Honeywell Automation India Limited (HAIL) has released its financial results for the second quarter ended September 30, showing a mixed performance with revenue growth but a decline in profit.

Financial Highlights

HAIL reported total income of ₹14,936.00 million for Q2, marking a significant 22.00% increase from ₹12,240.00 million in the same quarter last year. However, the company's net profit saw a decline of 11.50%, decreasing to ₹1,195.00 million from ₹1,351.00 million year-over-year.

Half-Year Performance

For the first half of the fiscal year, HAIL's profit stood at ₹2,441.00 million, compared to ₹2,516.00 million in the same period last year, indicating a slight decrease in profitability.

Financial Position

The company maintains a strong financial position with cash and cash equivalents of ₹30,613.00 million as of September 30.

Board Changes

HAIL announced changes to its Board of Directors:

• Mr. Pedro Thena Garrote has resigned from his position as a Non-Executive Non-Independent Director, effective November 5.
• Mr. Jake Morgan Wasserman has been appointed as an Additional Non-Executive Non-Independent Director, also effective from November 5.

Board Meeting Details

The Board meeting where these results were approved and changes announced was held on November 5, from 2:00 p.m. to 3:45 p.m. IST.

Outlook

While Honeywell Automation India Limited has shown substantial revenue growth, the decline in net profit may require attention. The company's strong cash position suggests a stable foundation for its operations in the automation and control systems market in India.

Honeywell Automation India Limited has released its financial results for the first quarter, showcasing a mixed performance with strong revenue growth but a slight decline in profitability.

Revenue Growth

The company reported a significant increase in revenue for the quarter ended June 30. Honeywell Automation's revenue rose to ₹11,831.00 million, up from ₹9,604.00 million in the same period last year, marking a robust 23.2% year-over-year growth.

Profit Performance

Despite the impressive top-line growth, Honeywell Automation experienced a slight dip in its net profit. The company's net profit for Q1 stood at ₹1,246.00 million, compared to ₹1,365.00 million in the corresponding quarter of the previous fiscal year, representing an 8.7% decrease.

Financial Highlights

Here's a breakdown of key financial metrics for Q1:

Operational Performance

The company's cost of materials consumed increased significantly to ₹6,663.00 million in Q1, up from ₹4,401.00 million in the same quarter last year. This rise in material costs, along with increases in other expenses, contributed to the pressure on profitability despite the strong revenue growth.

About Honeywell Automation India Limited

Honeywell Automation India Limited is a leader in providing integrated automation and software solutions. The company operates in the 'Automation & Control Systems' segment, offering a wide range of products and solutions for various industries.

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 1. Walker Chandiok & Co LLP conducted the limited review of the unaudited financial results for the quarter ended June 30.