Sharekhan's research report on Honeywell Automation India
Q2FY24 saw a healthy beat on revenues although OPMs continued to disappoint on weak gross margins. Revenue beat is likely on account of strong domestic execution. Its long cycle contracts may have remained under pressure owing to higher input costs in a highly competitive environment. It aims to grow at double the GDP in India, while growth in exports may revive gradually. Focus would remain on industrial digitalization, automation and sustainability.
Outlook
We retain a Buy on Honeywell Automation with a revised PT of Rs. 45,000 led by cut in net earnings partially getting offset by rolling forward our valuation multiple to September 2025E earnings.
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