Honeywell Automation dips 5% on weak Q3 nos

Honeywell Automation has dipped 5% at Rs 2,420 after reporting 39% year-on-year (y-o-y) drop in net profit to Rs 15.68 crore for the third quarter ended September, compared to Rs 25.88 crore in the same period of the previous year. Net sales grew 13% to Rs 412 crore on a y-o-y basis.

Higher raw material and employee costs impacted bottomline growth of the electrical equipment maker during the recently concluded quarter. The staff costs surged by 34% at Rs 76 crore and raw material and services charges rose 23% at Rs 243 crore.

The stock opened at Rs 2,501 and hit a low of Rs 2,388 on the National Stock Exchange. A combined 5,200 shares have changed hands on the counter on both the exchanges till 1214 hours.