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ICICI Securities Report
Honeywell Automation India Ltd.'s Q1 FY25 result stood robust on profitability front even as revenue growth was modest (some reclassification impact). Profit after tax growth of 32% YoY stood ahead of our FY25 estimate of 22% driven by 320 basis points expansion in Ebitda margin.
Honeywell Automation has seen sharp recovery in FY23-24 driven by both domestic (revenue compound annual growth rate of 15% over FY22-24) and export businesses (21%).
In addition to leadership position in oil and gas and refining automation industries, the company has seen strong incremental traction in healthcare and life sciences.
Its building automation business has also benefitted from spending growth in infrastructure segment (ports, airports, government building, real estate). Maintain Add with target price of Rs 54,500 (based on 60 times FY26E earnings per share).
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