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Results
14-Feb-22
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Analysis
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Honeywell Automation India
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net down 40% dragged by 730 bps fall in OPM
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Standalone net sales of Honeywell Automation India for the quarter ended Dec 2021 has declined 1.63% to Rs 859.95 crore. Operating profit margin has declined from 21.45% to 14.18%, leading to 34.99% decline in operating profit to Rs 121.93 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.43% to 47.61%. Purchase of finished goods cost fell from 9.29% to 9.08%. Employee cost increased from 14.74% to 16.46%. Other expenses rose from 11.09% to 12.56%. Other income fell 49.60% to Rs 14.34 crore. PBIDT fell 36.91% to Rs 136.27 crore. Provision for interest fell 18.18% to Rs 1.08 crore. PBDT fell 37.03% to Rs 135.19 crore. Provision for depreciation rose 7.26% to Rs 13.59 crore. Profit before tax down 39.80% to Rs 121.60 crore. Provision for tax was expense of Rs 31.87 crore, compared to Rs 52.12 crore. Effective tax rate was 26.21% compared to 25.80%. Profit after tax fell 40.14% to Rs 89.73 crore. Nine month performance
Net sales (including other operating income) of Honeywell Automation India has declined 3.79% to Rs 2,280.34 crore.
Operating profit margin has declined from 19.40% to 15.17%, leading to 24.76% decline in operating profit to Rs 345.93 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 41.37% to 42.83%. Purchase of finished goods cost rose from 9.18% to 9.86%. Employee cost increased from 16.80% to 18.29%. Other expenses rose from 13.24% to 13.76%. Other income fell 5.20% to Rs 57.11 crore. PBIDT fell 22.49% to Rs 403.04 crore. Provision for interest fell 5.70% to Rs 4.3 crore. PBDT fell 22.64% to Rs 398.74 crore. Provision for depreciation rose 11.35% to Rs 39.73 crore. Profit before tax down 25.17% to Rs 359.01 crore. Provision for tax was expense of Rs 92.55 crore, compared to Rs 123.74 crore. Effective tax rate was 25.78% compared to 25.79%.Profit after tax fell 25.16% to Rs 266.46 crore. Promoters’ stake was 75.00% as of 31 December 2021 ,compared to 75.00% as of 31 December 2020 .
| Honeywell Automation India : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 859.95 | 874.16 | -1.63 | 2,280.34 | 2,370.08 | -3.79 | 3,042.78 | 3,290.01 | -7.51 | | OPM (%) | 14.18 | 21.45 | -728 bps | 15.17 | 19.40 | -423 bps | 19.35 | 19.37 | -1 bps | | OP | 121.93 | 187.55 | -34.99 | 345.93 | 459.76 | -24.76 | 588.92 | 637.12 | -7.57 | | Other Inc. | 14.34 | 28.45 | -49.60 | 57.11 | 60.24 | -5.20 | 83.97 | 97.65 | -14.01 | | PBIDT | 136.27 | 216.00 | -36.91 | 403.04 | 520.00 | -22.49 | 672.89 | 734.77 | -8.42 | | Interest | 1.08 | 1.32 | -18.18 | 4.3 | 4.56 | -5.70 | 6.21 | 6.87 | -9.61 | | PBDT | 135.19 | 214.68 | -37.03 | 398.74 | 515.44 | -22.64 | 666.68 | 727.90 | -8.41 | | Depreciation | 13.59 | 12.67 | 7.26 | 39.73 | 35.68 | 11.35 | 48.66 | 41.35 | 17.68 | | PBT | 121.60 | 202.01 | -39.80 | 359.01 | 479.76 | -25.17 | 618.02 | 686.55 | -9.98 | | PBT before EO | 121.6 | 202.01 | -39.80 | 359.01 | 479.76 | -25.17 | 618.02 | 686.55 | -9.98 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 121.6 | 202.01 | -39.80 | 359.01 | 479.76 | -25.17 | 618.02 | 686.55 | -9.98 | | Taxation | 31.87 | 52.12 | -38.85 | 92.55 | 123.74 | -25.21 | 157.98 | 195.07 | -19.01 | | PAT | 89.73 | 149.89 | -40.14 | 266.46 | 356.02 | -25.16 | 460.04 | 491.48 | -6.40 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 89.73 | 149.89 | -40.14 | 266.46 | 356.02 | -25.16 | 460.04 | 491.48 | -6.40 | | EPS (Rs)* | 101.50 | 169.56 | -40.14 | 301.43 | 402.74 | -25.16 | 520.41 | 555.97 | -6.40 | | | * EPS is on current equity of Rs 8.84 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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Peer Comparision (Standalone)
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Q-202112
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Sales
(Rs. Crs)
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var.(%)
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OP
(Rs. Crs)
|
var.(%)
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Net Profit
(Rs. Crs)
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var.(%)
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Share Price(Rs)
11-Feb-2022
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var.(%)
over
One year
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TTM EPS
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TTM PE
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Honeywell Automation India Ltd
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859.95
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-1.63
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121.93
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-34.99
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89.73
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-40.14
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43,572.30
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4.45
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419.10
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103.97
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Amber Enterprises India Ltd
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662.10
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14.86
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40.05
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-7.18
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14.48
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-20.74
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3,488.40
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11.02
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22.66
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153.95
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Bharat Electronics Ltd
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3,656.22
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62.03
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822.12
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86.7
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583.37
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122.78
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200.30
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47.99
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10.50
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19.07
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Cosmo Ferrites Ltd
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34.75
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81.84
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5.72
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191.84
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5.19
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1341.67
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393.40
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1,930.98
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10.59
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37.15
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Data Patterns (India) Ltd
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43.84
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95.63
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15.59
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3217.02
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8.96
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LP
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712.75
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0.00
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4.21
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169.18
