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Honeywell Automation India reports lacklustre profit growth on slowing demand
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Honeywell Automation India reports lacklustre profit growth on slowing demand
Feb 7, 2025 4:12 AM

Feb 7 (Reuters) - Engineering firm Honeywell Automation

India 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 )

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 ( HON ) 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)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Sonia

Cheema and Mrigank Dhaniwala)

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