Honeywell Automation India’s Q1 profit jumps on order execution
7:08 am Monday, August 05th, 2024
BENGALURU (Reuters) – Engineering firm Honeywell Automation reported higher first-quarter profit on Monday, aided by execution of existing orders.
The Indian unit of U.S.-based Honeywell International reported a profit of 1.37 billion rupees (around $16 million), compared to 1.03 billion rupees a year ago.
Execution of legacy projects and stable costs helped boost earnings of Honeywell, analysts said. The company provides building automation solutions to industrial clients and designs emission-curbing and energy transition products.
Its revenue from operations advanced 3% to 9.6 billion rupees. Honeywell Automation does not provide segmental details on its earnings.
Total expenses slipped 0.7% to 8.21 billion rupees, mainly due to a 41% slump in what the company classified as “other expenses” without providing specific details.
Honeywell Automation’s stock, one of India’s costliest, rose nearly 47% in the quarter, its highest in at least 10 years, as per LSEG data.
It closed 2.7% lower on the day, amid a broader market sell-off.
($1 = 83.8100 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Varun H K)
