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)