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Honeywell Automation Q3 results: Profit jumps to Rs 128 cr on govt spending

Profit at the Indian arm of U.S.conglomerate Honeywell International was Rs 128 crore ($15.4 million) for the three months ended Dec. 31, compared with 1.06 billion rupees a year earlier

December quarter results: Analysts expect tepid numbers
Reuters BENGALURU
1 min read Last Updated : Feb 08 2024 | 8:14 PM IST

Engineering firm Honeywell Automation India reported a 20.6% jump in third-quarter profit on Thursday, helped by a surge in government spending on infrastructure.

Profit at the Indian arm of U.S.conglomerate Honeywell International was Rs 128 crore ($15.4 million) for the three months ended Dec. 31, compared with 1.06 billion rupees a year earlier.

The surge in infrastructure spending ahead of the Indian general elections due by May has buoyed the performance of engineering and construction firms.

Revenue from operations grew 5.3% to 10.71 billion rupees, while expenses rose at a slower pace of 2.6% to 9.25 billion rupees.

Growth in expenses had outpaced the rise in revenue in the last four quarters, weighing on profit.

Shares of the company closed 0.7% higher ahead of the results.

Rival KEC International said last week its consolidated third-quarter profit jumped over five times. Siemens is expected to report its quarterly results next week.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :HoneywellQ3 resultscorporate earningssoftware

First Published: Feb 08 2024 | 8:14 PM IST

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