Honeywell Automation India's Q3 profit jumps on infrastructure spending boost

KEC International

08/02/2024 13:05

BENGALURU, Feb 8 (Reuters) - Engineering firm Honeywell
Automation India  HONE.NS  reported a 20.6% jump in
third-quarter profit on Thursday, helped by a surge in
government spending on infrastructure. 
    Profit at the Indian arm of U.S.conglomerate Honeywell
International  HON.O  was 1.28 billion rupees ($15.4 million)
for the three months ended Dec. 31, compared with 1.06 billion
rupees a year earlier.
    The surge in infrastructure spending ahead of the Indian
general elections due by May has buoyed the performance of
engineering and construction firms.
    Revenue from operations grew 5.3% to 10.71 billion rupees,
while expenses rose at a slower pace of 2.6% to 9.25 billion
rupees. 
    Growth in expenses had outpaced the rise in revenue in the
last four quarters, weighing on profit. 
    Shares of the company closed 0.7% higher ahead of the
results. 
    Rival KEC International  KECL.NS  said last week its
consolidated third-quarter profit jumped over five times. 
Siemens  SIEM.NS  is expected to report its quarterly results
next week.         
    
($1 = 82.9550 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann
Thoppil)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))