Honeywell Automation India's posts second straight quarterly profit fall
Profit at the Indian arm of U.S. conglomerate Honeywell International fell 8.7% year-on-year to 1.25 billion rupees ($14.3 million) in the quarter ended June 30.
Honeywell Automation, which provides smart building systems and clean-tech solutions, benefited from increased demand for automation, which boosted its revenue by 23.2% to 11.83 billion rupees.
However, its expenses rose 28.8% to 10.57 billion rupees, weighing on the bottomline.
Honeywell's India unit posts smaller fourth-quarter profit as costs surge
Cost of materials consumed, which constitutes more than half of the total expenses, jumped more than 50%.
The company does not disclose details about its revenue segmentation or which raw materials it uses.
Honeywell Automation India's stock, one of the country's most expensive, closed 1.2% higher at 39,235 rupees ahead of the results.
Its parent's June-quarter net income was almost at $1.57 billion, it reported on July 24.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
9 hours ago
- Business Recorder
OPEC+ agrees in principle another large oil output hike, sources say
LONDON: OPEC+ agreed in principle to boost oil output by 548,000 barrels per day in September, two OPEC+ sources said on Sunday as the group finishes unwinding its biggest tranche of production cuts amid fears of further supply disruptions from Russia. A decision is expected at a meeting scheduled to begin at 1100 GMT, amid fresh U.S. demands for India to stop buying Russian oil as Washington seeks ways to push Moscow for a peace deal with Ukraine. Fresh EU sanctions have also pushed Indian state refiners to suspend Russian oil purchases. OPEC+, which pumps about half of the world's oil, had been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more oil. OPEC+ began output increases in April with a modest hike of 138,000 bpd, followed by larger hikes of 411,000 bpd in May, June and July and 548,000 bpd in August. If the group agrees to the 548,000-bpd September increase, it will have fully unwound its previous production cut of 2.2 million bpd, while allowing the United Arab Emirates to raise output by 300,000 bpd. Oil falls on worries about OPEC+ supply OPEC+ still has in place a separate, voluntary cut of about 1.65 million bpd from eight members and a 2-million-bpd cut across all members, which expire at the end of 2026. Sources have said previously the group had no plans to discuss other tranches of cuts on Sunday.
Express Tribune
13 hours ago
- Express Tribune
India undeterred by Trump threats
Listen to article India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the US, Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. India's top supplier Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on US imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 — when sanctions were first imposed on Moscow — due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy — a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil — was recently sanctioned by the EU. Reuters
Express Tribune
14 hours ago
- Express Tribune
ExxonMobil likely to come back for offshore venture
Listen to article As Pakistan is celebrating US President Donald Trump's announcement of joint development of Pakistan's oil reserves, Washington has not signalled whether its energy giant ExxonMobil will make a comeback to participate in bidding for offshore oil and gas fields. Though Pakistan and the US have a long history of relationship, American oil and gas companies have not remained very active here. Pakistan's two provinces – Khyber-Pakhtunkhwa and Balochistan— are rich in oil and gas deposits, however, security challenges have hindered progress on potential projects. Distrust between Pakistan and the US still prevails as conspiracy theories suggest that offshore fields in Karachi seawaters have significant hydrocarbon reserves. Many people believe that Pakistan did not allow ExxonMobil to go further beyond in sea for offshore exploration during the tenure of Pakistan Tehreek-e-Insaf (PTI) government. Reports indicate that the US company sought access to an additional area in Kekra field to assess prospects of finding oil and gas but Pakistan expressed hesitation. Now, the US president has struck a new agreement for oil and gas field development in Pakistan. It comes at a time when Islamabad is inviting foreign companies to submit bids for offshore fields, which will open on September 30. Background discussions with officials revealed that the US had scores of private energy companies, but there were no signals which one would take part in field development. Pakistan expects ExxonMobil to come back for a new offshore exploration venture. However, Pakistani officials point out that Trump's announcement is just a commitment that US energy companies will come to Pakistan. "It will be clear in the coming days when the two countries will start official-level talks by including energy companies to look for opportunities of joint ventures," remarked an official. This is encouraging news as the US has been inclined towards India in the past. Even Indian oil and gas companies had formed joint ventures with US firms. Earlier, Washington even refused to export liquefied natural gas (LNG) to Pakistan and showed interest in dealing with Delhi. At that time, a US embassy official told media that Indian companies had entered into joint ventures with US firms; therefore, the doors for LNG trade were open for India, not Pakistan. Of late, the US president has hinted at American companies' investment in Pakistan's mineral sector. US Exim Bank is one of the financiers interested in pumping capital into the Reko Diq copper and gold mining project. US companies are also keen to forge joint ventures with Pakistani firms in the mineral sector, which has estimated potential worth $8 trillion. Experts call it a new opening in bilateral relationship between Pakistan and US that will clear the way for notable investment.
