BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Honeywell Automation India Ltd. witnessed 7.2% YoY revenue decline and slight QoQ growth of 1.6% on low base to Rs 6.8 billion in Q1 FY22, lower than our estimate of Rs 8.5 billion.
Honeywell Automation reported an Ebitda margin of 17.1% (down 30 basis points YoY and 210 bps QoQ) despite 130 bps YoY decrease in raw material cost proportion to 47.7%.
Other expenses declined 9% YoY and staff expenses increased 2.4% YoY, impacting the margins.
Factoring-in the revenue slip, we cut our FY21E and FY22E earnings estimates by 4.8% and 4.7% respectively.
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