Honeywell Automation Q4 Review - Buoyant Prospects Beyond The Near-Term Blip: Dolat Capital
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Dolat Capital Report
Honeywell Automation India Ltd. reported sales of Rs 6.7 billion, down by 4.5% YoY (down 24% versus our estimate), a miss could be due to global shortage of semiconductors which are essentially used in manufacturing of field instruments like transmitter, programmable logic controllers, variable frequency drives.
Gross Margin stood at 50.6%, a contraction of 340 basis points YoY led by higher commodity prices.
Ebitda remained flat YoY at Rs 1.3 billion (down 32% versus our estimate).
Ebitda margin expanded by 95 basis points YoY to 19.2% led by rationalization of discretionary spending and lower travel expenses (employee cost and other expense declined by 51 basis points/ 383 basis points YoY).
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