Honeywell Appoints Ashish Modi As The President For India in 2023

Honeywell has recently announced the appointment of Ashish Modi as the president of the company for India. Ashish Modi will continue with his position of Vice president and General Manager for Honeywell Building Technology in India and Asia.

Ashish Modi has stated that bright spot has attained a bright spot among the global economies, and he is privileged to take on the role. Honeywell has been in the top position of the world’s industrial technology company and has made exceptional progress along the world in terms of digitalization and sustainability. He looks forward to designing and maintaining the company’s progress while shaping the subsequent stages of growth and innovation in the company.

The President and the CEO of the company, Bren Driggs, has talked about Ashish Modi’s appointment as the new president, stating that he is perfectly suitable to lead the responsibility in India and enhance the company’s strength and legacy. He will help to undergo strategic actions and continue to move forward with the country’s diverse portfolio, with the main focus on the development of vectors for growth, partnerships, and key accounts.

Ashish Modi has around twenty years of experience. He has worked with McKinsey and the company. And prominent startups, including the MTI Microfuelcells and OYO. He has served crucial leadership roles in Honeywell, which includes the COO and the VP of the Honeywell Connected Plant, Global VP and GM for the Advanced Solutions Business, and even the GM for the Lifecycle Solutions and Services businesses in India and the APAC.

He has even led the HBT businesses in India, ASEAN, Korea, and Japan to deliver growth and excellence in business, with the present position.

Ashish Modi has pursued a bachelor’s in Mechanical Engineering from the National Institute of Technology from Tiruchirappalli and a Master of Science from Rensselaer Polytechnic Institute. Furthermore, he has an MBA Degree from the Wharton School in Pennsylvania.

Recently, Hudson County announced its collaboration with Honeywell for the development and implementation of the smart community strategic plan. The project has the objective of helping to create engagement among the residents, strengthen community resilience, and reduce the consumption of energy followed by the improvement in public safety and easing out traffic congestion, and improving mobility.

It is considered one of the effective initiatives taken by Honeywell for smart and efficient county collaborations.

Honeywell’s Revenue for the Financial Year 2022-23:

In order to enhance life quality, Honeywell Building Technologies (HBT) is revolutionizing how every building operates. They are a well-known building controls company with operations in over 75 countries and a network of international channel partners. Our hardware, software, and analytics are used by owners and operators of commercial buildings to help design facilities that are secure, effective, and productive. Over 10 million buildings worldwide use their products and services.

Globally, Honeywell (www.honeywell.com) provides industry-specific solutions, such as performance materials, control technologies for buildings and industry, and aerospace goods and services. Our world becomes smarter, safer, and more sustainable as a result of their technologies’ assistance in connecting workers, supply chains, manufacturing facilities, and other infrastructure.

Recently, the company’s fourth-quarter profits have declined by 29 percent on one-time charges, and the revenue has increased by 6 percent due to the challenging operating environment. However, the company has predicted that the organic revenue growth will slow down from 2 to 5 percent down from 6 percent in 2023. The CEO has remarked that the predictions were taken into account of the deep recession or a soft landing in the US economy.

He has moreover asserted that the supply-related problems of the semi-conductors followed by improving and moderating towards a normal condition by the end of the year. The pace of supply for the aerospace industry will visualize a slower growth than what is seen for semiconductors.

Honeywell forecasted a free cash flow of $3.9 billion to $4.3 billion for the current year, a decrease from the just-completed year. The business estimated its cash flow would be between $5.1 billion and $5.5 billion, excluding $1.2 billion in lawsuit settlements. According to FactSet, analysts anticipate $5.57 billion in free cash flow in 2023.

Commercial aviation was the primary driver of Honeywell’s Aerospace division’s fourth-quarter sales increase of 11% to $3.2 billion. Revenue increased by 8% for Building Technologies and 10% for Performance Materials and Technologies. Sales at Safety and Productivity Solutions fell by 8%.

Honeywell’s quarterly profit decreased from $1.44 billion, or $2.05 per share, a year ago to $1.02 billion, or $1.51 per share. The company reported that adjusted earnings were $2.52 per share after excluding items related to deals and pensions. From $8.66 billion in revenue, it increased to $9.19 billion.

Edited by Prakriti Arora