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Honeywell Automation India's Q1 profit jumps on order execution

Published 08/05/2024, 07:08 AM
Updated 08/05/2024, 07:11 AM
© Reuters. A logo of Honeywell is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017.  REUTERS/Denis Balibouse/ File Photo
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BENGALURU (Reuters) - Engineering firm Honeywell Automation reported higher first-quarter profit on Monday, aided by execution of existing orders.

The Indian unit of U.S.-based Honeywell International (NASDAQ:HON) reported a profit of 1.37 billion rupees (around $16 million), compared to 1.03 billion rupees a year ago.

Execution of legacy projects and stable costs helped boost earnings of Honeywell, analysts said. The company provides building automation solutions to industrial clients and designs emission-curbing and energy transition products.

Its revenue from operations advanced 3% to 9.6 billion rupees. Honeywell Automation does not provide segmental details on its earnings.

Total expenses slipped 0.7% to 8.21 billion rupees, mainly due to a 41% slump in what the company classified as "other expenses" without providing specific details.

Honeywell Automation's stock, one of India's costliest, rose nearly 47% in the quarter, its highest in at least 10 years, as per LSEG data.

© Reuters. A logo of Honeywell is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017.  REUTERS/Denis Balibouse/ File Photo

It closed 2.7% lower on the day, amid a broader market sell-off.

($1 = 83.8100 Indian rupees)

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