Honeywell Automation India's Q1 profit jumps on order execution

Honeywell Automation India

05/08/2024 11:56

BENGALURU, Aug 5 (Reuters) - Engineering firm Honeywell
Automation  HONE.NS  reported higher first-quarter profit on
Monday, aided by execution of existing orders. 
    The Indian unit of U.S.-based Honeywell International
 HON.O  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)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))