Honeywell Automation India Reports 8.3% Q3 Profit Decline Amid Rising Costs and One-Time Charge
Honeywell Automation India reported an 8.3% decline in third-quarter profit due to rising expenses, despite a 7% increase in revenue from operations to 11.69 billion rupees. The profit was further impacted by a one-time charge related to new labor codes, while total expenses rose by 7.6%, primarily driven by increased employee benefits. The company's stock closed 2% higher at 33,610 rupees ahead of the earnings report.
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Honeywell Automation India reported an 8.3% decline in third-quarter profit, attributed to higher expenses that outweighed improved manufacturing activity. The company's revenue from operations increased by approximately 7% to 11.69 billion rupees ($127.8 million) for the three months ending in December, supported by clean-energy incentives and industrial upgrades.
However, total expenses rose by 7.6% to 10.38 billion rupees, driven by a 16.8% increase in employee benefits. Additionally, a one-time charge of 114 million rupees linked to new labor codes affected income.
Profit, excluding this charge and tax expenses, remained flat at 1.76 billion rupees. Honeywell Automation India's stock closed 2% higher at 33,610 rupees ahead of the earnings report.
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