Honeywell Automation - Stable Q3 Execution, Healthy Margins: ICICI Securities 
Machines at the electronics lab at the Honeywell Quantum Computer Lab in Broomfield, Colorado, U.S. (Photographer David Williams/Bloomberg)

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.

Click on the attachment to read the full report:

ICICI Securities Honeywell Automation Q3FY21 Results Update.pdf

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