Scotch-Brite scrub maker has continuously raised prices across its product range in recent quarters to counter inflationary pressures, which helped revenue to grow.
It's transportation and electronics segment, which includes automotive parts, lighting solutions, and wires and cables, posted a 10% increase in revenue, driving the company's total revenue up 8% to 10.9 billion rupees.
3M India, the Indian arm of the U.S.-based industrial conglomerate 3M (MMM.N), opens new tab, said its revenue from safety and industrial segment, with products like face shields and construction hats, posted a 1.4% revenue fall.
Shares of the company fell 2% after posting results.
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Scottish Sun
3 hours ago
- Scottish Sun
Sir David Murray vows to save Dalzell steel mill as he reveals masterplan
SIR David Murray vowed to be a 'big customer' of Dalzell steel mill if his masterplan to save it becomes reality. The ex-Rangers owner and metal magnate, 73, says he is ready to play a major role in providing Scottish steel for North Sea wind turbines to power the nation's future energy. 4 Sir David Murray vowed to be a 'big customer' of Dalzell steel mill Credit: Andrew Barr 4 The plant in Motherwell is currently mothballed due to cheap Chinese steel imports and a drought in orders Credit: Getty 4 Some 140 workers were furloughed or placed on maintenance duties in April this year Credit: Reuters 4 New Liberty owner Sanjeev Gupta with Nicola Sturgeon Credit: Alan Ewing The plant in Motherwell is currently mothballed due to cheap Chinese steel imports and a drought in orders, with some 140 workers furloughed or placed on maintenance duties in April this year. Sir David has been in talks with Holyrood ministers for a decade over halting the industry's decline. He has now revealed he has held hush-hush negotiations with the UK Government to rescue the mill. His latest intervention comes after PM Sir Keir Starmer and Scottish Secretary Ian Murray blasted SNP ministers in May for allowing the nation's last remaining steel plants — Dalzell and Clydebridge in Cambuslang — to cease production. The Scottish Government orchestrated a takeover of the sites in 2016, putting taxpayers' cash on the line. And Sir Keir insisted last month it was important to 'get those plants up and running again'. Now Sir David has told The Scottish Sun on Sunday: 'There is a lot of political stuff going on over Dalzell. I've been heavily involved in trying to save the plate mill. 'I have spoken to the British Government in the last week and there's a meeting in a few weeks' time. 'The workforce has stayed at home for months and got 80 per cent of their wages. But it could be sorted in a week. We need people in management to work with me. 'I'd be the chairman, I'd help the management, I'd help the business, we'd be a big customer. Former Rangers owner Sir David Murray vows to save Dalzell steel mill with masterplan 'At the time it closed, I was one of its biggest customers. 'At our peak we'd be selling 550,000 tonnes of steel a year. 'That's five Forth rail bridges in weight. Today it's just over one because the fabrication business is diminishing — it's ridiculous that Britain does not have the capacity to roll a steel plate.' Sir David told how there is one mill in the north-east of England which is Ukrainian-owned. He went on: 'The wind turbines being made for the North Sea are much bigger now. 'It's a heavier plate, ideal for Dalzell. There are 50,000 tonnes of steel coming to Teesside this week from Korea to be made into turbines. 'The Scottish Government don't own one wind turbine. Look at the cost of energy. We are buying power from other people who put in these turbines. We need to create growth, jobs and prosperity in this country.' We told last July of fears the Dalzell operation would be mothballed amid a slowdown in work. A report in March by the Community Union, which represents workers at the two plants, said low-cost steel from China and high UK energy prices were hitting British steel production. The union said Dalzell needed investment to become a 'world-leading producer' of a key turbines component. Sir David has long called for an inquiry into the Scottish Government's involvement in the 2016 sale of the Lanarkshire plants to tycoon Sanjeev Gupta and Liberty Steel. The sale was backed by a £7million loan from Scottish Enterprise. MURRAY'S HEART SCARE OP EXCLUSIVE by Rodger Hannah SIR David Murray has lifted the lid on a secret heart op after he was diagnosed with a potentially-fatal medical condition. The businessman fell ill shortly before selling Rangers to Craig Whyte in 2011 — to be told he had an aortic aneurysm. He revealed: 'I was driving home over the Forth Road Bridge and I thought I was having a heart attack. I went into Dunfermline Hospital. I had a scan. It's basically your main blood vessel and the aneurysm makes it expand. 