Chip Supplies Easing, Seek Incentives For Sustainability Related Technologies: Honeywell Automation
Industrial solutions provider Honeywell Automation India on Wednesday said the company's results for H1 FY23 had profits showing year-on-year growth of 24 percent, and the margins are expected to become better as supply chains ease and new opportunities open up. He pointed out that unless a company is worried about margins it can book as many orders as it gets in the marketplace, and as most of the business of Honeywell in India is a long-cycle business, it books certain projects and turns its revenues over a 12 to 18 months period. He said the company is hoping for a good recovery from the two mega vectors digitisation and sustainability it is working on; adding that the use of digital power allows remote provision of engineering services, and reduces the need for people to go to work by bringing work to people. The managing director said he expects the supply of chips to ease further in the next couple of quarters as capacities to create new chip infrastructure are coming up. Recently, Honeywell Automation India founded a Centre of Excellence for sustainability in Madurai as a part of its larger infrastructure to serve the Indian market with an aim for fundamental R&D in sustainability-related solutions. Gaikwad said the COE will work on energy transition, even for technologies developed over 100 years back which need to be redeployed to combat global warming, while stressing the need to have the right incentives and technologies to make a transition. As part of his budget wishlist, he sought incentives for industries, end users, and technology suppliers like Honeywell for sustainability-related technologies and to make the industry adopt new solutions.