We remain enthused about 3M India post analysing its FY23 annual report. Key highlights: (1) Most end-user industries – e.g. automotive, infrastructure and manufacturing – have reported revival, which augurs well for 3M India. (2) Company has passed on additional costs with a lag and, with relatively stable exchange rates, it improved its EBITDA margin to 15.3% in FY23 from 11.7% in FY22.