Results     08-Nov-22
Analysis
Honeywell Automation India
Net up 38% on good operating show and higher OI
Standalone net sales (including other operating income) of Honeywell Automation India for the quarter ended Sep 202 has increased 7.74% to Rs 794.25 crore.  Operating profit margin has jumped from 14.56% to 16.08%, leading to 18.99% rise in operating profit to Rs 127.74 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.09% to 40.58%.   Purchase of finished goods cost fell from 10.39% to 9.42%.   Employee cost increased from 19.33% to 20.69%.   Other expenses fell from 14.16% to 12.95%.   Other income up 114.02% to Rs 44.88 crore.  PBIDT rose 34.52% to Rs 172.62 crore.  Provision for interest fell 14.49% to Rs 1.18 crore.  PBDT rose 35.06% to Rs 171.44 crore.  Provision for depreciation down 2.59% to Rs 12.79 crore.   Profit before tax grew 39.40% to Rs 158.65 crore.  Provision for tax was expense of Rs 40.71 crore, compared to Rs 28.61 crore.  Effective tax rate was 25.66% compared to 25.14%. Profit after tax rose 38.43% to Rs 117.94 crore.  

Half yearly performance  


Standalone net sales has increased 11.27% to Rs 1,580.42 crore.  Operating profit margin has jumped from 15.77% to 15.79%, leading to 11.44% rise in operating profit to Rs 249.62 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 39.94% to 40.61%.   Purchase of finished goods cost rose from 10.33% to 10.62%.   Employee cost increased from 19.40% to 19.94%.   Other expenses fell from 14.49% to 13.09%.   Other income up 73.21% to Rs 74.08 crore.  PBIDT rose 21.34% to Rs 323.7 crore.  Provision for interest fell 24.22% to Rs 2.44 crore.  PBDT rose 21.90% to Rs 321.26 crore.  Provision for depreciation down 3.40% to Rs 25.25 crore.  Profit before tax grew 24.68% to Rs 296.01 crore.  Provision for tax was expense of Rs 76.1 crore, compared to Rs 60.68 crore.  Effective tax rate was 25.71% compared to 25.56%. Profit after tax rose 24.43% to Rs 219.91 crore.  

Equity capital stood at Rs 8.84 crore as of 30 September 2022 to Rs 8.84 crore as of 30 September 2021.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 75.00% as of 30 September 2022 ,compared to 75.00% as of 30 September 2021 .  

Loan funds declined from Rs 64.57 crore as of 30 September 2021 to Rs 46.40 crore as of 30 September 2022.  Inventories rose to Rs 134.37 crore as of 30 September 2022 from Rs 103.72 crore as of 30 September 2021.  Sundry debtors were lower at Rs 835.02 crore as of 30 September 2022 compared to Rs 880.14 crore as of 30 September 2021.  Cash and bank balance rose to Rs 2,096.21 crore as of 30 September 2022 from Rs 1,898.42 crore as of 30 September 2021.  Fixed assets declined from Rs 197.36 crore as of 30 September 2021 to Rs 162.68 crore as of 30 September 2022.  Intangible assets stood at Rs 0.03 crore. 

 


Honeywell Automation India : Standalone Results
Quarter endedYear to DateYear ended
Particulars202209202109Var.(%)202209202109Var.(%)202203202103Var.(%)
Net Sales (including other operating income)794.25737.197.741,580.421,420.3911.272,948.323,042.78-3.10
OPM (%)16.0814.56152 bps15.7915.772 bps14.6919.35-466 bps
OP127.74107.3518.99249.62224.0011.44433.23588.92-26.44
Other Inc.44.8820.97114.0274.0842.7773.2182.3483.97-1.94
PBIDT172.62128.3234.52323.70266.7721.34515.57672.89-23.38
Interest1.181.38-14.492.443.22-24.225.496.21-11.59
PBDT171.44126.9435.06321.26263.5521.90510.08666.68-23.49
Depreciation12.7913.13-2.5925.2526.14-3.4052.4648.667.81
PBT158.65113.8139.40296.01237.4124.68457.62618.02-25.95
PBT before EO158.65113.8139.40296.01237.4124.68457.62618.02-25.95
EO Income00-00-00-
PBT after EO158.65113.8139.40296.01237.4124.68457.62618.02-25.95
Taxation40.7128.6142.2976.160.6825.41118.49157.98-25.00
PAT117.9485.238.43219.91176.7324.43339.13460.04-26.28
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations117.9485.238.43219.91176.7324.43339.13460.04-26.28
EPS (Rs)*133.4296.3838.43248.77199.9224.43383.63520.41-26.28
* 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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