Honeywell Automation India’s (HAIL) Q1FY24 reported revenue grew 19% YoY at INR 9.3 (one of the highest in many quarters except Q3FY23), led by pick up in execution. However, EBITDA was impacted (flat) on account of a decline in margin by 260bps YoY at 12.9%. PAT was flat YoY at INR 1bn, mainly due to muted EBITDA performance.