'If it bursts, you've got about half an hour.' Sir David believes the pressure of Rangers' financial issues and the global recession could have contributed to his health scare. He added: 'They told me I needed an operation, which I had in Edinburgh Royal Infirmary. 'I shared the information with Craig Brown a few years ago. 'He had an identical thing. His burst but they managed to get him in on time.' Former Scotland manager Brown needed life-saving surgery in 2020. He told the Scottish Sun at the time: 'They say only about three out of ten survive it.' Brown died in 2023 aged 82. But Sir David claims ministers rejected his rival bid because it was potentially incompatible with state aid rules, and has criticised Mr Gupta's management since. He said: 'Ten years ago, I met the Scottish Government and the First Minister [Nicola Sturgeon]. I put a proposal to them and I was told they couldn't do it because they couldn't give state aid. 'Then they lent somebody else £7million who hasn't paid it back.' Mr Gupta, executive chairman of GFG Alliance which owns Liberty Steel, is being prosecuted by Companies House for failing to file accounts for more than 70 companies listed in Britain. He denies any wrongdoing. Ayr-born Sir David spoke exclusively ahead of this Thursday's July publication of his autobiography 'Mettle: Tragedy, Courage and Titles. He remains chair of his family firm, Murray Capital Group, albeit his son, also David, runs day-to-day operations as managing director. He reveals in his new book that some of his teenage grandkids have already attended board meetings. He added: 'There is an opportunity for young people but you better come to the table with a skill. 'You're not coming, as my great friend Sean Connery said, as a member of The Lucky Sperm Club.' The UK Government confirmed Sir David had met with MP Ian Murray. A source said: 'David Murray has met Ian Murray to discuss his concerns about the Dalzell works being mothballed because the SNP cut a bad deal. We encourage the SNP Government to take advantage of the trade deals the UK Labour Government has cut and the industrial strategy which present a huge opportunity for Scottish steel.' Liberty Steel declined to comment. The Scottish Government said its 2016 intervention 'sustained over 100 jobs at Dalzell and retained steelmaking capacity in Scotland.' Scottish Enterprise confirmed: 'We remain in discussion with Liberty Steel regarding repayment of the loan funding.'
Reuters
10 hours ago
- Reuters
Dublin like a local
A young, creative, international city has emerged from the financial crisis that stopped Dublin in its tracks for the best part of a decade. The warehouses of the Irish capital have been repurposed by international tech companies for their European headquarters, the docks and quays are lined with buildings of glass and steel, and there are new hotels, coffee shops and bars. It is still unmistakably Dublin — with its beautiful Georgian terraces, manicured garden squares, stunning coastal walks and villages that make up some of the prettiest suburbs of any capital city. But now its cobbled streets hum with fresh purpose. I grew up on Ireland's west coast and, after a spell in London, moved to Dublin a decade ago to cover Irish business news and then political and general news for Reuters. The economic catastrophe that befell Dublin after the 2008 financial crisis is a cautionary tale of the dangers of unfettered lending and poor regulation. But reinvented as a modern, cosmopolitan capital that values its people and history, today's Dublin is simply marvellous. Here's how to enjoy this beautifully unruly city like a local: Pubs: Dublin's pubs are essential to the city's cultural and social fabric. They are where friends catch up, colleagues bond after work, and couples meet for dates. Some are loud and busy, others perfect for sitting alone with your thoughts or a book. My favourite is Martin B. Slattery's in the vibrant, eclectic suburb of Rathmines. A wood-paneled pub — that like most classic Dublin watering holes still refuses to serve food — 'Slatts' has a snug at the front, the patrons love to chat, and the Guinness is exceptional. In town, there's the Long Hall, a stone's throw from Dublin Castle, with red-and-white striped canopies. Inside, it's largely unchanged since it opened in 1881. Another Victorian classic is the Palace on Fleet Street. Flowers cascade from hanging baskets outside and an antique lamppost marks the entrance. It is one of the oldest pubs in the city, and a favourite of students from nearby Trinity College and tourists