Engineering firm Honeywell Automation India reported a 5.6 percent fall in its second-quarter profit on Tuesday, hurt by slowing demand.
The Indian arm of US conglomerate Honeywell International said its profit fell to Rs 115 crore ($13.7 million) for the three months ending September 30, from Rs 122 crore a year ago.
Honeywell Automation India provides building automation solutions to industrial clients and designs emission-curbing and energy transition products. Growth in India's manufacturing industry cooled in August and September, according to a business survey.
Analysts have said that Indian exporters are bearing the brunt of increased shipping costs due to the Red Sea crisis.
Honeywell Automation's revenue from operations fell 7.3 percent to Rs 1,024 crore. The company does not provide a breakdown of its revenue distribution. Cost of materials consumed, which makes up almost half of the expenses, grew 12.11 percent in the quarter.
Parent company Honeywell projected annual sales below Wall Street expectations and missed quarterly revenue estimates last week. Honeywell Automation's stock, one of India's costliest, closed 0.3 percent up ahead of its results. The shares have risen nearly 33 percent so far this year, while that of rival ABB India have jumped about 60 percent.
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