Budget 2023 Expectations: Govt must incentivise companies for implementing sustainable solutions, says Honeywell Automation MD Ashish Gaikwad

Budget 2023: While spelling out his expectations from Union Budget 2023, Ashish Gaikwad, Managing Director at Honeywell Automation India, told Zee Business that the government must incentivise companies that innovate or introduce technologies to mitigate climate change and implement sustainable business models.

He said that Honeywell was working in India towards this goal and the company has been at the helm of innovations and technology in its business operations. There must be some form of help or collaboration from the government to work more aggressively on sustainability, he said, while highlighting his wish list. If this year’s budget addresses this issue, it will augur well for the company and industry, he added.

The Pune-based company, which has its laboratories in Gurugram, Bengaluru and Hyderabad, has seen its order book go up 16 per cent in H1FY23 year-on-year.

One of the criteria of setting benchmarks in order booking is the GDP growth of a country and the emphasis is to grow order book two-fold, he stated. “If India’s GDP is growing at 6-6.5 per cent, the company will try to achieve booking growth between 12 and 13 per cent. At 16 per cent the order booking is going steadily,” he opined.

“Ours is a long-cycle business, which means that after the booking of the order, the company begins revenue conversion of the order over the next 12-18 months,” he added.

He declined to reveal the size of the company’s order book.

He informed that revenue conversion was hit in 2020-21 on account of Covid-19 disruptions, but it is now gradually growing and the 16 per cent growth will start reflecting over the next 12-18 months.

Honeywell shares today ended at Rs 41,800, up by Rs 307.65 or 0.74 per cent from Wednesday’s closing price.

Honeywell Automation India Limited (HAIL) is a USD 350 million+ company and is listed on the BSE and the NSE. It was incorporated in India in 1984 and its registered office is in Hadapsar, Pune, as per the company website.

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HAIL offers integrated automation and software solutions, including process solutions and building solutions. It has more than 3,000 employees across India – Pune, Bangalore, Hyderabad, Mumbai, Chennai, Gurugram, Kolkata, Jamshedpur and Vadodara.

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