Capitaline

Results 11-Aug-23

Analysis

Honeywell Automation India

Net up just 1% despite 19% increase in sales as OPM contract by 260 bps

Standalone net sales (including other operating income) of Honeywell Automation India has increased 18.59% to Rs 932.32 crore. Operating profit margin has declined from 15.50% to 12.94%, leading to 1.05% decline in operating profit to Rs 120.60 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.64% to 41.04%. Purchase of finished goods cost rose from 11.78% to 12.45%. Employee cost decreased from 19.22% to 18.54%. Other expenses rose from 13.24% to 15.39%.

Other income up 12.84% to Rs 32.95 crore. PBIDT rose 1.63% to Rs 153.55 crore. Provision for interest fell 40.48% to Rs 0.75 crore.

PBDT rose 1.99% to Rs 152.8 crore. Provision for depreciation rose 9.23% to Rs 13.61 crore.

Profit before tax grew 1.33% to Rs 139.19 crore. Provision for tax was expense of Rs 35.75 crore, compared to Rs 35.39 crore. Effective tax rate was 25.68% compared to 25.76%.

Profit after tax rose 1.44% to Rs 103.44 crore.

Promoters’ stake was 75.00% as of 30 June 2023 ,compared to 75.00% as of 30 June 2022 .

Honeywell Automation India : Standalone Results

	Quarter ended			Year ended
Particulars	202306	202206	Var.(%)	202303	202203	Var.(%)
Net Sales (including other operating income)	932.32	786.17	18.59	3,447.59	2,948.32	16.93
OPM (%)	12.94	15.50	-257 bps	15.05	14.69	36 bps
OP	120.60	121.88	-1.05	518.86	433.23	19.77
Other Inc.	32.95	29.20	12.84	128.25	82.34	55.76
PBIDT	153.55	151.08	1.63	647.11	515.57	25.51
Interest	0.75	1.26	-40.48	3.96	5.49	-27.87
PBDT	152.80	149.82	1.99	643.15	510.08	26.09
Depreciation	13.61	12.46	9.23	51.89	52.46	-1.09
PBT	139.19	137.36	1.33	591.26	457.62	29.20
PBT before EO	139.19	137.36	1.33	591.26	457.62	29.20
EO Income	0	0	-	0	0	-
PBT after EO	139.19	137.36	1.33	591.26	457.62	29.20
Taxation	35.75	35.39	1.02	153.25	118.49	29.34
PAT	103.44	101.97	1.44	438.01	339.13	29.16
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	103.44	101.97	1.44	438.01	339.13	29.16
EPS (Rs)*	117.01	115.35	1.44	495.49	383.63	29.16

* 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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