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Honeywell Automation India reported an 18% increase in net sales to Rs 770.37 crore for June 18 quarter. OPM was higher by 340 bps to 15.6%, thus resulting in the OP growth of 51% to Rs 120.47 crore. Other income was higher by 182% to Rs 24.67 crore. PBIDT thus was up by 64% to Rs 145.14 crore. Interest costs stood at Nil. After providing depreciation of Rs 3.81 crore down by 2% YoY, PBT stood at Rs 141.33 crore, up by 67%. After providing total tax of Rs 49.62 crore, up by 69% on YoY basis, PAT for the June 18 quarter stood at Rs 91.71 crore, up by 66% YoY.
Performance for the 12 months ended Mar 18
For 12 months ended Mar 18, net sales were up by 12% to Rs 2689.98 crore. OPM was higher by 160 bps to 13.5% thus resulting in a 27% increase in OP to Rs 363.59 crore. Other income was down by 13% to Rs 33.12 crore. Interest cost stood at Rs 0.28 crore up by 8% YoY. Depreciation was down by 7% to Rs 15.20 crore, leading a 24% increase in PBT to Rs 381.23 crore. After providing total tax of Rs 131.50 crore, PAT for 12 months ended Mar 18 stood at Rs 249.73 crore up by 26% YoY. There is a PPI of Rs 29.10 crore for FY 17 as compared to Nil for FY 18, thus PAT after PPI for FY 18 stood at Rs 249.73 crore and is up by 47%.
Other updates from the Annual Report 2017 08
Company generates a significant percentage of its sales and profits from its business with Honeywell International Inc. and its affiliates.
Company's operating results are significantly influenced by macro-economic trends such as industrial production, capital spending on process and building automation, commercial and infrastructure construction.
Process Solutions business products and solutions provide customers with safer, reliable, efficient, sustainable, and more profitable plant operations. Its offerings include distributed control systems (DCS), transmitters, programmable logic controllers, emergency shutdown systems (ESD), quality controls systems (QCS), advanced software solutions, IIoT solutions, and comprehensive lifecycle services. In FY 18 It added new offerings, including Honeywell Connected Plant –an IIoT-based unified suite of software applications. The business won several prestigious projects in FY 18.
Building Management System business is a global leader in connected buildings space and maintains a leadership position in India with the widest range of building automation technologies Exciting new initiatives such as Connected Buildings and upcoming new product launches will help the company grow in an evolving market.
Market demand for construction equipment and industrial machinery, and new wins helped drive strong growth for Sensing and Internet of Things business. The packaged products portfolio performed well in 2017-18 with revenue upside for limit switches, construction equipment shifters, pressure switches and basic switches for vehicle body controls. Company plans to include more industrial customers in FY 19.
The new global manufacturing facility at Fulgaon, Pune, will complete four years of operations in August 2018. Company has completed construction of phase two on the adjacent plot where the Customer Integration Center (CIC) and warehouse were consolidated under one roof. The operations commenced in April 2018. This consolidation at Fulgaon will help improve overall operational efficiency.
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