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Honeywell Automation India’s Q1 profit jumps on order execution
Global Banking & Finance Review®
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BENGALURU (Reuters) – Engineering firm Honeywell Automation reported higher first-quarter profit on Monday, aided by execution of existing orders.
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 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.
It closed 2.7% lower on the day, amid a broader market sell-off.
($1 = 83.8100 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Varun H K)
Profit is the financial gain obtained when the revenue generated from business activities exceeds the costs associated with those activities.
Corporate profits refer to the net income of a corporation after all expenses, taxes, and costs have been deducted from total revenue.
Revenue is the total amount of money generated from sales of goods or services before any expenses are deducted.
Order execution is the process of completing a buy or sell order for a financial asset, which can affect a company's financial performance.
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