Sharekhan's research report on Honeywell Automation India
Honeywell’s Q2FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change. The company reported revenue/operating profit/Adj. PAT of Rs. 1024/130/116 crore, down 7%/6%/5%, respectively. The company aims to grow at 2x GDP in India, while growth in exports may revive gradually. Focus would remain on industrial digitalisation, automation, and sustainability.
Outlook
We retain a Buy on Honeywell with a revised PT of Rs. 60,000. The stock is expected to report a revenue/PAT CAGR of 19%/26%, respectively, over FY2024-FY2026E.
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