Honeywell Automation’s Profit Grows 32% In Q4 FY24

Honeywell Automation reported a net profit of Rs 148.2 crore in Q4 FY24, a 32 per cent year-on-year (YoY) increase from Rs 112 crore recorded in the same period last year. 

This growth in profitability is complemented by a notable growth in revenue from operations, which stood at Rs 950.7 crore, up from Rs 849.7 crore in Q4 FY23.

In a move signaling internal restructuring and growth, the company’s Managing Director, Ashish Gaikwad, tendered his resignation. Gaikwad will now undertake the role of India Leader for Industrial Automation (IA) business, one of Honeywell International’s strategic business groups. His resignation, effective as of 15 May 2024, marks the beginning of a new phase for the company’s leadership.

Stepping into the role vacated by Gaikwad is Atul Vinayak Pai, who has been appointed as the new Managing Director and Key Managerial Personnel. Pai’s tenure will span five years.

The company declared a final dividend of Rs 100 per share for the financial year 2024. 

“The Board of Directors at its meeting held today has also recommended final dividend of Rs. 100 /- (Rupees One Hundred Only) per Equity Share, i.e. at the rate of 1000% of the face value of Rs. 10/- each for the Financial Year ended on March 31, 2024, subject to approval of shareholders at the ensuing Annual General Meeting of the Company,” the company said in a stock exchange filing.