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Delta Manufacturing Ltd
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24.75
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12.35
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23.42
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7454.84
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-2.57
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8.54
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80.85
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205.67
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-3.51
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-
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Genus Power Infrastructures Ltd
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195.87
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16.05
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20.92
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-29.94
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8.22
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-54.08
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76.85
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101.18
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1.73
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44.30
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Gujarat Poly Electronics Ltd
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4.15
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4.8
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0.55
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27.91
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0.56
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33.33
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41.80
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484.62
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2.61
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16.03
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Hind Rectifiers Ltd
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94.19
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16.28
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4.66
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-3.92
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1.31
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4.8
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233.35
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60.21
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4.28
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54.51
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Incap Ltd
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6.96
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39.2
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0.37
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48
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0.25
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56.25
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49.90
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125.79
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1.85
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26.95
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Kernex Microsystems (India) Ltd
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0.34
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-87.36
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-2.14
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PL
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-2.18
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PL
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130.60
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396.58
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-5.52
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-
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MIC Electronics Ltd
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26.97
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44850
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7.76
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LP
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7.14
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LP
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19.85
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2,181.61
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1.14
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17.49
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Pan Electronics (India) Ltd
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0.73
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-
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-0.71
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-102.86
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-0.82
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PL
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40.10
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568.33
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-9.20
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-
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Permanent Magnets Ltd
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27.65
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-13.89
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5.30
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-26.9
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3.60
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-20.88
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356.55
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122.70
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22.58
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15.79
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Ruttonsha International Rectifier Ltd
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11.74
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32.81
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0.93
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-20.51
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0.55
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10
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421.55
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1,021.14
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4.94
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85.29
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Shivalik Bimetal Controls Ltd
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88.13
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49.3
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20.57
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63.51
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14.70
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65.91
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488.60
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490.10
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12.31
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39.69
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Industry
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5,738.34
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38.87
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1,087.04
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48.85
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732.49
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59.28
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1,08,393.19
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50.98
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21.88
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