Honeywell Automation India (517174) Q4 99/00 earnings summary

Executive summary

• FY00 total income rose 21% YoY to ₹2,791.87 lakh; profit after tax and prior-period adjustments reached ₹1,928.10 lakh, versus ₹1,111.05 lakh in FY99.

• Operational gains included improved working capital, higher productivity and customer satisfaction; the Honeywell–AlliedSignal merger was expected to create business synergies.

Financial highlights

• Revenue from sales and services was ₹2,765.39 lakh, versus ₹2,296.70 lakh; other income was ₹26.48 lakh, versus ₹17.71 lakh.

• Profit for the year before tax was ₹2,484.80 lakh, versus ₹1,548.40 lakh; profit after tax before prior-year adjustments was ₹2,034.80 lakh, versus ₹1,268.40 lakh.

• Prior-period adjustments reduced FY00 profit by ₹106.70 lakh; final profit after tax and adjustments was ₹1,928.10 lakh.

• Net cash from operating activities was ₹2,113.79 lakh, compared with net cash used of ₹351.33 lakh in FY99.

Outlook and guidance

• Industrial Automation and Control opportunities centered on oil and gas, power and LNG infrastructure; Total Plant Management contracts were intended to provide recurring service revenue.

• Hi-Spec growth prospects were positive in Manufacturing Enterprise Solutions; Honeywell acquisitions and local alliances were expected to support expansion.

• Building Control expected continued growth from security, energy management, software parks, commercial buildings and HVAC/access-control opportunities.

• Engineering exports were expected to grow, with additional opportunities in Hi-Spec process and business optimization and Building Controls.