Honeywell Automation India reports lacklustre profit growth on slowing demand
Feb 7 (Reuters) - Engineering firm Honeywell Automation India (HONE.NS), opens new tab reported a weak third-quarter profit growth on Friday, hurt by slowing infrastructure demand due to sluggish economic growth.
The Indian unit of U.S. conglomerate Honeywell International (HON.O), opens new tab reported a 3.3% year-on-year rise in profit to 1.32 billion rupees ($15.1 million) for the October-to-December quarter.
The company, which provides building automation solutions to industrial clients and designs emission-curbing products, had posted a 20.5% rise in profit in the same quarter a year earlier.
Domestic capital goods companies have been hurt by sluggish infrastructure demand due to an economic slowdown, with manufacturing activity in December growing at its weakest pace in 2024.
As a result, Honeywell Automation's revenue from operations rose 1.8% to 10.91 billion rupees. It does not provide a breakdown of its revenues.
Honeywell International reported a 1.7% rise in its December-quarter net income on Thursday. The conglomerate said it would separate its aerospace and automation businesses into separate entities, alongside its previously announced spin-off of the advanced materials unit.
The Indian unit's shares, among the most expensive in India, closed nearly flat at 38,338.3 rupees ahead of the results.
($1 = 87.4430 Indian rupees)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 hours ago
- Reuters
China's forex reserves up $3.6 billion in May, less than expected
BEIJING, June 7 (Reuters) - China's foreign exchange reserves rose by a less-than-expected $3.6 billion in May, official data showed on Saturday, as the dollar continued to weaken against other major currencies. The country's foreign exchange reserves, the world's largest, rose 0.11% to $3.285 trillion last month, below the Reuters forecast of $3.292 trillion. They were $3.282 trillion in April. The increase in reserves was due to "the combined effects of factors such as exchange rate conversion and asset price changes," China's State Administration of Foreign Exchange said in a statement. The yuan weakened 1.05% against the dollar in May, while the dollar slid 0.23% against a basket of other major currencies .
Powys County Times
4 hours ago
- Powys County Times
Lammy seeks to ‘deepen' UK-India ties on New Delhi visit
David Lammy will seek to deepen UK-India economic ties as he visits New Delhi this weekend, saying Britain's recently agreed trade deal with the country is 'just the start of our ambitions'. Trade and migration will be at the top of the agenda for the Foreign Secretary's trip, during which he will meet Indian Prime Minister Narendra Modi and external affairs minister S Jaishankar. The Foreign Office said Mr Lammy would also raise 'the recent escalation in tensions following the Pahalgam terrorist attack, and how the welcomed sustained period of peace can be best supported in the interests of stability in the region'. Pakistan and India agreed to a US-brokered ceasefire last month after rising hostilities between the two nuclear-armed rivals followed a deadly attack on tourists in Pahalgam, Kashmir. Ahead of the visit, Mr Lammy said: 'Signing a free trade agreement is just the start of our ambitions – we're building a modern partnership with India for a new global era. 'We want to go even further to foster an even closer relationship and co-operate when it comes to delivering growth, fostering innovative technology, tackling the climate crisis and delivering our migration priorities, and providing greater security for our people.' The Foreign Office said talks in New Delhi would aim to 'deepen and diversify the Comprehensive Strategic Partnership between the two countries'. 'The Foreign Secretary will also welcome progress in our migration partnership, including ongoing work on safeguarding citizens and securing borders in both countries,' it said.
South Wales Guardian
4 hours ago
- South Wales Guardian
Lammy seeks to ‘deepen' UK-India ties on New Delhi visit
Trade and migration will be at the top of the agenda for the Foreign Secretary's trip, during which he will meet Indian Prime Minister Narendra Modi and external affairs minister S Jaishankar. The Foreign Office said Mr Lammy would also raise 'the recent escalation in tensions following the Pahalgam terrorist attack, and how the welcomed sustained period of peace can be best supported in the interests of stability in the region'. Pakistan and India agreed to a US-brokered ceasefire last month after rising hostilities between the two nuclear-armed rivals followed a deadly attack on tourists in Pahalgam, Kashmir. Ahead of the visit, Mr Lammy said: 'Signing a free trade agreement is just the start of our ambitions – we're building a modern partnership with India for a new global era. 'We want to go even further to foster an even closer relationship and co-operate when it comes to delivering growth, fostering innovative technology, tackling the climate crisis and delivering our migration priorities, and providing greater security for our people.' The Foreign Office said talks in New Delhi would aim to 'deepen and diversify the Comprehensive Strategic Partnership between the two countries'. 'The Foreign Secretary will also welcome progress in our migration partnership, including ongoing work on safeguarding citizens and securing borders in both countries,' it said.
