Dear Shareholders,
I am delighted to connect with you! I would like to thank you for your continued
ownership of Honeywell Automation India Limited ("HAIL") and I sincerely hope
that you and your family members are safe and healthy.
The last year has proven our strength and resolve as we emerge from the pandemic.
India’s economy bounced back and the GDP grew 8.7% in FY2021-22, even as we continue
to navigate the challenges of the pandemic. A large share of the population is now fully
vaccinated which will help in containing the impact from any further spikes in COVID-19.
Even though FY 2021-22 might not have been the best of the years because of unprecedented
external macroeconomic factors, their impact is expected to be seen in the future as well.
The fundamentals of the Indian economy, however, remain strong. India’s democratic
political system is more stable and institutionalized than those of other developing
economies. This favours policy continuity and institutional stability. Latest GDP
estimations shows a growth of 7.2% Y-o-Y which will help boost the Indian economy further.
Last year was a year of recovery for your Company. While Honeywell continues to face
challenges such as supply chain disruption and inflation principles and core behaviors
have provided tenets to help guide a roadmap to the future. Under the leadership of a
capable management team, your Company was quick to pivot and find opportunities to not
only tide over a tough year, but also solve for some of the challenges thrown up by post
pandemic external factors. The pandemic accelerated the pace of digital transformation and
pushed us faster and further into the digital era. Your
Company empowered customers with required digital offerings as and established as their
preferred automation vendor. Your Company will continue to focus on its core strategies
and aggressively pursue new growth levers of digitization, sustainability, and tailwinds
across various industry segments like metals, healthcare, and cybersecurity in the
country. All around the world, there is increased focus on sustainability – from
alternative fuels to reduced emissions, and commitments by companies and countries to go
carbon neutral. Globally, 60% of Honeywell’s new product R&D is focussed on
solutions that enhance environmental and social outcomes for customers. Your Company
remains committed to innovate to create flexible, future-forward, and sustainable
solutions that address the challenges of an ever-changing world.
Non Nascor Mihi Solum - Live not for self alone. In partnership with leading
non-profit institutions, your Company developed powerful corporate social responsibility
(CSR) programs to address the needs of the communities Honeywell serves. Your Company
contributed to strengthening of rural healthcare systems and holistic rural development
programs and supported non-COVID recovery efforts. We will continue to find ways to help
those who are less privileged but certainly not less deserving.
It would be incorrect to say that the economy has turned into the growth phase. There
are still some external factors, which may impact your Company’s overall growth in
near short term. However, with the resilience and dedication of the leadership team, your
Company will overcome these turbulent times in the long run. On your behalf, I would like
to acknowledge the tremendous efforts of your Company’s employees across levels and
thank them for their hard work, dedication and continued commitment. I would also like to
thank our customers, suppliers, bankers, and financial institutions.
Last but not the least, on behalf of the Board of Directors of Honeywell Automation
India
Limited, I want to thank you for your continued trust, confidence, and support.
Dr. Ganesh Natarajan
Chairman & Independent Director