Honeywell Automation India Ltd

honeywell.com/en-us/global/en-in/hail BSE: 517174 NSE : HONAUT
About

Honeywell Automation India Limited (HAIL)was started in the year 1987 as a JV between Tata and Honeywell. It was known as Tata Honeywell Limited each holding 39.54% stake. Later in 2004 Honeywell Asia Pacific Inc. bought Tata's stake and the name was changed to Honeywell Automation India Limited. [1]

HAIL is engaged primarily in the business of Automation & Control systems on turnkey basis and others. [2]

Key Points

Leader in Integrated automation solutions
Honeywell Automation India Limited(HAIL) is a leader in providing integrated automation and software solutions besides process solutions and building solutions. A Fortune 500 company, it has a wide product portfolio in environmental and combustion controls, sensing controls etc. It also provides engineering services in the field of automation and control to global clients. [1]

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Website BSE NSE
  • Market Cap ₹ 38,330 Cr.
  • Current Price ₹ 43,360
  • High / Low ₹ 49,990 / 27,850
  • Stock P/E 84.5
  • Book Value ₹ 2,917
  • Dividend Yield 0.20 %
  • ROCE 25.5 %
  • ROE 19.3 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 26.70% CAGR over last 5 years

Cons

  • Stock is trading at 14.87 times its book value
  • The company has delivered a poor sales growth of 6.82% over past five years.
  • Debtor days have increased from 89.55 to 114.66 days.

Peer comparison

Sector: Consumer Durables Industry: Electronics - Components

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
782 812 810 857 828 901 704 736 760 874 673 683
650 694 686 688 677 713 576 608 615 687 544 567
Operating Profit 132 118 124 169 151 189 129 128 144 188 129 117
OPM % 17% 15% 15% 20% 18% 21% 18% 17% 19% 21% 19% 17%
Other Income 21 18 15 19 26 19 34 17 14 28 24 22
Interest 0 0 3 2 1 2 2 1 2 1 2 2
Depreciation 4 4 4 9 9 12 12 12 11 13 13 13
Profit before tax 150 132 132 177 167 194 149 132 145 202 138 124
Tax % 35% 35% 36% 35% 28% 26% 25% 26% 26% 26% 25% 26%
Net Profit 97 86 84 114 120 145 111 98 108 150 104 92
EPS in Rs 110.15 96.84 95.14 129.05 135.96 163.71 125.70 110.93 122.21 169.53 117.65 103.52
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Profit & Loss

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,175 1,355 1,613 1,661 1,707 2,404 2,188 2,410 2,690 3,175 3,290 3,043 2,990
985 1,210 1,468 1,538 1,589 2,192 1,967 2,121 2,319 2,668 2,649 2,451 2,412
Operating Profit 190 145 145 123 118 212 221 289 371 506 641 592 578
OPM % 16% 11% 9% 7% 7% 9% 10% 12% 14% 16% 19% 19% 19%
Other Income 5 7 16 11 19 -18 24 37 29 71 97 84 88
Interest 1 0 1 0 0 0 3 3 4 6 10 9 7
Depreciation 12 13 15 14 14 17 15 16 15 16 41 49 50
Profit before tax 182 139 146 119 123 177 226 307 381 555 687 618 609
Tax % 27% 24% 26% 29% 30% 36% 38% 45% 34% 35% 28% 26%
Net Profit 133 105 107 85 86 114 141 169 250 359 491 460 453
EPS in Rs 150.19 118.81 121.18 96.33 97.45 129.16 159.69 191.65 282.45 405.86 555.88 520.32 512.91
Dividend Payout % 7% 8% 8% 10% 10% 10% 6% 5% 11% 11% 13% 16%
Compounded Sales Growth
10 Years: 8%
5 Years: 7%
3 Years: 4%
TTM: -6%
Compounded Profit Growth
10 Years: 16%
5 Years: 27%
3 Years: 22%
TTM: -4%
Stock Price CAGR
10 Years: 34%
5 Years: 37%
3 Years: 32%
1 Year: 50%
Return on Equity
10 Years: 19%
5 Years: 21%
3 Years: 22%
Last Year: 19%

Balance Sheet

Figures in Rs. Crores

Corporate actions Corp actions Equity History
Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 430 525 621 696 772 873 1,013 1,171 1,410 1,739 2,169 2,570
Borrowings 0 0 0 0 0 0 0 0 0 0 81 74
305 391 496 497 550 601 740 771 1,013 1,143 1,198 1,300
Total Liabilities 744 925 1,126 1,202 1,331 1,483 1,762 1,951 2,432 2,891 3,457 3,953
72 75 74 72 65 85 84 79 84 85 196 217
CWIP 4 1 3 0 3 7 2 3 1 8 14 2
Investments 0 0 0 0 0 76 79 83 78 0 0 0
668 849 1,049 1,130 1,263 1,315 1,597 1,787 2,269 2,797 3,247 3,734
Total Assets 744 925 1,126 1,202 1,331 1,483 1,762 1,951 2,432 2,891 3,457 3,953

Cash Flows

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
160 46 -18 -17 192 13 166 215 263 312 330 364
-61 70 24 66 6 -140 46 -85 -172 -443 -212 -307
-12 -11 -11 -11 -11 -11 -13 -11 -11 -34 -70 -89
Net Cash Flow 87 105 -6 38 186 -138 199 119 80 -165 48 -32

Ratios

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 90 84 79 83 76 52 84 76 80 72 82 115
Inventory Days 48 83 120 39 40 33 29 27 21 23 27 23
Days Payable 123 127 116 112 136 113 153 161 201 184 206 261
Cash Conversion Cycle 15 40 82 9 -20 -27 -40 -58 -100 -89 -96 -124
Working Capital Days 71 58 52 73 39 39 47 34 21 21 32 55
ROCE % 48% 29% 25% 18% 17% 26% 24% 28% 30% 35% 35% 26%

Shareholding Pattern

Numbers in percentages

Insider trades
Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
0.39 0.49 0.50 0.52 0.64 0.68 0.77 0.73 1.01 2.12 2.08 2.49
15.01 14.91 14.88 14.78 14.11 13.96 13.84 14.22 13.82 12.74 12.58 12.42
9.59 9.60 9.62 9.70 10.25 10.35 10.39 10.05 10.16 10.14 10.34 10.08

Documents

Announcements

Annual reports