stopping for a pint as they amble towards Temple Bar. It has a strong literary heritage, with poet Patrick Kavanagh and novelist Flann O'Brien among its former patrons. If you're looking for something quirkier, make your way over to the Hacienda on Mary Street, popular with celebrity musicians winding down after a show. Behind its Spanish colonial exterior, it always looks closed — which it is to most people, unless proprietor Shay likes the look of you. He never opens before 8 p.m., but if you think you're the type of punter that Shay will welcome, then press a buzzer at the door marked 'Bar' and wait to see if he'll let you in. The traditional 'session': The Cobblestone in Smithfield is the stand-out choice for quality traditional Irish music. Tucked into a quiet corner of a square that was once known for its bustling livestock market, it is described by its owner as a "drinking pub with a music problem." There is a "seisiún" of traditional Irish music every night — an informal performance by seasoned musicians who gather to play for fun. You will want to get in early to grab a stool by the bar, so you can see the performers in the corner. O'Donoghue's on Merrion Row is a music pub steeped in history and was a favourite of The Dubliners, a traditional folk music group that sold more than thirty million records. The walls are adorned by photos and drawings of the Irish music legends who have played here over the years, and there are music sessions every night. Whelan's on Wexford Street is a must for live music. Major artists that have passed through its doors include the Arctic Monkeys, Damien Rice, Mumford & Sons, and Ed Sheeran, who calls Whelan's one of his favourite venues in the world. To eat: In the years since the financial crisis, Irish food has undergone a significant evolution, moving beyond traditional stereotypes into a modern and innovative culinary culture. Chapter One, Restaurant Patrick Guilbaud, and Liath each have two Michelin stars, and there are five more restaurants with one star. International influences have flourished, creating exciting culinary fusions derived from Asian, Middle Eastern and Mediterranean cuisines. Traditional dishes such as Irish stew, soda bread and Dublin Coddle can still be found at places like the Quays Restaurant in Temple Bar, but my go-tos are the caipirinhas and petiscos at Rei Momo in the centre of town, or the authentic tacos, quesadillas and tamalitos at Suertudo in Ranelagh. The definitive read: In a city seeped in literature, one book dominates: James Joyce's 'Ulysses.' The modernist classic is an intricate portrait of the city on a single day, June 16, 1904 — and the characters' steps are retraced by thousands every year on Bloomsday. A good place to start is the Joyce Tower Museum, on the coast at Sandycove and housed in a Martello tower, a round stone fort built in the early 19th century to defend against a Napoleonic invasion. The tower is the setting for the opening chapter of "Ulysses," where Stephen Dedalus wakes up and begins his day. Joyce himself stayed here briefly in 1904. For the real enthusiast, consider a reading at Sweny's Chemist and Druggist, where you'll be transported into a living page of "Ulysses". A charming, time-capsule of a shop, it is located at 1 Lincoln Place, a short walk from Trinity College. More literary trails: Dublin revels in its literary heritage. Three of the four newest bridges have been named after writers, and you can't turn a corner in Dublin without bumping into a plaque or statue devoted to a writer or poet. The city has been an inspiration for numerous authors, so no visit is complete without a literary tour. Start at Merrion Square, where Oscar Wilde's sculpture cuts a colourful figure lounging on a rock overlooking his family home across the street. "Dracula' writer Bram Stoker lived at the nearby 30 Kildare Street for a time with his wife, Florence. But perhaps the most impressive place on any literary tour of Dublin is Trinity College, home to the Long Room, a 65-metre (213-ft)-long chamber in its library that contains 200,000 of the university's oldest books (currently under restoration). The Book of Kells, a precious ninth century manuscript containing the four gospels of the New Testament, is on permanent display. Swift, Wilde, Beckett, Stoker, and Synge studied here. More recently, it served as a backdrop and symbol of class and identity in Sally Rooney's 'Normal People.' If you're looking for literary Dublin, this is where you'll find it. Getting away: The sea matters to Dubliners. Joyce's characters in "Ulysses" are forever walking, haunted, by the shore. The first Dubliners were Viking raiders who came from across the sea and commandeered a sheltered pool on the Liffey