Honeywell Automation’s share price was back in the black on Thursday after the company posted its earnings for the quarter ended March.
What Happened: The company’s revenue from operations was up 27.2% at ₹849.68 crore in the March quarter from ₹667.98 crore in the same quarter last year. The company’s EBITDA for the quarter stood at ₹138.8 crore up 59% from the ₹87.3 crore it reported in the corresponding quarter previous year. EBITDA margin was at 16.3%.
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The company’s net profit for the review quarter stood at ₹112.03 crore, a massive 54.16% increase from the ₹72.67 crore profit it booked in the same quarter last year. Earnings per share for the quarter stood at ₹126.71. The company also announced a ₹95/share dividend for the year ended March 2023, subject to shareholder approval.
Impressed by the results, Nomura maintained its ‘buy’ rating for the stock with a price target of ₹50,000 – around 33% upside from the stock’s last closing price of ₹37,500. The firm said that the company’s revenue growth trailed estimates but its EPS beat estimates by 5%.
Price Action: Honeywell’s share price was up 7.69% to trade at ₹40,335.70 as the markets opened on Thursday.
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