Honeywell Automation India's posts second straight quarterly profit fall
Profit at the Indian arm of U.S. conglomerate Honeywell International (HON.O), opens new tab 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.
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.
($1 = 87.4890 Indian rupees)
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