for a winter camp to repair their longboats ahead of the spring pillaging. When Dubliners want to shake off the cobwebs, they head to the coast. Dublin's coastal towns and villages are some of the prettiest suburbs of any capital city and stretch from Howth in the north to Dalkey and Killiney Hill in the south, where U2's Bono and the Edge are neighbours. There are lovely coastal walks and breath-taking views in both directions, all easily reached on the local train, with fares starting at 2.60 euros ($3) for a single adult ticket. To really do Dublin like a Dubliner, the day should start with a bracing swim at Sandycove's "Forty Foot." Imagine a rocky outcrop into the Irish Sea, with waves crashing on concrete steps and brave souls in swimming togs gasping as they dive into the chilly waters. Few urban experiences are as invigorating, and when you emerge, you'll be more than ready to think about the lunch you're going to have in Howth. Located on the north side of Dublin Bay, perched on a rugged peninsula, Howth is a postcard-pretty fishing village you can amble around while picking up fish and chips and maybe an ice cream. I could happily eat every day at any one of the many fantastic restaurants in Howth, but if you like a view with your oysters or mussels, pick Aqua, a beautiful restaurant housed in a former sailing club at the end of the west pier. CITY MEMO DATA POINTS Population: 1.4 million Price of a cup of coffee: 5.10 euros ($5.85) for a cappuccino from Bewley's Café on Grafton Street. Price of a pint of beer: 6.80 euros ($7.80) for a pint of Guinness from Martin B. Slattery's. Great place to see a sunset: The Pavilion, a student bar overlooking the cricket pitch at Trinity College. Best bookstore: Hodges Figgis, a 257-year-old bookseller on Dawson Street.
Glasgow Times
15 hours ago
- Glasgow Times
Seven historic Glasgow buildings now used as restaurants
From a multi-storey car park in the West End to the former home of The Herald in the city centre, learn the stories behind these historic Glasgow buildings that have been transformed into busy eateries. The Battlefield Rest 55 Battlefield Road Built in 1915, this distinctive building in the Southside of Glasgow was first used as a tram station and newsagents. After being established as a B-listed building in 1981, it later came under threat in late 1990 when a demolition order was imposed by Glasgow District Council Building Control, who deemed the structure unsafe due to damage. More than 1500 people signed a petition opposing the move, and the building was saved. In 1991, it was sold to businessman Marco Gianassi, who two years later began a restoration project to return the space to its former glory. In 1994, the Battlefield Rest was opened as a restaurant and is still going strong today after being sold to long-time staff member Alex Matheson and his wife, Jen Doherty, in 2023. The Citizen 24 St Vincent Place The Citizen restaurant and bar is located in the old offices of the Glasgow Evening Citizen, a daily newspaper first published in 1864, which went on to serve the city for over a century. Designed by T L Watson, the building took four years to complete and is said to have been the first red sandstone of its kind in the city. It was also one of the first buildings in Glasgow to be fully electric, with the newspaper linking to the Waterloo Street power station built in 1892. In the present day, the restaurant honours its home's rich history with nods to the past at every turn. This includes signage using the original Glasgow Evening Citizen font and a private function space dubbed the 'Editor's Suite'. "If these walls could talk, the stories they'd tell," they said. "Probably home to many a clandestine conversation over decanters of Scotch in years gone by, the old offices and printing rooms for the Glasgow Evening Citizen newspaper now tell a different story. "Malts, signature serves, and the best pint of Tennent's in the city." Sugo 70 Mitchell Lane Sticking with a print theme, next up on our list is Sugo. This fast-paced pasta spot might be best known as the sister restaurant to Paesano Pizza first opened in 2019, but the Mitchell Lane building it calls home has a history which stretches back long before then. "As a young draftsman working for respected Glasgow firm Honeyman and Keppie in 1893, Charles Rennie Mackintosh put together designs for a newspaper office on Mitchell Street," "With his first public commission, a 25-year-old Mackintosh would seize the chance to leave his mark on what was essentially a warehouse structure at the back of the printing office of the Glasgow Herald. "Completed in 1895, at a cost which would today be equivalent to £2m, the Category-A listed building now known as The Lighthouse