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Honeywell Automation India reported a 15% increase in net sales to Rs 512.81 crore for June'15 quarter. OPM was up by 200 bps to 11.2%, thus resulting OP of Rs 57.41 crore for June'15 quarter, up by 40%. Other income was up by 29% to Rs 5.89 crore. PBIDT thus was up by 39% to Rs 63.30 crore. Interest costs stood at Rs 7 lakh. After providing depreciation of Rs 3.75 crore, PBT stood at Rs 59.48 crore, up by 40%. After providing total tax of Rs 22.27 crore, up by 60% YoY, PAT for the June'15 quarter stood at Rs 37.21 crore, up by 30% YoY.
Performance for the 15 months ended March 2015
For the 15 months ended Mar'15, net sales stood at Rs 2403.67 crore. OPM stood at 8.8% resulted in OP of Rs 212.10 crore. Other income stood at Rs 22.44 crore. Interest cost and depreciation stood at Rs 0.44 crore and Rs 16.86 crore. There is an EO income of Rs 40.02 crore and thus PBT after EO stood at Rs 177.22 crore. After paying total tax of Rs 63.02 crore, PAT for 15 months ended Mar'15 stood at Rs 114.20 crore.
The company has concluded its review to determine the extent by which costs had been recorded to incorrect projects. As a result, adjustments have been made for 15 months ended Mar'15 to reduce revenues by Rs 54.50 crore and reduce PBT by Rs 67.29 crore. This reduction in PBT includes an impact of Rs 12.79 crore for provision for future losses. Amounts of Rs 40.02 crore which relate to prior periods have been disclosed as an EO for the 15 months ended Mar'15.
Consequent to the change in the accounting year of the company from Jan-Dec to April-March with effect from current year, the year ended Mar'15 financial statements are for 15 months from 1st Jan 2014 to 31st Mar 2015. The previous year figures relate to the 12 months ended Dec'14 and hence not comparable on YoY basis.
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