Honeywell Automation - Stable Q3 Execution, Healthy Margins: ICICI Securities
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ICICI Securities Report
Honeywell Automation India Ltd. witnessed 3% YoY drop in revenues to Rs 8.7 billion, despite pandemic-related headwinds.
Company reported Ebitda margin of 21.5% (up 50 basis points YoY) despite 180 basis points YoY increase in raw material costs to Rs 4.6 billion as other expenses declined 15.4% YoY and staff expenses dipped 7.6% YoY due to cost-reduction measures, which supported margins.
We believe, the margin expansion was aided partly by rupee depreciation and partly by reduction in travel due to Covid-19 restrictions.
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