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Results
09-Feb-23
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Analysis
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Honeywell Automation India
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Net up 18% largely on higher sales, higher OI, lower depreciation
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Standalone net sales (including other operating income) of Honeywell Automation India for the quarter ended Dec 2022 has increased 18.32% to Rs 1,017.49 crore. Operating profit margin has declined from 14.18% to 12.82%, leading to 6.98% rise in operating profit to Rs 130.44 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 47.61% to 48.69%. Purchase of finished goods cost rose from 9.08% to 10.43%. Employee cost decreased from 16.46% to 14.95%. Other expenses rose from 12.56% to 13.00%. Other income up 91.35% to Rs 27.44 crore. PBIDT rose 15.86% to Rs 157.88 crore. Provision for interest fell 4.63% to Rs 1.03 crore. PBDT rose 16.02% to Rs 156.85 crore. Provision for depreciation down 3.31% to Rs 13.14 crore. Profit before tax grew 18.18% to Rs 143.71 crore. Provision for tax was expense of Rs 37.64 crore, compared to Rs 31.87 crore. Effective tax rate was 26.19% compared to 26.21%. Profit after tax rose 18.21% to Rs 106.07 crore.
Nine month performance Net sales (including other operating income) of Honeywell Automation India has increased 13.93% to Rs 2,597.91 crore. Operating profit margin has declined from 15.17% to 14.63%, leading to 9.87% rise in operating profit to Rs 380.06 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 42.83% to 43.75%. Purchase of finished goods cost rose from 9.86% to 10.55%. Employee cost decreased from 18.29% to 18.00%. Other expenses fell from 13.76% to 13.06%. Other income up 77.76% to Rs 101.52 crore. PBIDT rose 19.49% to Rs 481.58 crore. Provision for interest fell 19.30% to Rs 3.47 crore. PBDT rose 19.91% to Rs 478.11 crore. Provision for depreciation down 3.37% to Rs 38.39 crore. Profit before tax grew 22.48% to Rs 439.72 crore. Provision for tax was expense of Rs 113.74 crore, compared to Rs 92.55 crore. Effective tax rate was 25.87% compared to 25.78%.Profit after tax rose 22.34% to Rs 325.98 crore. Promoters’ stake was 75.00% as of 31 December 2022 ,compared to 75.00% as of 31 December 2021 .
| Honeywell Automation India : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,017.49 | 859.95 | 18.32 | 2,597.91 | 2,280.34 | 13.93 | 2,948.32 | 3,042.78 | -3.10 | | OPM (%) | 12.82 | 14.18 | -136 bps | 14.63 | 15.17 | -54 bps | 14.69 | 19.35 | -466 bps | | OP | 130.44 | 121.93 | 6.98 | 380.06 | 345.93 | 9.87 | 433.23 | 588.92 | -26.44 | | Other Inc. | 27.44 | 14.34 | 91.35 | 101.52 | 57.11 | 77.76 | 82.34 | 83.97 | -1.94 | | PBIDT | 157.88 | 136.27 | 15.86 | 481.58 | 403.04 | 19.49 | 515.57 | 672.89 | -23.38 | | Interest | 1.03 | 1.08 | -4.63 | 3.47 | 4.3 | -19.30 | 5.49 | 6.21 | -11.59 | | PBDT | 156.85 | 135.19 | 16.02 | 478.11 | 398.74 | 19.91 | 510.08 | 666.68 | -23.49 | | Depreciation | 13.14 | 13.59 | -3.31 | 38.39 | 39.73 | -3.37 | 52.46 | 48.66 | 7.81 | | PBT | 143.71 | 121.60 | 18.18 | 439.72 | 359.01 | 22.48 | 457.62 | 618.02 | -25.95 | | PBT before EO | 143.71 | 121.6 | 18.18 | 439.72 | 359.01 | 22.48 | 457.62 | 618.02 | -25.95 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 143.71 | 121.6 | 18.18 | 439.72 | 359.01 | 22.48 | 457.62 | 618.02 | -25.95 | | Taxation | 37.64 | 31.87 | 18.10 | 113.74 | 92.55 | 22.90 | 118.49 | 157.98 | -25.00 | | PAT | 106.07 | 89.73 | 18.21 | 325.98 | 266.46 | 22.34 | 339.13 | 460.04 | -26.28 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 106.07 | 89.73 | 18.21 | 325.98 | 266.46 | 22.34 | 339.13 | 460.04 | -26.28 | | EPS (Rs)* | 119.99 | 101.50 | 18.21 | 368.76 | 301.43 | 22.34 | 383.63 | 520.41 | -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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