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Engineering firm Honeywell Automation reported higher first-quarter profit on Monday, aided by execution of existing orders.
The Indian unit of US-based Honeywell International reported a profit of Rs 137 crore (around $16 million), compared to Rs 103 crore a year ago.
Execution of legacy projects and stable costs helped boost earnings of Honeywell, analysts said. The company provides building automation solutions to industrial clients and designs emission-curbing and energy transition products.
Its revenue from operations advanced 3 per cent to Rs 960 crore. Honeywell Automation does not provide segmental details on its earnings.
Total expenses slipped 0.7 per cent to Rs 821 crore, mainly due to a 41 per cent slump in what the company classified as "other expenses" without providing specific details.
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Honeywell Automation's stock, one of India's costliest, rose nearly 47 per cent in the quarter, its highest in at least 10 years, as per LSEG data.
It closed 2.7 per cent lower on the day, amid a broader market sell-off.
(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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