Honeywell Automation India Ltd

Honeywell Automation India is engaged primarily in the business of Automation & Control systems on turnkey basis and otherwise.(Source : 201903 Annual Report Page No: 99)

Pros:
Company is virtually debt free.
Company has good consistent profit growth of 33.04% over 5 years
Cons:
Stock is trading at 13.72 times its book value

Peer Comparison Sector: Consumer Durables // Industry: Electronics - Components

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
580 674 592 656 673 721 640 770 782 812 810 857
511 581 520 576 566 629 560 650 650 694 686 688
Operating Profit 69 93 73 80 107 92 80 120 132 118 124 169
OPM % 12% 14% 12% 12% 16% 13% 13% 16% 17% 15% 15% 20%
Other Income 6 11 11 9 9 7 13 25 21 18 15 19
Interest 0 0 0 0 0 0 0 0 0 0 3 2
Depreciation 4 4 4 4 3 4 4 4 4 4 4 9
Profit before tax 71 99 79 85 113 95 88 141 150 132 132 177
Tax % 36% 35% 72% 35% 35% 35% 34% 35% 35% 35% 36% 35%
Net Profit 45 64 22 55 74 62 58 92 97 86 84 114
EPS in Rs 51.33 72.40 24.73 62.62 83.39 70.42 66.02 103.73 110.15 96.84 95.14 129.05
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
866 1,001 1,175 1,355 1,613 1,661 1,707 2,404 2,188 2,410 2,690 3,175 3,261
764 886 985 1,210 1,468 1,538 1,589 2,192 1,967 2,121 2,319 2,668 2,718
Operating Profit 102 115 190 145 145 123 118 212 221 289 371 506 544
OPM % 12% 11% 16% 11% 9% 7% 7% 9% 10% 12% 14% 16% 17%
Other Income 2 12 5 7 16 11 19 -17 24 37 29 71 73
Interest 2 1 1 0 1 0 0 0 3 3 4 6 6
Depreciation 14 9 12 13 15 14 14 17 15 16 15 16 21
Profit before tax 88 118 182 139 146 119 123 177 226 307 381 555 590
Tax % 26% 30% 27% 24% 26% 29% 30% 36% 38% 45% 34% 35%
Net Profit 65 82 133 105 107 85 86 114 141 169 250 359 381
EPS in Rs 71.63 92.59 148.52 117.17 119.58 94.73 95.77 101.31 159.72 191.69 282.50 405.93 431.18
Dividend Payout % 14% 0% 7% 8% 8% 10% 10% 10% 6% 5% 11% 11%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.23%
5 Years:13.21%
3 Years:13.22%
TTM:16.28%
Compounded Profit Growth
10 Years:15.93%
5 Years:33.04%
3 Years:36.53%
TTM:33.26%
Return on Equity
10 Years:18.30%
5 Years:18.36%
3 Years:19.61%
Last Year:22.66%

Balance Sheet Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 226 307 430 525 621 696 772 873 1,013 1,171 1,410 1,739
Borrowings 13 12 0 0 0 0 0 0 0 0 0 0
288 307 305 391 496 497 550 603 743 774 1,014 1,145
Total Liabilities 535 635 744 925 1,127 1,202 1,331 1,485 1,765 1,954 2,433 2,893
34 55 72 75 74 72 65 85 84 79 84 85
CWIP 27 15 4 1 3 0 3 7 2 3 1 8
Investments 0 0 0 0 0 0 0 76 79 83 78 0
475 565 668 849 1,050 1,130 1,263 1,317 1,600 1,790 2,270 2,799
Total Assets 535 635 744 925 1,127 1,202 1,331 1,485 1,765 1,954 2,433 2,893

Cash Flows Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
69 10 160 46 -18 -17 192 13 166 215 263 309
-41 -32 -61 70 24 66 6 -140 46 -85 -172 -440
-12 -12 -12 -11 -11 -11 -11 -11 -13 -11 -11 -34
Net Cash Flow 15 -34 87 105 -6 38 186 -138 199 119 80 -165

Ratios Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 42% 41% 48% 29% 25% 18% 17% 26% 24% 28% 30% 35%
Debtor Days 96 129 90 84 79 83 76 52 84 76 80 59
Inventory Turnover 8.55 11.00 15.15 10.40 6.47 7.86 15.97 20.57 19.51 24.40 30.45 34.35

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