Honeywell Automation India's profit growth slows on higher expenses

Honeywell Automation India

06/11/2023 13:46

BENGALURU, Nov 6 (Reuters) - Engineering firm Honeywell
Automation India  HONE.NS  on Monday reported a marginal 3.4%
rise in second-quarter profit, as a rise in expenses outpaced
revenue growth. 
    Profit at the Indian unit of U.S.-based Honeywell
International  HON.O  rose to 1.22 billion rupees ($14.7
million) for the three months ended Sept. 30, from 1.18 billion
rupees a year ago.
    Quarterly revenue was up 39% at 11.04 billion rupees,
however, a 44% rise in its total expenses, in line with the
trend seen in the previous three quarters, weighed on profit.
    The company, which provides building automation solutions to
industrial clients and designs emission-curbing and energy
transition products, has benefited from an infrastructure
spending-led boost to its order book.
    The stock, one of India's costliest, closed up 0.3% at
37,265.95 rupees ahead of the results and was down 10.6% year to
date.    
    
($1 = 83.2242 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Janane
Venkatraman and Shweta Agarwal)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))