Honeywell International's India arm posts Q4 profit rise on strong infra demand

Honeywell Automation India

15/05/2024 12:58

BENGALURU, May 15 (Reuters) - Honeywell Automation India
 HONE.NS , the Indian arm of U.S. conglomerate Honeywell
International  HON.O , reported a rise in fourth-quarter profit
on Wednesday, helped by sustained industrial and infrastructure
demand. 
    The engineering firm's profit rose 32% to 1.48 billion
rupees (about $18 million) for the quarter ended March 31 from
1.12 billion rupees a year ago.
    Revenue from operations rose nearly 12% from a year earlier
to 9.51 billion rupees. 
    Capital goods companies in India have benefitted from a
surge in industrial and infrastructure demand in recent quarters
as the government boosted spending.
    However, analysts had flagged a curb in government spending
ahead of the national elections, which started mid-April and
will end in early June.  
    Rivals Siemens  SIEM.NS  and ABB India  ABB.NS  also
reported higher profits in the fourth quarter. 
    Honeywell Automation India's building solutions business
remained strong on healthy demand and order backlog, analysts
said. 
    Separately, the company announced a final dividend of 100
rupees apiece for the financial year ended March 31, 2024. 
    Its shares, one of India's costliest, closed 3.1% higher at
49,285.45 rupees ahead of the results. 
    

($1 = 83.4730 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru; Editing by Eileen
Soreng)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))