Capitaline

Results 16-Nov-21

Analysis

Honeywell Automation India

Net down 21% on lower sales and lower OPM

Standalone net sales (including other operating income) of Honeywell Automation India for the quarter ended Sep 2021 has declined 3% to Rs 737.19 crore. Operating profit margin has declined from 19% to 14.6%, leading to 26% decline in operating profit to Rs 107.35 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 39.72% to 41.09%. Purchase of finished goods cost rose from 9.34% to 10.39%. Employee cost increased from 18.10% to 19.33%. Other expenses rose from 13.64% to 14.16%. Other income up 46.03% to Rs 20.97 crore. PBIDT fell 19.12% to Rs 128.32 crore. Provision for interest fell 21.59% to Rs 1.38 crore. PBDT fell 19.09% to Rs 126.94 crore. Provision for depreciation rose 15.18% to Rs 13.13 crore. Profit before tax down 21.77% to Rs 113.81 crore. Provision for tax was expense of Rs 28.61 crore, compared to Rs 37.44 crore. Effective tax rate was 25.14% compared to 25.73%. Profit after tax fell 21% to Rs 85.20 crore.

Half-yearly performance

Net sales has declined 5% to Rs 1,420.39 crore. Operating profit margin has declined from 18.2% to 15.8%, leading to 18% decline in operating profit to Rs 224.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 40.17% to 39.94%. Purchase of finished goods cost rose from 9.12% to 10.33%. Employee cost increased from 18.01% to 19.40%. Other income up 34.54% to Rs 42.77 crore. PBIDT fell 12.25% to Rs 266.77 crore. Provision for interest fell 0.62% to Rs 3.22 crore. PBDT fell 12.37% to Rs 263.55 crore. Provision for depreciation rose 13.60% to Rs 26.14 crore. Profit before tax down 14.52% to Rs 237.41 crore. Provision for tax was expense of Rs 60.68 crore, compared to Rs 71.62 crore. Effective tax rate was 25.56% compared to 25.79%. Profit after tax fell 14% to Rs 176.73 crore.

Other developments

Equity capital stood at Rs 8.84 crore as of 30 September 2021 to Rs 8.84 crore as of 30 September 2020. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 75.00% as of 30 September 2021, compared to 75.00% as of 30 September 2020 .

Loan funds declined from Rs 71.46 crore as of 30 September 2020 to Rs 64.57 crore as of 30 September 2021. Inventories rose to Rs 103.72 crore as of 30 September 2021 from Rs 102.95 crore as of 30 September 2020. Sundry debtors were higher at Rs 880.14 crore as of 30 September 2021 compared to Rs 753.42 crore as of 30 September 2020. Cash and bank balance rose to Rs 1,898.42 crore as of 30 September 2021 from Rs 1,570.53 crore as of 30 September 2020.

Fixed assets declined from Rs 207.45 crore as of 30 September 2020 to Rs 197.36 crore as of 30 September 2021. Intangible assets increased from Rs 0.01 crore to Rs 0.03 crore.

Honeywell Automation India: Standalone Results
	2109 (3)	2009 (3)	Var. (%)	2109 (6)	2009 (6)	Var. (%)	2103 (12)	2003 (12)	Var. (%)
Sales	737.19	759.69	-3	1420.39	1495.92	-5	3042.78	3290.01	-8
OPM (%)	14.6	19.0		15.8	18.2		19.4	19.4
OP	107.35	144.29	-26	224.00	272.21	-18	588.92	637.12	-8
Other inc.	20.97	14.36	46	42.77	31.79	35	83.97	97.65	-14
PBIDT	128.32	158.65	-19	266.77	304.00	-12	672.89	734.77	-8
Interest (net)	1.38	1.76	-22	3.22	3.24	-1	6.21	6.87	-10
PBDT	126.94	156.89	-19	263.55	300.76	-12	666.68	727.90	-8
Depreciation	13.13	11.40	15	26.14	23.01	14	48.66	41.35	18
PBT	113.81	145.49	-22	237.41	277.75	-15	618.02	686.55	-10
EO	0.00	0.00		0.00	0.00		0.00	0.00
PBT after EO	113.81	145.49	-22	237.41	277.75	-15	618.02	686.55	-10
Taxation	28.61	37.44	-24	60.68	71.62	-15	157.98	195.07	-19
PAT	85.20	108.05	-21	176.73	206.13	-14	460.04	491.48	-6
PPI/ EO (net of tax)	0.00	0.00		0.00	0.00		0.00	0.00
Net profit	85.20	108.05	-21	176.73	206.13	-14	460.04	491.48	-6
EPS (Rs)*	#	#		#	#		520.4	556.0
* EPS is on current equity of Rs 8.84 crore, Face value of Rs 10
# EPS is not annualised due to seasonality of business;
Var (%) exceeding 999 is restricted to 999
Figures in Rs crore
Source: Capitaline Corporate Database

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