would house the newspaper for the next 112 years until 1980, when new publishing practices created a requirement for more modern premises. " Pictured: Ka Pao is located in a building formerly used as a car park (Image: Historic Environment Scotland) Ka Pao 26 Vinicombe Street From the team behind Ox and Finch, Margo and Sebb's, Ka Pao is located on the basement level of a former multi-storey car park. Built in 1911, at a time when it was forbidden to keep motor cars on the street, the Botanic Gardens Garage just off Byres Road is said to be the city's oldest surviving purpose-built garage. The Botanic Gardens Garage before its conversion (Image: Historic Environment Scotland) (Image: Historic Environment Scotland) The building became vacant in 2006, with owners Arnold Clark then revealing plans to demolish it. The structure escaped this fate in 2007, when it was upgraded from a category B listed status to an A, ranking it alongside nationally important sites like Edinburgh Castle. Ka Pao opened within the distinctive green and white tiled building in 2020, and now shares the space with equally brilliant Crabshakk seafood restaurant, as well as a Nando's and a Pure Gym. Pictured: The Òran Mór building was founded as the Kelvinside Free Church (Image: Newsquest) Òran Mór Byres Road Standing tall over Byres Road in Glasgow's West End, the building now known as the Òran Mór bar, restaurant and event space was first established as the Kelvinside Free Church in 1862. The church was based there until 1978, when it merged with the Hillhead Parish Church as congregation numbers dwindled. The site then became derelict until 2002, when it was taken over by a group led by Colin Beattie with a view to transforming the space into a thriving cultural hub. The Òran Mór, a name meaning 'big song' in Scottish Gaelic, opened in 2004 and later became famous as the birthplace of A Play, A Pie and A Pint theatre company. One of the building's most striking features is a ceiling mural in The Auditorium created by the Glasgow-born writer and artist Alasdair Gray. It is one of the largest pieces of public art in Scotland and was commissioned for Òran Mór by Colin Beattie. In 2022, it was announced that the Scotsman Hospitality Group had taken over the venue. Pictured: Hutcheson's Hall is currently home to a brunch restaurant (Image: Newsquest) Saints of Ingram 158 Ingram Street The fascinating story of the Hutchesons' Hall building goes back to its construction between the years of 1802 and 1805. Designed by renowned Glasgow architect David Hamilton, the Ingram Street site served as a hospital thanks to funds left in the wills of brothers George and Thomas Hutcheson. The following centuries saw the space used as a school, a public library, a bank and even a filming location for Oscar-nominated movie, The Wife, after a £ 1.4 million renovation carried out by restaurateur James Rusk in 2014. The Hollywood-approved spot continued to operate as Hutchesons City Grill until 2020 when a devastating failure to reopen after lockdown led many to question what the future held in store for the category A -listed building. Pictured: A look inside Hutcheson's Hall from 2023 (Image: newsquest) The venue was taken over by team behind Tabac and The Devil of Brooklyn 2023 and that summer opened as a cocktail bar and restaurant dubbed 1802 at Hutchesons' Hall. The owners last year introduced a new concept, renaming the business as Saint of Ingram and serving a menu of brunch dishes. Pictured: Miller & Carter in Glasgow city centre (Image: Miller & Carter) Miller & Carter 47 St Vincent Street It was stamps rather than steaks you would be more likely to encounter at this city centre building before it was transformed into a Miller & Carter restaurant in 2016. Until the year prior, the site had been occupied by a busy Post Office branch, though there's more to the story yet. The building, constructed at the turn of the last century and occupying a prominent site at the junction with Buchanan Street, had previously been home to a number of banks, including the National Commercial Bank of Scotland. Pictured: An archive photo from 2016 shows work underway at Miller and Carter (Image: Newsquest) (Image: Newsquest) During the £1.5 million project to create a new restaurant space, construction firm Pacific Building reportedly had to drill through steel, concrete and sand floors as well as walls that were up to a metre thick and fortified with metal anti-drilling devices. This dates back to the days when the building functioned as a bank and required protection from the threat of burglary. Many of the interior features from its financial past have been retained at Miller & Carter, including the huge dome, clock and bank vaults.
