(Reuters) – Engineering firm Honeywell Automation India reported a weak third-quarter profit growth on Friday, hurt by slowing infrastructure demand due to sluggish economic growth.
The Indian unit of U.S. conglomerate Honeywell International reported a 3.3% year-on-year rise in profit to 1.32 billion rupees ($15.1 million) for the October-to-December quarter.
The company, which provides building automation solutions to industrial clients and designs emission-curbing products, had posted a 20.5% rise in profit in the same quarter a year earlier.
Domestic capital goods companies have been hurt by sluggish infrastructure demand due to an economic slowdown, with manufacturing activity in December growing at its weakest pace in 2024.
As a result, Honeywell Automation’s revenue from operations rose 1.8% to 10.91 billion rupees. It does not provide a breakdown of its revenues.
Honeywell International reported a 1.7% rise in its December-quarter net income on Thursday. The conglomerate said it would separate its aerospace and automation businesses into separate entities, alongside its previously announced spin-off of the advanced materials unit.
The Indian unit’s shares, among the most expensive in India, closed nearly flat at 38,338.3 rupees ahead of the results.
($1 = 87.4430 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
