Honeywell Automation’s net profit falls ~6% y-o-y in Q2

30 Oct 2024 , 11:47 AM

Honeywell Automation India, an engineering services company, reported its second-quarter results on Tuesday, October 29, 2024. The company’s net profit fell 5.7% year on year in the three months ended September 2024, owing primarily to lower demand.

The profit for the quarter was ₹115 Crore, down from ₹122 Crore a year ago.

Honeywell International’s Indian subsidiary reported a 7.3% decrease in revenue from operations, reaching ₹1,024 Crore. In the previous fiscal year, it posted revenue of ₹1,104 Crore during the same time. 

The corporation did not disclose a breakdown of its revenue distribution.

During the quarter, its earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in 6.7% lower at ₹129.1 Crore, compared to ₹138.3 reported last year.

The company’s margins were marginally higher at 12.6%, compared to 12.5% last year.

Honeywell Automation India offers building automation solutions to industrial clients and creates products that reduce emissions and facilitate energy transitions.

However, a recent industry survey found that India’s manufacturing sector stagnated in August and September.

Honeywell Automation India supplies industrial clients with building automation solutions as well as emission-reducing and energy-saving devices. According to a business survey, India’s manufacturing industry grew less rapidly in August and September.

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