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Honeywell Automation - Stable Q3 Execution, Healthy Margins: ICICI Securities 

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)
Machines at the electronics lab at the Honeywell Quantum Computer Lab in Broomfield, Colorado, U.S. (Photographer David Williams/Bloomberg)

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 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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