Sharekhan's research report on Honeywell Automation India
Q4 results lagged estimates as revenue booking may have been affected by supply chain disruptions. However, OPM improved y-o-y despite pressure on gross margins. Honeywell is expected to benefit from parent’s strong growth outlook for key segments, while domestic growth is expected to be driven by oil & gas, smart cities, airports and building solution segments. Company continues to generate strong cash flows, maintaining strong balance sheet.
Outlook
We retain a Buy on Honeywell Automation India with a revised price target of Rs. 52,407 factoring a marginal reduction in revised estimates.
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